Freeport arranges $3-million private placement

Mr. Gord Friesen reports FREEPORT RESOURCES ANNOUNCES PRIVATE PLACEMENT Freeport Resources Inc. will offer up to 100 million units by way of non-brokered private placement at a price of three cents per unit for gross proceeds of up to $3-million. Each unit will consist of one common share of the company, and one-half-of-one share purchase warrant. Each warrant will entitle the holder to acquire an additional common share at a price of six cents for a period of 12 months following issuance. The company anticipates utilizing the proceeds from the offering for the continued development of the Yandera copper project and for general working capital purposes. At this time, the company does not anticipate that any portion of the proceeds from the offering will be used to conduct investor relations activities. The company does not expect to utilize the proceeds of the offering to make payments to non-arms'-length parties, other than in the ordinary course of their compensation for services provided to the company. In connection with closing of the offering, the company may pay finders' fees to eligible third parties who have assisted in introducing subscribers to the offering. All securities issued in connection with the offering will be subject to restrictions on resale for a period of four months and one day in accordance with applicable securities laws. Completion of the offering remains subject to the approval of the TSX Venture Exchange. About Freeport Resources Inc. Freeport Resources is a Canadian mineral exploration company with a primary focus on advancing the development of the Yandera copper-gold-molybdenum project, located in Madang province, Papua New Guinea. The Yandera project is one of the largest undeveloped copper-gold deposits in the world covering approximately 245.5 square kilometres. We seek Safe Harbor.