Freeport Resources Inc. - New Developments at Notakwanon, Labrador

2005-05-02

TSX - Toronto Stock Exchange · Gold · Canada

TSX Venture Exchange: FRI Shares Issued: 10,839,600 Fully Diluted: 13,972,100

VANCOUVER, May 2 /CNW/ - FREEPORT RESOURCES INC. is pleased to provide an update on its Notakwanon property (23 claims, 6 sq km). These claims are near the major structural boundary which runs through the Voisey's Bay nickel deposit approximately 25 km to the northwest. In September 2000, Inco Ltd. staked a 250 sq km claim block around Notakwanon. Inco's first year assessment report on its adjacent claims has recently been released by the Government of NL. It notes, "The occurrence of troctolitic breccias with Tasiuyak Gneiss inclusions and disseminated sulphides is a characteristic of the Voisey's Bay deposit." Inco's report also includes data from an audio-magnetotelluric (AMT) survey extending about 600 metres inside the eastern boundary of Freeport's claims. The survey was coincident with an extensive granite breccia unit with associated troctolitic rocks. The primary AMT anomaly, Anomaly "A", extends across Freeport's property boundary. To view the AMT map, please visit: http://files.newswire.ca/419/Notakwanon_may105.jpg Anomaly "A" is described as a more conductive zone within a larger relatively conductive unit which underlies much of the AMT survey area, suggesting correspondence to a specific geological unit. The report notes, "Given that the depth is not well-estimated from the field data, follow-up with large loop TDEM may be justified." Inco's Year 4 work report submitted to the Government of NL last November reportedly consists of ground geophysics (UTEM survey) over the adjacent claims. In September 2004, Consulting Geologist Dr. Sheila Watters visited the Notakwanon property to ground check several areas of interest. To summarize, proximity to the regional suture, the rock types and presence of sulphides are seen as encouraging, particularly in light of new results from work by Inco. Dr. Watters is the Qualified Person who has reviewed this news release. To view the geology map, please visit: http://files.newswire.ca/419/Notakwanon_may105.jpg Work is planned for mid-July 2005, to be based on closer review of AMT and 1995 airborne magnetic/EM survey data. An expanded work program would include geological mapping and lithogeochemistry to assess significance of the AMT anomaly in the northeast part of the property, and possibly a large loop TDEM survey. As noted in Freeport's May 25, 2001, news release, contacts in the east-central portion of the claims appear relatively steep, with a dynamic intrusive environment that may indicate proximity to a feeder zone of the generally flat-lying intrusion.

Freeport Resources, founded in 1981, is a junior mineral exploration company listed on the TSX Venture Exchange, with a special focus on industrial minerals, precious metals and gemstones.

Respectfully submitted,

"Brenda Clark"

Brenda Clark, MAIBC President

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.