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Freeport Closes First Tranche of Financing

Freeport Resources Inc. (TSXV-FRI) is pleased to announce closing of the first tranche of a nonbrokered private placement announced last month. A total of $521,000 has been received from the issuance of 105,000 flow through shares at $0.20 per share and 2,500,000 non-flow through shares at $0.20 per share. These shares are subject to a four month hold period expiring April 24, 2012. Finders' fees in the amount of $25,000 cash are payable in connection with the issuance of
these shares. The second tranche is expected to close by mid-January 2012. As previously announced, Freeport intends to raise up to $1,060,000 from issuance of up to 5,000,000 non-flowthrough and 300,000 flow-through shares, at a price of $0.20 per share. Proceeds will be used to further advance Freeport's exploration programs in Canada and meet ongoing working capital requirements.


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