Freeport Closes First Tranche of Financing

TSX Venture Exchange:  FRI

Shares Issued:    14,226,232

VANCOUVER, Dec. 28, 2011 /PRNewswire/ - Freeport Resources Inc. (TSXV-FRI) is pleased to announce  closing of the first tranche of a non-brokered 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-flow-through 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.

Our 100% owned properties include the Hutton Garnet Beaches, a high grade heavy mineral sands project advancing to the production stage in NL, and three projects in BC:  a) Spanish Mountain Gold, immediately adjacent to and on strike with an advanced stage, multi-million ounce gold project; b) The Q, a large, advanced stage fluorspar deposit with associated molybdenite, and; c) the Red Rose Mine, a past producing tungsten-gold-copper mine, of increasing interest due to strong tungsten demand and all-time highs up to $470/MTU (approx. $21.50/pound).

Freeport thanks our friends and shareholders for their continued support, with best wishes to all for the holiday season.

Freeport Resources, founded in 1981, is a mineral exploration company with a diversified portfolio of Canadian properties, from precious and base metals to industrial minerals. Our new Spanish Mountain presentation is at http://www.freeportresources.com/i/pdf/spanishmt2011.pdf  and our Hutton presentation is at http://www.freeportresources.com/i/pdf/Hutton2011.pdf. Please visit our website at www.freeportresources.com or email [e-mail] for further information.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The company seeks Safe Harbour. 

Freeport Resources Inc.

Brenda Clark, MAIBC President & CEO

1-888-275-7335 (toll free)

[phone] (tel.)

Email: [e-mail]

Web: www.freeportresources.com

SOURCE Freeport Resources Inc.

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