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FWR Freewest Resources Canada Com Npv

0.00
0.00 (0.00%)
Share Name Share Symbol Market Type
Freewest Resources Canada Com Npv TSXV:FWR TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Freewest Demands Immediate Retraction of Defamatory Press Release by Noront

10/12/2009 5:35pm

Marketwired Canada


Freewest Resources Canada Inc. (TSX VENTURE:FWR) announces that its Board of
Directors has sent a demand letter to Noront Resources Ltd. and to each of
Noront's directors, demanding the immediate retraction of defamatory statements
contained in a press release issued by Noront on December 4, 2009 in connection
with Noront's hostile take-over bid for Freewest.


In its press release, Noront falsely stated, among other things, that
"Freewest's shareholders have been abandoned by their Board and Management" and
that "Freewest management does not fully understand /. their duty to their
shareholders". These statements are false and unfair, and attack the honesty and
integrity of Freewest's directors and management.


As Noront well knows, the Board of Directors of Freewest has negotiated a
transaction with Cliffs Natural Resources Inc. under which Freewest shareholders
will receive shares of Cliffs which now have a fixed value of C$1.00 per
Freewest share. This represents a premium of 217% when compared to the
unaffected closing price of Freewest's shares on October 2, 2009, immediately
prior to the announcement by Noront of its hostile take-over bid for Freewest.
By that reasoning, had Freewest agreed to Noront's original offer with an
implied price of $0.3975 per Freewest share, or Noront's revised "final" offer
with an alleged implied price of $0.86 per Freewest share, which subsequently
traded lower, it would have been an "abandonment" of Freewest's shareholders.


The press release contains numerous other statements that are entirely false and
defamatory to Freewest's directors, including an unfounded statement that
Freewest "instituted a timetable that frustrates competing Offers". In all
instances, the Board of Directors of Freewest has acted in full conformity with
its fiduciary duty to Freewest and its shareholders.


Freewest's Board of Directors reminds shareholders that the Board unanimously
recommends that Freewest shareholders: (i) NOT tender their shares to the Noront
offer; and (ii) vote FOR the Plan of Arrangement with Cliffs Natural Resources
Inc. at the special meeting of shareholders to be held in January 2010.


About Freewest

Freewest is a mineral exploration company actively exploring for gold,
base-metals and chromite within eastern Canada. Corporate information can be
accessed on the Internet at www.freewest.com. Freewest's shares are listed on
Tier 1 of the TSX Venture Exchange under the symbol FWR.


Georgeson Inc. is acting as Freewest's solicitation agent in connection with a
proposed Plan of Arrangement with Cliffs Natural Resources Inc. Georgeson may be
contacted as follows:




                                 Georgeson                                  
                            100 University Avenue                           
                           11th Floor, South Tower                          
                              Toronto, Ontario                              
                                   M5J 2Y1                                  
                                                                            
              North American Toll Free Number: 1-866- 433-7579              
              Banks and Brokers Collect Number: 1-212-806-6859              



Forward-Looking Statements

This news release contains statements that constitute "forward-looking
information" or "forward-looking statements" within the meaning of applicable
securities legislation. This forward-looking information is subject to numerous
risks and uncertainties, certain of which are beyond the control of Freewest
Resources Canada Inc. ("Freewest"). Actual results or achievements may differ
materially from those expressed in, or implied by, this forward-looking
information. No assurance can be given that any events anticipated by the
forward-looking information will transpire or occur, or if any of them do so,
what benefits that Freewest will derive therefrom. In particular, no assurance
can be given as to whether a proposed plan of arrangement with Cliffs Natural
Resources Inc. will be completed. Forward-looking information is based on the
estimates and opinions of Freewest's management at the time the information is
released and Freewest does not undertake any obligation to update publicly or to
revise any of the forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required by applicable
securities laws.


1 Year Freewest Resources Canada Com Npv Chart

1 Year Freewest Resources Canada Com Npv Chart

1 Month Freewest Resources Canada Com Npv Chart

1 Month Freewest Resources Canada Com Npv Chart