Vancouver, British Columbia – (September 21, 2022) – Freeport Resources Inc. (the “Company”) announces that it will not be proceeding with a further renewal of Exploration License Number EL 1312, previously granted by the Papua New Guinea Minister of Mining. The license represents the key tenement within the Star Mountains Property, and it will be allowed to lapse in accordance with its existing terms.
Earlier in the year the Company had closed down the Star Mountains work camp and has elected not to proceed with a renewal in order to allow it to focus resources towards the advancement of the Yandera Copper Project, also located in Papua New Guinea, and in light of current market conditions in the natural resource sector.
About Freeport Resources Inc.
Freeport Resources Inc. is a copper-centric resource company based in Vancouver, BC. It is focused on the development of its copper and gold projects principally located in Papua New Guinea.
Please visit www.freeportresources.com or contact the email address below for more information.
On behalf of the Board,
Freeport Resources Inc.
Gord Friesen, Chief Executive Officer
(236) 334-1660 or gord@freeportresources.com
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This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule”, “intends” and similar words or expressions identify forward-looking statements or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance
