FRI Freeport Resources Inc

VANCOUVER, BC, March 6, 2023 /CNW/ - Freeport Resources Inc. (the "Company") is pleased to announce that it has received notification from the Papua New Guinea Mineral Resources Authority (the "MRA") of the renewal of Exploration License EL 1335 which covers the concession comprising the Yandera Copper Project.  The renewal was granted with effect from November 20^th, 2019 for a term of two years ending November 19^th, 2021.

The Company is now in the process of updating the renewal documentation, previously submitted, for the period ending November 19^th 2023.  Congruent with that the Company will also submit the documentation for the next two year period commencing November 20^th, 2023 which will be due before August 19^th, 2023.  The Company has been informed by the MRA that they will only be required to conduct one Wardens Hearing for both submissions and will do everything it can to facilitate the smooth restoration of the Yandera tenement to active status.

The Company is very encouraged to see that the bottlenecks that delayed these renewals in the past are beginning to clear up allowing projects such as Yandera to be advanced. The government in Papua New Guinea is once again demonstrating its interest in attracting foreign investment and affirming its position as a premier mining jurisdiction. 

There was no change in the overall size and scope fo the Yandera Copper Project in connection with the renewal, and the exploration license allows the Company to continue to advance exploration and development activities at the Project while further renewals are pending.

The Yandera Copper Project is one of the largest, undeveloped copper deposits in the world. It is located in the highly prolific PNG Orogenic Belt in the same geological arc as some of the world's largest gold and copper deposits including Grasberg, Frieda River, Porgera, Lihir, Wafi/Golpu and Kainantu. Yandera is a project of strategic national interest in Papua New Guinea and is set to become one of the country's most significant copper mines.

Freeport Resources Inc. is a copper-centric resource company based in Vancouver, BC.  It is focused on the development of its Yandera Copper Project 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

SOURCE Freeport Resources Inc.