HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

Free
Message: Freewest Update to Shareholders

Freewest Update to Shareholders

posted on Nov 17, 2009 04:41PM

Freewest Update to Shareholders


- Freewest Board of Directors continues to recommend that shareholders
REJECT Noront offer

- Freewest actively negotiating value-enhancing alternative transaction
with third party under Exclusivity Agreement

MONTREAL, QUEBEC--(Marketwire - Nov. 17, 2009) - The Board of Directors of 
Freewest Resources Canada Inc. (TSX VENTURE:FWR) wishes to provide Freewest 
shareholders with an update regarding the unsolicited all-share offer by 
Noront Resources Ltd. for the outstanding shares of Freewest and Freewest's 
on-going negotiation of a value-enhancing alternative transaction.

Freewest's Board of Directors continues to recommend that Freewest 
shareholders REJECT the hostile take-over bid made by Noront on October 13, 
2009 and NOT tender their shares to the Noront offer. The Board of 
Directors continues to be of the view that the Noront offer is financially 
inadequate and opportunistic, and fails to recognize the strategic value of 
Freewest's assets and its future value-creation potential.

As previously announced, Freewest has entered into a Confidentiality and 
Exclusivity Agreement with a third party under which Freewest is 
negotiating with this party on an exclusive basis. Freewest wishes to 
advise its shareholders that Freewest's legal counsel and financial 
advisors are actively working with the third party's legal counsel and 
financial advisors on definitive agreements for an alternative 
value-enhancing transaction, in order to sign the definitive agreements 
before the expiry of the exclusivity period on December 1, 2009.

"We believe that this transaction will be to the benefit of Freewest's 
shareholders and is in Freewest's best interests", said Mackenzie I. 
Watson, President and Chief Executive Officer of Freewest. "Our goal is to 
sign definitive agreements for the transaction with the third party by 
December 1."

As previously announced, Freewest's Shareholder Rights Plan will stay in 
effect until 5 p.m. on December 1, 2009. Accordingly, Noront has extended 
the expiry date of its offer to December 1. As a result, Noront cannot take 
up or pay for tendered Freewest shares, if any, prior to that date.

"As Noront has extended its offer to December 1, there is no reason for 
Freewest shareholders to tender their shares or take any other action at 
this time", added Mr. Watson. "In a take-over bid, there is no advantage in 
tendering shares early."

In addition, Freewest is surprised by a statement made by Noront in its 
Notice of Variation and Extension dated November 13, 2009, that "on 
November 12, 2009, Noront reached an agreement with Freewest whereby Noront 
agreed to extend the (Noront) Offer until 5:00 p.m. (Toronto time) on 
December 1, 2009". Noront made a similar statement in its press release of 
November 12, 2009.

In fact, the decision by Noront to extend its offer to 5 p.m. on December 1 
was made by Noront alone. Any implication that Freewest participated in, or 
agrees with, Noront's decision to extend its offer is misleading. On 
November 12, Freewest and Noront agreed only that Noront's application to 
the Bureau de decision et de revision en valeurs mobilieres for a 
cease-trade order in respect of Freewest's Shareholder Rights Plan was 
settled and that Freewest would, if the Noront offer was extended to at 
least 5 p.m. on December 1, 2009, waive the application of the Shareholder 
Rights Plan with respect to Noront's offer at that time.

Freewest is a well-financed mineral exploration company. It is 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. Freewest can give no assurances that it will enter into a 
definitive agreement with the third party or that a transaction with the 
third party will ultimately be completed.

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Nov 17, 2009 05:05PM
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