Freewest Prioritizes Exploration Targets on its Mcfaulds Property, Ontario: Financial News

Freewest Prioritizes Exploration Targets on its Mcfaulds Property, Ontario
Monday October 1, 2007 1:33 pm ET

MONTREAL, QUEBEC--(MARKET WIRE)--Oct 1, 2007 -- Freewest Resources Canada Inc. (CDNX:FWR.V - News) (the "Company") today announces that a compilation of archived airborne geophysical data has identified a number of high-priority exploration targets on it's McFaulds property (the "Property"). The Property consists of 9 mineral claims comprising 22.7 square kilometres and is favourably located, 4 kilometres east-northeast of the Double Eagle nickel-copper-platinum group element deposit, recently discovered by Noront Resources Ltd (CDNX:NOT.V - News).The subject properties are located in the Sachigo greenstone belt in the James Bay Lowlands of northern Ontario.

The Double Eagle discovery has returned some exceptional grades including 1.84% nickel, 1.53% copper, 1.14 g/t platinum and 3.49 g/t palladium over 36.0 metres (NOT-07-01) as well as 5.90% nickel, 3.10% copper, 2.78 g/t platinum and 9.78 g/t palladium over 68.3 metres in hole NOT-07-05. The deposit is hosted in rocks described as peridotite and appears to be situated within the basal, lower-most portion of the southern limb of the Sachigo greenstone belt that is likely south-east facing (oldest rocks to the northwest and youngest to the southeast). It is intimately associated with a discrete magnetic anomaly (magnetic high) coincident with an electromagnetic anomaly (conductor).

A series of airborne geophysical compilation maps showing the location of Freewest's McFaulds property in relation to the Double Eagle deposit accompanies this press release. View maps by clicking here.

Based on the airborne geophysical data and geological evidence, Freewest's McFaulds property likely covers the north-easterly extension of the same basal portion of the stratigraphic section that hosts the Double Eagle deposit. Lending further support to this premise, are a series of discrete northeast-trending magnetic highs and associated electromagnetic conductors on the Freewest property that are similar to the geophysical signature of the Double Eagle deposit. Such geophysical targets are of immediate exploration interest. Finally, an earlier drill hole completed by Freewest Resources Canada Inc., Spider Resources Inc. and KWG Resources Inc. (Spider-KWG JV) on Freewest's property in 2006, returned high-grade chrome mineralization with anomalous nickel and platinum-group-element mineralization within a peridotite host rock. Drill hole FW-06-03, testing one of the geophysical conductors, returned an intercept of 24.3 % chrome, 0.115% nickel, 0.185 g/t platinum, 0.210 g/t palladium, 0.320 g/t ruthenium and 0.049 g/t rhodium. This drill hole demonstrated not only similar host rocks as at Double Eagle, but also contained anomalous nickel and platinum-group-element mineralization.

Freewest is currently planning a more detailed higher resolution airborne geophysical survey to be completed on its McFaulds property. The survey will involve survey flight lines at 100-metre centres as opposed to the 300-metre spaced lines in the archived survey. Additionally, the new survey will involve a helicopter-borne time-domain system involving higher resolution when compared to the archived fixed wing survey. It is anticipated that the new survey will be completed this fall with ground follow-up and diamond drilling of targets to be completed in the early winter of 2008.

Four (4) of the 9 mineral claims (10 square kilometres) comprising the McFaulds property are owned outright by Freewest Resources Canada Inc. The remaining 5 claims or 12.7 kilometres are currently under option to Spider Resources Inc. and KWG Resources Inc (Spider-KWG JV). On the latter, the Spider-KWG JV may earn a 50% interest in them by spending C$3,000,000 on exploration over a 4-year period. The joint-venture may earn a 60% interest by delivering a bankable feasibility study on any mineralization identified and a cumulative 65% interest by arranging project financing to put such mineralization into commercial production.

Donald Hoy, P. Geo. (Ontario), Vice President of Exploration and a Director of Freewest Resources Canada Inc. is the Qualified Person on the McFaulds property and is responsible for the preparation of this news release.

Freewest is a well-financed mineral exploration company exploring for gold, base-metals and uranium in Eastern Canada. Corporate information can be accessed on the Internet at www.freewest.com. Freewest's shares are listed on the TSX Venture Exchange under the symbol FWR.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release