PROPERTY HIGHLIGHTS

• Numerous north-northwest trending auriferous structures identified to date yielding drill intercepts of 4.40 g/t gold over 6.00 metres and 2.26 g/t gold over 19.9 metres
• High-grade volcanic-hosted massive sulphide clasts assaying up to 1.47% copper, 12.35% lead, 20.80% zinc, 10.8 oz/t silver and 0.23 g/t gold discovered in volcanic breccias underscoring the excellent base-metal potential of the property as well

PROPERTY DESCRIPTION AND LOCATION

The 100%-owned Golden Ridge property comprises 5,952 hectares and is located in York County, New Brunswick, approximately 80 kilometers west of Fredericton. During 1997 to 1999, Freewest discovered gold, antimony, and base-metal mineralization within extensive alteration zones within the Poplar Mountain Volcanic Complex (PMVC). The PMVC is an Ordovician-age volcanic centre comprising dacitic subvolcanic intrusions, dacitic to andesitic flow and volcaniclastic rocks, as well as basaltic volcanic rocks. The oval-shaped volcanic centre is 5 kilometres long and 1 kilometre wide and outcrops in New Brunswick and in the State of Maine.

EXPLORATION OVERVIEW

Exploration by Freewest identified multiple northwest-trending structures in New Brunswick containing significant zones of gold mineralization, including a drill hole that assayed 4.40 g/t gold over 6.00 metres (GR-99-10). In addition, a number of high-grade antimony-quartz boulders assaying up to 26% antimony were discovered, all within a large gold-in-soil anomaly.

Freewest also discovered massive sulphide clasts or fragments in volcanic breccias situated within the PMVC in Maine. Such sulphide clasts returned high-grade assays at three separate locales including 0.48% copper, 21.20% lead, 24.30% zinc, 13.70 oz/t silver and 0.18 g/t gold, 0.19% copper, 6.13% lead, 11.10% zinc, 3.15 oz/t silver and 1.10 g/t gold as well as 1.47% copper, 12.35% lead, 20.80% zinc, 10.80 oz/t silver and 0.23 g/t gold, respectively (Figure 4). These discoveries underscore the high potential for high-grade volcanic-hosted massive sulphide deposits to exist within the PMVC and clearly warrant follow-up.

In late 2002, Freewest optioned the property to First Narrows Resources Corporation. The agreement required First Narrows to spend C$1,100,000 on exploration over five years in order to earn a 50% interest in the Golden Ridge property. A drill program was conducted by First Narrows in 2004 to further define the gold mineralization discovered by Freewest. Their drilling yielded some of the best results encountered to date including 2.26 g/t gold over 19.9 meters in hole GR-04-11, 1.23 g/t over 33.2 meters in hole GR-04-14 and 1.71 g/t gold over 29.4 metres in hole GR-04-15. First Narrows returned the property to Freewest in the fall of 2006 and subsequently, retain no interest in it. 
 
To take advantage of current high base-metal and precious metal prices, Freewest is planning to fly a detailed airborne time-domain electromagnetic survey within the PMVC in an effort to source the high-grade massive sulphide clasts. Any conductors defined by such a survey will be prime diamond drilling targets. Additional drilling will also be completed on the gold-bearing structures in an effort to locate higher-grade portions of this large system that remains completely open along strike and to depth.

MAPS

Gold In-Soil Anomalies and Base Metal Targets

Diamond Drill Hole and Trench Assays (Gold)

PHOTOS