PROPERTY HIGHLIGHTS

• New volcanic-hosted massive sulphide discovery at Wye Lake yielding assays of up to 12.40% copper and 32.80% zinc
• Diamond drilling at Wye Lake yielded 6.21% zinc and 0.40% copper over 4.43 metres
• Numerous airborne electromagnetic anomalies and geochemical anomalies remain to be drill tested
• Demonstrated potential for volcanic-hosted copper-zinc deposits in addition to iron oxide-copper-gold and structurally-controlled lode gold deposits

PROPERTY DESCRIPTION AND LOCATION

The 100%-owned Sungold property (the “Property”) comprises 527 claims units or 8,531 hectares and is located in the Powell Lake area, approximately 120 kilometres west of the City of Thunder Bay in northwestern Ontario. The Property is readily accessible by a network of logging roads originating from Highway 11 (Trans Canada Highway) and can be essentially explored 12 months-a-year. Travel time from Thunder Bay to the Property is approximately 2 hours.

EXPLORATION OVERVIEW

During March of 2005, Freewest announced the discovery of high-grade volcanic-hosted copper-zinc sulphides near Wye Lake on its Sungold property. Massive sulphides obtained from the discovery outcrops yielded spectacular assays of 12.40% copper and 10.01% zinc as well as 0.25% copper and 32.80% zinc. The Wye Lake occurrence is of exceptional quality and is hosted in similar age rocks that contain the Geco, Winston Lake, Mattabi and South Bay base-metal deposits in northwestern Ontario. All of these base metal deposits were of excellent grade and were profitable mines for a number of years.

Since its discovery, the Sungold property has been the focus of airborne geophysical surveys, geological mapping, prospecting, trenching and diamond drilling. At the Wye Lake copper-zinc occurrence, trenching and diamond drilling have traced stringer-type, semi-massive and massive sulphide styles of mineralization over an intermittent 800 metre strike length. An initial phase of diamond drilling comprising 25 holes intersected the Wye Lake horizon over widths of two to ten metres, confirming the existence of excellent quality massive sulphides locally, but failed to intersect a commercial deposit within the area drilled. Highlights from the 2005-2006 drilling campaign include 6.21% zinc over 4.43 metres (WL05-02), 1.22% copper over 5.78 metres (WL05-07), 5.09% zinc over 2.15 metres (WL05-08) and 1.74% copper over 3.00 metres (WL05-13).

Despite the modest drilling results generated by the initial drilling program on the Wye Lake occurrence, exploration remains at a very early stage. Exploration programs completed at Sungold in 2006 consolidated additional base metal targets that remain to be drilled and identified a newly recognized style of copper-gold-uranium mineralization on the property.

EXPLORATION TARGETS

Wye Lake Horizon: The Wye Lake copper-zinc occurrence still remains open at depth as well as along strike. Two other targets interpreted to occur along the Wye Lake Horizon have yet to be drilled. These include a target on Island Lake near the western property boundary that comprises a strong conductor and coincident base-metal mineralization. A similar target consisting of a conductor and mineralization occurs on the Russell grid, about 10 kilometres northeast of the Wye Lake occurrence.

Home Lake Horizon: This comprises a parallel base-metal bearing horizon located in the footwall and to the southeast of the Wye Lake Horizon. An earlier drill hole completed at the Home Lake zinc-copper occurrence in the 1980’s, yielded 3.71% zinc and 0.15% copper over 6.5 feet. A second target located along this horizon is situated 1.5 kilometres to the northeast of the Home Lake occurrence and consists of a conductor and anomalous copper mineralization. Diamond drilling is warranted at both of these sites.

IRON OXIDE-COPPER-GOLD-URANIUM TARGET

Hamlin Occurrence: A distinctive highly altered granite-like breccia was traced by prospecting and geological mapping over a 4.5 kilometre strike length and over widths of up to 400 metres this field season. The breccia contains locally appreciable chalcopyrite and heavy magnetite as breccia filling; the clasts are characterized by moderate to intense sodic, hematitic, potassic and calcic alteration. Grab samples collected from the breccias assayed up to 6.30% copper, 1.50 g/t gold and up to 187 ppm uranium. Interestingly, several of the samples returned anomalous uranium values that historically, are unknown in this part of the Shebandowan greenstone belt. Preliminary observations and analytical work is suggestive of an iron oxide-copper-gold-uranium style of mineralization analogous to the Olympic Dam deposit in Australia, the world’s largest uranium deposit.

Freewest is actively seeking a joint-venture partner to finance ongoing exploration on this highly prospective property.