Freewest Resources Canada Inc.
TSX VENTURE : FWR

Freewest Resources Canada Inc.

January 22, 2010 17:27 ET

Freewest Amends Stock Option Plans

MONTREAL, QUEBEC--(Marketwire - Jan. 22, 2010) - Freewest Resources Canada Inc. (TSX VENTURE:FWR) announces that its Board of Directors has enacted technical amendments to Freewest's 1997 Stock Option Plan and 2003 Stock Option Plan, to give holders of vested "in-the-money" options the right to elect to be paid in cash, under the Stock Option Plans, the same amount that they would otherwise be entitled to receive pursuant to the proposed Plan of Arrangement between Freewest and Cliffs Natural Resources Inc.

Any such election by an option holder will become effective only upon acceptance in writing by Freewest. Upon acceptance by Freewest, the options will be immediately cancelled and an optionee will have no further rights with respect to such options, other than the right to be paid for them. Payment will be made by Freewest no later than three business days after acceptance by Freewest of the notice.

The amendments to the 1997 Stock Option Plan and 2003 Stock Option Plan are subject to approval by the TSX Venture Exchange.

About Freewest

Freewest is a mineral exploration company 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.

Forward-Looking Statements

This news release contains statements that constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable securities legislation. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of Freewest Resources Canada Inc. ("Freewest"). Actual results or achievements may differ materially from those expressed in, or implied by, this forward-looking information. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that Freewest will derive therefrom. In particular, no assurance can be given as to whether the proposed plan of arrangement with Cliffs Natural Resources Inc. will be completed. Forward-looking information is based on the estimates and opinions of Freewest's management at the time the information is released and Freewest does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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