Freewest Resources Canada Inc.
TSX VENTURE : FWR

Freewest Resources Canada Inc.

December 10, 2009 13:35 ET

Freewest Demands Immediate Retraction of Defamatory Press Release by Noront

- Statement by Noront that Freewest shareholders have been "abandoned" by Freewest Board is completely unfounded

MONTREAL, QUÉBEC--(Marketwire - Dec. 10, 2009) - Freewest Resources Canada Inc. (TSX VENTURE:FWR) announces that its Board of Directors has sent a demand letter to Noront Resources Ltd. and to each of Noront's directors, demanding the immediate retraction of defamatory statements contained in a press release issued by Noront on December 4, 2009 in connection with Noront's hostile take–over bid for Freewest.

In its press release, Noront falsely stated, among other things, that "Freewest's shareholders have been abandoned by their Board and Management" and that "Freewest management does not fully understand …. their duty to their shareholders". These statements are false and unfair, and attack the honesty and integrity of Freewest's directors and management.

As Noront well knows, the Board of Directors of Freewest has negotiated a transaction with Cliffs Natural Resources Inc. under which Freewest shareholders will receive shares of Cliffs which now have a fixed value of C$1.00 per Freewest share. This represents a premium of 217% when compared to the unaffected closing price of Freewest's shares on October 2, 2009, immediately prior to the announcement by Noront of its hostile take-over bid for Freewest. By that reasoning, had Freewest agreed to Noront's original offer with an implied price of $0.3975 per Freewest share, or Noront's revised "final" offer with an alleged implied price of $0.86 per Freewest share, which subsequently traded lower, it would have been an "abandonment" of Freewest's shareholders.

The press release contains numerous other statements that are entirely false and defamatory to Freewest's directors, including an unfounded statement that Freewest "instituted a timetable that frustrates competing Offers". In all instances, the Board of Directors of Freewest has acted in full conformity with its fiduciary duty to Freewest and its shareholders.

Freewest's Board of Directors reminds shareholders that the Board unanimously recommends that Freewest shareholders: (i) NOT tender their shares to the Noront offer; and (ii) vote FOR the Plan of Arrangement with Cliffs Natural Resources Inc. at the special meeting of shareholders to be held in January 2010.

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.

Georgeson Inc. is acting as Freewest's solicitation agent in connection with a proposed Plan of Arrangement with Cliffs Natural Resources Inc. Georgeson may be contacted as follows:

Georgeson
100 University Avenue
11th Floor, South Tower
Toronto, Ontario
M5J 2Y1
 
North American Toll Free Number: 1-866- 433-7579
Banks and Brokers Collect Number: 1-212-806-6859

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 a 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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