Freewest Resources Canada Inc.

Freewest Resources Canada Inc.

January 14, 2010 08:00 ET

Freewest Reminds Shareholders to Vote for Plan of Arrangement With Cliffs Natural Resources Inc.

- Institutional Shareholders Services (RiskMetrics Group) and Glass Lewis both recommend that Freewest shareholders vote for Plan of Arrangement with Cliffs - Deadline for proxy voting is noon (eastern time) on January 21, 2010

MONTREAL, QUEBEC--(Marketwire - Jan. 14, 2010) - Freewest Resources Canada Inc. (TSX VENTURE:FWR) reminds its shareholders to vote FOR the proposed Plan of Arrangement with Cliffs Natural Resources Inc. (NYSE:CLF)(PARIS:CLF) at the special meeting of Freewest shareholders to be held in Montreal on January 25, 2010. The Plan of Arrangement provides that Freewest shareholders will receive, for each Freewest share, a fixed amount of $1.00 in Cliffs shares. The deadline for submitting proxy forms and voting instruction forms is noon, eastern time, on Thursday, January 21, 2010.

Freewest also announces that both Institutional Shareholders Services Canada Corp. (RiskMetrics Group) and Glass Lewis & Co., independent proxy advisory services firms, have issued reports recommending that Freewest shareholders vote for the proposed Plan of Arrangement with Cliffs.

"We are very pleased that both ISS in Canada and Glass Lewis in the United States recommend that Freewest shareholders vote for our transaction with Cliffs," said Mackenzie I. Watson, President and Chief Executive Officer of Freewest. "ISS and Glass Lewis are leading independent advisory firms. Their recommendations confirm our view that the transaction with Cliffs is in the best interests of Freewest and fair to our shareholders" added Mr. Watson.

In recommending that Freewest shareholders vote for the proposed transaction, Glass Lewis noted that:

- the proposed consideration of $1.00 per Freewest share represents a 52-week high for Freewest and an overwhelming premium to Freewest's unaffected share price

- market response to the proposed transaction with Cliffs has been overwhelmingly positive

- the implied premium to Freewest's unaffected share price (217.4%) and multiple of price-to-tangible book value (6.6x) implied by the $1.00 per share consideration compare favourably with Glass Lewis' analysis of 17 precedent transactions of similar nature

In recommending that Freewest shareholders vote for the proposed transaction, Institutional Shareholders Services noted that:

- the Plan of Arrangement with Cliffs is the result of a strategic review process undertaken in response to the hostile take-over bid by Noront Resources Ltd.

- the consideration offered by Cliffs was increased several times

- market reaction is positive

The proposed Plan of Arrangement has been unanimously approved by Freewest's Board of Directors, based in part on the recommendation of a Special Committee of the Board and a fairness opinion of CIBC World Markets Inc., Freewest's financial advisor. The details of the Plan of Arrangement and the fairness opinion are included in Freewest's management proxy circular dated December 22, 2009, a copy of which has been mailed to Freewest shareholders.

Freewest shareholders who have questions about the proposed transaction or who need assistance in voting their shares should contact Georgeson, Freewest's solicitation agent, toll free at 1-866-433-7579. Banks and brokers can call Georgeson collect at 1-212-806-6859. Freewest shareholders are advised to review the management proxy circular in its entirety before voting. The circular is available from Georgeson and at

Permission to refer to the reports prepared respectively by Institutional Shareholders Services Canada Corp. and Glass Lewis & Co. was neither sought nor obtained by Freewest.

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 Freewest's shares are listed on Tier 1 of the TSX Venture Exchange under the symbol FWR.

About Cliffs Natural Resources Inc.

Cliffs Natural Resources (NYSE:CLF)(PARIS:CLF) is an international mining and natural resources company. It is the largest producer of iron ore pellets in North America, a major supplier of direct-shipping lump and fines iron ore out of Australia and a significant producer of metallurgical coal. With core values of environmental and capital stewardship, Cliffs' colleagues across the globe endeavor to provide all stakeholders operating and financial transparency as embodied in the Global Reporting Initiative (GRI) framework. Cliffs is organized through three geographic business units:

The North American business unit is comprised of six iron ore mines owned or managed in Michigan, Minnesota and Eastern Canada, and two coking coal mining complexes located in West Virginia and Alabama. The Asia Pacific business unit is comprised of two iron ore mining complexes in Western Australia and a 45% economic interest in a coking and thermal coal mine in Queensland, Australia. The South American business unit includes a 30% interest in the Amapa Project, an iron ore project in the state of Amapa in Brazil.

Over recent years, Cliffs has been executing a strategy designed to achieve scale in the mining industry and focused on serving the world's largest and fastest growing steel markets.

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

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 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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