Freewest Resources Canada Inc.

Freewest Resources Canada Inc.

October 16, 2008 08:30 ET

Freewest Resources Amends Stock Option Plan

MONTREAL, QUEBEC--(Marketwire - Oct. 16, 2008) - Freewest Resources Canada Inc. (TSX VENTURE:FWR) announces that its Board of Directors has amended Freewest's 2003 Stock Option Plan by increasing the number of shares that may be issued under the Plan from 5.5 million to 12,650,000. The Board of Directors amended the 2003 Stock Option Plan in light of the increase in the number of Freewest's issued and outstanding shares since the establishment of the Plan.

The total number of shares that can be issued by Freewest under the 2003 Stock Option Plan, as amended, and Freewest's 1997 Stock Option Plan is less than 10% of the number of Freewest's issued and outstanding shares. There are currently 185,218,373 common shares of Freewest issued and outstanding.

Freewest has received all regulatory approvals for the amendment to the 2003 Stock Option Plan.

Freewest also announces that Mr. John Harvey has resigned from the Board of Directors of Freewest after many years of valued service. Mr. Harvey has resigned so as to preclude any possible conflict of interest which may result from his also serving as a director of Noront Resources Ltd., with which Freewest has a joint venture in the McFaulds Lake area of northern Ontario. Freewest thanks Mr. Harvey for his commitment to Freewest over the years.

Freewest further announces that its shareholder rights plan, as described in Freewest's management proxy circular dated March 21, 2008, was adopted by Freewest's shareholders at the annual and special meeting held on April 24, 2008.

Freewest is a well-financed mineral exploration corporation exploring for gold and base-metals within eastern Canada. Corporate information can be accessed on the Internet at Freewest's shares are listed on the TSX Venture Exchange under the symbol FWR.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Freewest Resources Canada Inc.
    Mackenzie I. Watson
    President and CEO
    (514) 878-3551 or 1-888-878-3551
    (514) 878-4427 (FAX)
    Bay Street Connect
    Michael D'Amico
    Investor Relations
    (647) 500-6023