Freewest Resources Canada Inc.

Freewest Resources Canada Inc.

November 30, 2009 17:22 ET

Freewest Resources Canada Inc. Comments on Revised "Final" Offer From Noront Resources Ltd.

Freewest Board advises shareholders to take no action pending Board recommendation

MONTREAL, QUEBEC--(Marketwire - Nov. 30, 2009) - Freewest Resources Canada Inc. (TSX VENTURE:FWR) wishes to comment on the revised "final" offer for all of Freewest's shares announced today by Noront Resources Ltd. The revised final offer consists of one common share of Noront for every 3.5 Freewest common shares and one Noront warrant for every seven Freewest shares. The warrants have an exercise price of $4.00 and may be exercised for five years. Noront has waived all of the conditions of its offer, including the condition that at least 66 2/3% of Freewest's outstanding shares be tendered to the offer.

Freewest advises its shareholders not to deposit any common shares of Freewest to the revised Noront offer and not to take any action concerning the revised offer until Freewest shareholders have received further communication from the Board of Directors of Freewest. Noront has extended its offer to December 11 and cannot take up and pay for any tendered shares until that time. Freewest shareholders gain no advantage by tendering shares prior to receiving the recommendation of Freewest's Board of Directors.

Noront is required to send a Notice of Variation to Freewest's shareholders regarding its revised final offer. Once Freewest's Board of Directors has received Noront's Notice of Variation, it will consider the revised final offer in consultation with its financial advisor, CIBC World Markets Inc., and legal advisors, in the context of Freewest's legal obligations under its previously-announced Arrangement Agreement with Cliffs Natural Resources Inc.

If Freewest's Board of Directors determines that the revised Noront offer is a "Superior Proposal" as defined in the Cliffs Arrangement Agreement, Cliffs has the right, but not the obligation, to offer to amend the terms of the Arrangement Agreement within a period of five business days after Freewest has met certain conditions, including providing notice in writing to Cliffs that it has determined that the revised offer from Noront is a "Superior Proposal". Freewest's Board of Directors is obliged to review in good faith any such offer by Cliffs, in order to determine whether the revised Noront offer would continue to be a "Superior Proposal" when compared to the Cliffs Arrangement Agreement, as Cliffs has offered to amend it. If Freewest's Board of Directors determines that the revised Noront offer does not continue to be a "Superior Proposal", the Board of Directors will promptly reaffirm its recommendation that Freewest shareholders approve the Arrangement Agreement with Cliffs and will enter into an amended Arrangement Agreement with Cliffs, reflecting Cliffs' offer to amend the terms of the Arrangement. If Cliffs does not offer to amend the terms of the Arrangement Agreement, Freewest is permitted to terminate the Arrangement Agreement, subject to certain conditions, including the payment of a $6 million termination fee to Cliffs.

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.

Georgeson Inc. is acting as Freewest's solicitation agent in connection with the previously-announced transaction 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. More particularly, this news release contains forward-looking information concerning a Plan of Arrangement involving Freewest Resources Canada Inc. and Cliffs Natural Resources Inc. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of 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 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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