Freeport Announces Renewal of Exploration License for Yandera Copper Project
Web: www.freeportresources.com
NEWS RELEASE March 6, 2023
Freeport Announces Renewal of Exploration License for Yandera Copper Project
Vancouver, British Columbia – (March 6, 2023) – Freeport Resources Inc. (the “Company”)
is pleased to announce that it has received notification from the Papua New Guinea Mineral
Resources Authority (the “MRA”) of the renewal of Exploration License EL 1335 which covers
the concession comprising the Yandera Copper Project. The renewal was granted with effect
from November 20th, 2019 for a term of two years ending November 19th, 2021.
The Company is now in the process of updating the renewal documentation, previously
submitted, for the period ending November 19 th 2023. Congruent with that the Company will
also submit the documentation for the next two year period commencing November 20th, 2023
which will be due before August 19th, 2023. The Company has been informed by the MRA that
they will only be required to conduct one Wardens Hearing for both submissions and will do
everything it can to facilitate the smooth restoration of the Yandera tenement to active status.
The Company is very encouraged to see that the bottlenecks that delayed these renewals in
the past are beginning to clear up allowing projects such as Yandera to be advanced. The
government in Papua New Guinea is once again demonstrating its interest in attracting foreign
investment and affirming its position as a premier mining jurisdiction.
There was no change in the overall size and scope fo the Yandera Copper Project in connection
with the renewal, and the exploration license allows the Company to continue to advance
exploration and development activities at the Project while further renewals are pending.
About Yandera
The Yandera Copper Project is one of the largest, undeveloped copper deposits in the world.
It is located in the highly prolific PNG Orogenic Belt in the same geological arc as some of the
world’s largest gold and copper deposits including Grasberg, Frieda River, Porgera, Lihir,
Wafi/Golpu and Kainantu. Yandera is a project of strategic national interest in Papua New
Guinea and is set to become one of the country’s most significant copper mines.
About Freeport Resources Inc.
Freeport Resources Inc. is a copper-centric resource company based in Vancouver, BC. It is
focused on the development of its Yandera Copper Project located in Papua New Guinea.
Please visit www.freeportresources.com or contact the email address below for more
information.
Web: www.freeportresources.com
On behalf of the Board,
Freeport Resources Inc.
Gord Friesen, Chief Executive Officer
(236) 334-1660 or [email protected]
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TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States
Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this
news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule”,
“intends” and similar words or expressions identify forward-looking statements or information. Such statements
represent the Company’s current views with respect to future events and are necessarily based upon a number
of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to
significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many
factors, both known and unknown, could cause results, performance or achievements to be materially different
from the results, performance