MONTREAL, QUEBEC-(Feb. 26, 2009) - Freewest Resources Canada Inc. (TSX VENTURE:FWR) announces that it has entered into an agreement with Incorporated Communications Services of Los Angeles, California under which ICS will conduct media awareness and investor-relations programs on behalf of Freewest. Headed by Mr. Garry Pollack, ICS is a media-relations specialist in the natural resource and gold exploration sectors.
The agreement with ICS is for a one-year term, subject to renewal. Freewest has the right to cancel the agreement after six months, upon 30 days' written notice. Under the agreement, Freewest will pay ICS a monthly fee of US$7,000. In addition, Freewest has granted a stock option in respect of 350,000 common shares to a principal of ICS, at an exercise price of $0.32. The stock option has a two-year term, and vests in respect of 25% of the shares under option three months from the date of the agreement, and in respect of an additional 25% every three months thereafter, so that the stock option will be fully vested one year after the date of the agreement.
ICS has advised Freewest that it has no direct or indirect interest in securities of Freewest, or any right or intent to acquire such an interest other than pursuant to the exercise by one of its principals of the stock option granted by Freewest.
The agreement with ICS is subject to regulatory approval, including that of the TSX Venture Exchange.
In other news, Freewest intends to extend the expiry date of 8,571,428 common share purchase warrants having an exercise price of $0.50 per share and having an original expiry date of March 6, 2009 for a further one year period. The new expiry date of the warrants will be March 6, 2010. The amendment to the terms of the warrants is subject to the approval of the TSX Venture Exchange. All of the other terms and conditions of the warrants remain unchanged.
Freewest is a well-financed mineral exploration corporation with over C$7.5 million in working capital. It is 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 the TSX Venture Exchange under the symbol FWR.
Neither 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.
CONTACT INFORMATION:
Freewest Resources Canada Inc.
Mackenzie I. Watson
President and CEO
(514) 878-3551 or 1-888-878-3551
Fax: (514) 878-4427
Email: info@freewest.com
Website: www.freewest.com
or
Bay Street Connect
Michael D'Amico
Investor Relations
(647) 500-6023
