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| | Fri Mar 4, 2005
Firestone Ventures Signs Letter of Agreement to Purchase Alberta Sun Uranium Property
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| | March 4/2005 - Firestone Ventures Inc. (FV: TSX-V) is pleased to announce that it has signed a Letter of Agreement to purchase a 100% interest in the 22,000 acre Alberta Sun uranium prospect located in southwestern Alberta.
Upon signing of a Formal Agreement and subject to due diligence, Firestone is to pay the vendor $10,000 for 100% interest in the property, subject to a 2% net smelter royalty (NSR). Firestone will have the option to purchase 1% of the NSR from the vendor under the following conditions; 1) the payment of $25,000 if purchased within two years of signing the Final Agreement; 2) the payment of $200,000 if purchased within two to five years after signing the Final Agreement; and the payment of $1,000,000 if purchased after the fifth year.
The Alberta Sun uranium property, located 30 km south of Fort Macleod, is characterized by easy access across southern Alberta rangeland. The area is underlain by Cretaceous to Tertiary marine and non-marine sandstones and tuffs. The geological target is sediment-hosted uranium similar to deposits in Wyoming, South Dakota, Colorado, Utah and New Mexico. Sediment-hosted uranium deposits are an economically important source of uranium production. The potential for uranium in the area covered by the Alberta Sun uranium project is described in Alberta Geological Survey Open File Report 1994-8:
"At one occurrence, anomalous radioactivity is up to 2,000 cps (SRAT SPP2N), and a rock sample assays greater than 2,000 ppm uranium, 13 ppm molybdenum, 78 ppm vanadium and 4 ppm selenium (anomaly 82H-23). Upriver about 5 km there is a second occurrence with anomalous radioactivity up to 900 cps and a rock sample that assays 85 ppm uranium (anomaly 82H-21; Ibid). Follow-up work was recommended for this area, but was never done."
"Southern Alberta was explored for uranium in the 1960s to early 1980s, but many promising areas, like the Alberta Sun project area, were never advanced by follow-up work or drilling," said Lori Walton, Firestone's President. "Most of the attention has been on the Athabasca basin in northeastern Alberta. It is exciting for us to add this intriguing new uranium prospect to our company portfolio."
This news release has been reviewed by Glenn Hartley, P. Geol., Qualified Person for the property, in accordance with regulations under National Instrument 43-101. It should be noted that Firestone Ventures is commencing due diligence work and has not verified any of the results reported in this press release.
Firestone Ventures Inc. is a public company listed on the TSX Venture Exchange. The company's mandate is the acquisition and exploration of a diverse portfolio of high quality precious metal, base metal and gemstone properties. For further information, please contact:
Lori Walton, President
Toll Free: 1-888-221-5588; Fax: (780) 428-3476
info@firestoneventures.com www.firestoneventures.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release |
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| | You can view the Next News Releases item: Mon Mar 14, 2005, Firestone Ventures Expands Alberta Sun Uranium Property, Drilling Starts At Louise Lake Property
You can view the Previous News Releases item: Tue Mar 1, 2005, New Exploration Targets Identified on Firestone Ventures Amazing Grace Property
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