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| | Thu May 12, 2005
Firestone Ventures Finalizes Purchase of Alberta Sun Uranium Property
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| | May 12/2005 - Firestone Ventures Inc. (FV: TSX-V) is pleased to announce that it has signed a formal agreement to purchase a 100% interest in the 9031 hectare (22,316 acres) Alberta Sun uranium property located in southwestern Alberta, 30 km south of Fort Macleod (see News Release dated March 4, 2005). In addition, Firestone has received approval for two of four additional Alberta Metallic and Industrial Minerals Permits in the southwestern Alberta area. The total land package, 100% controlled by Firestone Ventures, consists of three separate land packages exceeding 95,000 acres (384 square km).
The geological target for the Alberta Sun uranium project is sandstone-hosted uranium. These deposits tend to be small and low-grade (0.02 to 0.4% U3O8) but account for 13% of global uranium production. Sandstone-hosted uranium deposits may be amenable to low cost and low impact injection-solution mining methods (ISL). Examples of successful ISL uranium mines include Cameco's Crow Butte mine in Nebraska and the Smith Ranch-Highland mine in Wyoming.
The uranium potential of southern Alberta was first suggested in Alberta Geological Survey Open File Report 1994-8 and confirmed by results from Firestone Ventures' initial field program (see April 10 and May 3, 2005 News Releases). Composite grab samples of isolated organic debris material returned up to 7640 ppm uranium (0.901% U3O8). Grab rock samples from a second area 40 km southeast returned 57 to 150 ppm uranium. Elevated vanadium, molybdenum, arsenic, and lead values in addition to hematite, carbonaceous material and green shale units were noted at both localities and are important indicators of sandstone-hosted uranium.
Firestone Ventures plans an aggressive Phase One exploration field program beginning June 1, consisting of sampling, prospecting and mapping, followed by Phase Two airborne geophysics and/or drilling. Compilation of historical data sets is underway.
"This is an excellent early-stage opportunity in an emerging new uranium district," said Lori Walton, Firestone's President. "The price of uranium hit a new high of US $29/lb earlier this week."
Firestone paid the vendor $10,000 for a 100% interest in the Alberta Sun 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. 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.
Firestone Ventures Inc. has a diverse portfolio of high quality uranium, gold, copper, zinc, molybdenum 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
Trading Symbol: FV: TSX-V
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: Thu May 19, 2005, Firestone Ventures Begins Exploration at Zinc Property, Expands Land Package
You can view the Previous News Releases item: Tue May 10, 2005, Firestone Ventures Reports Drill Results from Louise Lake Copper-Gold-Molybdenum-Silver Project
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