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| | Fri May 27, 2005
Firestone Ventures to Commence Uranium Exploration Program in Southern Alberta, Expands Land Package
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| | May 27/2005 - Firestone Ventures Inc. (FV: TSX-V) is pleased to announce that it has signed a formal agreement to purchase a 100% interest in the 2186 hectare (5402 acres) Redrock uranium property located in southwestern Alberta, 25 km southeast of Cardston. The Company's total holdings in southern Alberta now total 406 square km and cover Cretaceous to Tertiary marine and non-marine sandstones and tuffs considered prospective for sandstone-hosted uranium deposits.
Sandstone-hosted uranium 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 new Redrock property lies 15 km east of the Company's Alberta Sun uranium property. 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 press releases) on the Alberta Sun property (see fact sheet at www.firestoneventures.com).
A two-week Phase One program consisting of geological mapping, sampling and prospecting on the Alberta Sun and Redrock properties is due to commence June 1.
"We are encouraged by our initial fieldwork at the Alberta Sun property. We believe that the addition of the Redrock property enhances the potential for the discovery of sandstone-hosted uranium deposits," said Lori Walton, Firestone's President.
Firestone paid the vendor $4,000 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. The agreement is subject to final application approval for the Alberta Metallic and Industrial Minerals Permit from the Alberta Government.
This News Release was reviewed and approved by Carl Schulze, BSc, PGeo, Qualified Person for the project.
Firestone Ventures Inc. has a high-quality portfolio of uranium, gold, copper, and zinc 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 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 Jun 23, 2005, Firestone Ventures Reports Completion of Surface Program at Louise Lake Copper-Gold-Molybdenum Project, New Zones Identified
You can view the Previous News Releases item: Thu May 19, 2005, Firestone Ventures Begins Exploration at Zinc Property, Expands Land Package
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