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| | Tue Dec 19, 2006
Firestone Ventures Expands Land Package in Southern Alberta
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| | December 19, 2006 -- Firestone Ventures Inc. (FV: TSX-V;F5V: FSE) is pleased to announce that it has signed a Letter of Intent with Marum Resources Inc. whereby Firestone shall acquire all of Marum's Metallic and Industrial Minerals Permits in southwestern Alberta. Upon signing of a formal agreement, Firestone shall provide a CDN $3,000 payment to Marum. Marum will retain a 10% carried interest in the acquired permits for a period of ten years and Firestone will provide 90 days notice to Marum of any intent to drop any of the acquired permits. The final agreement is subject to due diligence by Marum and Firestone.
"We will integrate the Marum data set and further evaluate the geological model", says Lori Walton, President of Firestone Ventures Inc. "The long-term outlook for uranium remains very strong and we look forward to further advancement of the project area."
The permits held by Marum cover 100,948 hectares (249,872 acres). Combined with Firestone's current permit holdings of 42,436 hectares (104,863 acres), the total land package after signing of the formal agreement shall be 143,384 hectares (354,735 acres). The permits cover Cretaceous to Tertiary marine and non-marine sandstones and tuffs considered prospective for sandstone-hosted uranium deposits, in addition to other commodities. The uranium potential of southern Alberta was first suggested in Alberta Geological Survey Open File Report 1994-8. Firestone Ventures recently announced that it intends to carry out a comprehensive radon cup survey in spring, 2007. The radon cup survey is designed to locate zones of uranium mineralization through detection and tracking of radon gas emissions from the breakdown of hidden uranium sources.
In other news, Firestone Ventures Inc. has relinquished an option to earn an interest in the Morris gold-silver-antimony property in British Columbia, Canada. Results of the 2006 field program were insufficient to warrant further work.
In addition, the Company continues to wait for the remaining drill results from the Sonora gold-silver-copper project. Drilling was completed in late October; the majority of the core was split, with samples sent to the ALS Chemex laboratory in North Vancouver (see News Release dated October 25, 2006).
Firestone Ventures Inc. is a well-financed Canadian-based resource exploration and development company with zinc, gold and uranium projects in Western Canada and Central America. The common shares of the Company are currently listed on the TSX Venture Exchange (symbol FV) and the Frankfurt Stock Exchange (symbol F5V). For further information please contact:
Lori Walton, P. Geol., President
Toll Free: 1-888-221-5588
Fax: (780) 428-3476
info@firestoneventures.com
www.firestoneventures.com
Trading Symbol: FV: TSX-V; F5V: FSE
For Investor Relations please call: Contact Financial Inc. at (604) 689-7422
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release |
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