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| | Tue Feb 20, 2007
Firestone Ventures Finalizes Expansion of Alberta Sun Uranium Project
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| | February 20, 2007 -- Firestone Ventures Inc. (FV: TSX-V;F5V: FSE) is pleased to announce that it has signed a formal agreement with Marum Resources Inc. to acquire a 100% interest in Marum's Metallic and Industrial Mineral Permits in southwestern Alberta. The terms of the original Letter of Intent (see News Release dated December 19, 2006) have been amended. To acquire 100% interest in the permits, Firestone must pay $3,000 and issue 50,000 common shares of Firestone to Marum Resources within 14 days of receipt of approval of the terms by the TSX Venture Exchange. A 2% NSR will be reserved for Marum Resources, half of which may be purchased by Firestone at any time for $1,000,000. In addition, Firestone will provide Marum with 90 days notice of intent to let permits expire.
"We have integrated the Marum data into our own dataset for the area and are working on a detailed exploration program for spring, 2007." says Lori Walton, President of Firestone Ventures Inc. "We are looking at innovative exploration techniques to advance the project."
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 upon approval 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 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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| | You can view the Next News Releases item: Wed Feb 28, 2007, Firestone Ventures Expands on High-Grade Gold Intercept by Staking Additional Claims at Sonora Project, Yukon Territory
You can view the Previous News Releases item: Tue Feb 13, 2007, Firestone Ventures Reports Torlon Hill Drill Results, including 2.7 metres of 45.4% Zinc
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