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| | Thu Apr 26, 2007
Firestone Ventures Completes Purchase of Royalties at Alberta Sun Uranium Project
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| | April 26, 2007 - Firestone Ventures Inc. (FV:TSX-V, F5V:FSE) is pleased to announce that it has completed the purchase of underlying royalties on the three properties (Alberta Sun, Redrock and Fort Macleod) comprising the Alberta Sun uranium project in southwestern Alberta, Canada.
Firestone owns 100% of the three uranium properties that collectively are known as the Alberta Sun project. Two of the properties, Alberta Sun and Redrock, were acquired by purchase in 2005 and each was subject to a 2% net smelter royalty (NSR). Firestone has purchased 1% of the NSR on both properties from the vendor for a total price of $25,000. In addition, Firestone has also purchased 1% of the underlying NSR from Marum Resources Inc. on the property acquired by Firestone Ventures from Marum earlier this year (see news release dated February 20, 2007) for $12,500.
Firestone Ventures has been advised by Fugro Airborne Surveys that the airborne geophysical survey flown over four blocks of favorable stratigraphy and uranium indicators is now complete (see news release dated April 18, 2007). Processing of the data and further data enhancement by TerraNotes Ltd. is underway.
The Alberta Sun uranium property (covering over 350,000 acres) 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 sandstone-hosted (or "roll-front") uranium similar to deposits from Wyoming to northern Texas. Sandstone-hosted uranium deposits are an economically important source of uranium production. Prior consultation with independent experts on sandstone-hosted uranium exploration confirmed the initial economic and exploration potential of southwestern Alberta (see News Release dated September 14, 2005).
Results of initial fieldwork at the Company's project include scintillometer readings of up to 1250 cps (counts per second), visible alteration, shale beds and abundant hematite and carbonaceous material within the sandstone unit. Composite grab samples of isolated organic debris material returned up to 7640 ppm uranium (0.901 U3O8). Grab rock samples (sandstone) from a separate area 40 km southeast returned 57 to 150 ppm uranium. Elevated vanadium, molybdenum, arsenic, and lead values, important indicators of sandstone-hosted uranium, occur at both areas (see previous News Releases available at www.firestoneventures.com).
This news release has been reviewed by Carl Schulze, B.Sc., PGeo., Qualified Person for the project in accordance with regulations under National Instrument 43-101.
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: Fri May 4, 2007, Firestone Ventures Completes Drill Program at Torlon Hill Zinc Project - Intersects 9.7 metres of 9.1% Zinc including 1.5 metres of 36.3% Zinc.
You can view the Previous News Releases item: Wed Apr 18, 2007, Firestone Ventures Commences Alberta Sun Uranium Airborne Geophysics Survey
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