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| | Fri Jun 15, 2007
Firestone Ventures Finalizes Agreement on Alberta Sun Uranium Project
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| | June 15, 2007 - Firestone Ventures Inc. (FV: TSX-V;F5V: FSE) is pleased to announce that Firestone and Black Hawk Exploration (OTCBB:BHWX) have signed a formal option agreement whereby Black Hawk may earn up to a 75% interest in Firestone's Alberta Sun uranium project located in southwestern Alberta, Canada. Black Hawk Exploration is a junior resource company focused on the acquisition and development of quality uranium projects.
"We are very pleased to work with Black Hawk Exploration on the Alberta Sun project," says Lori Walton, President of Firestone Ventures Inc. "This agreement will ensure the advancement of Alberta Sun while allowing us to focus on our upcoming summer, 2007 drill program at Sonora, Yukon Territory, Canada and increase resources available for our Torlon Hill high-grade zinc project in Guatemala."
"With the spot price of uranium at record high levels, we are pleased to have acquired such a large land position in a very prospective area for roll-front uranium deposits," says Andrew von Kursell, President of Black Hawk Exploration. "The Alberta Sun uranium property was selected because of the large land package, favorable geology, known uranium deposit indicators, excellent access and the positive business climate in Alberta."
The Alberta Sun uranium property (covering over 200,000 acres) is characterized by easy access across southern Alberta rangeland. Results of initial fieldwork on the project include scintillometer readings of up to 1250 cps (counts per second), visible alteration, shale beds and abundant hematite and carbonaceous material within sandstone. Composite grab samples of isolated organic debris material returned up to 7640 ppm uranium (0.901 (see previous News Releases available at www.firestoneventures.com).
A 2,384 line kilometer electromagnetic and magnetic airborne survey over four priority areas has been completed. TerraNotes Ltd. of Edmonton is carrying out initial analysis of the survey to be followed by sophisticated modeling of the dataset which should delineate high-priority areas for drilling.
Under the terms of the agreement, Black Hawk can earn a 60% interest by paying Firestone a total of $210,000 cash (completed) and issuing 135,000 shares on signing (completed) and paying an additional $70,000 cash, issuing 270,000 shares and incurring $700,000 in exploration expenditures over the next two years. Black Hawk can earn an additional 15% interest by paying Firestone $100,000, issuing Firestone 400,000 common shares and incurring another $1 million in exploration expenditures over the following two years. Firestone will retain a 1% net smelter royalty ("NSR") of which 0.5% can be purchased by Black Hawk for $500,000 at any time. There is an additional 1% NSR to the underlying property owners. Black Hawk will be the project operator.
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
Investors can also visit www.agoracom.com/IR/Firestone or email questions to FV@agoracom.com
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 Jul 4, 2007, Firestone Ventures Mobilizes Field Crew to Sonora Gold Project, Yukon
You can view the Previous News Releases item: Thu May 24, 2007, Firestone Ventures Exploration and Corporate Update Spring 2007
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