 |
| |
| | Wed Dec 5, 2007
Firestone Ventures Acquires 100% Interest in the Sonora Gold Project, Yukon
|
| | December 5, 2007 - Firestone Ventures Inc. (FV: TSX-V;F5V: FSE) is pleased to announce completion of its option to earn an 80% interest in the Sonora gold-silver-copper-molybdenum project located 110 kilometres from Carmacks, Yukon Territory, Canada. In addition, Firestone has signed an agreement with the underlying vendors to acquire the remaining 20% interest in the property, plus 1% of the underlying Net Smelter Returns Royalty (NSR) by issuing an additional 250,000 common shares at a deemed price of $0.47 per common share. A 1% NSR remains reserved for the Vendors, half of which may be purchased by Firestone at any time for $1,000,000. The agreement is subject to TSX Venture Exchange approval.
"We are very pleased to have acquired 100% interest in the Sonora Gold Project", says Lori Walton, President of Firestone Ventures Inc. "The multiple styles of gold and silver mineralization, intriguing gold-bismuth-tellurium geochemical signature, and the new Amadeus Zone high-grade gold discovery give us confidence to move forward on the project. Also noteworthy is the project's proximity to existing and planned infrastructure in the Dawson Range mining district."
To date, Firestone has completed two diamond drilling programs totalling 3,846.0m metres. The Amadeus Zone, discovered in 2006, has been the main focus. Drilling of the Amadeus Zone in 2006 returned numerous gold and/or silver intercepts including 6.21 g/t gold across 15.3 metres, open at depth, in drill hole SG-06-06. In 2007 an intercept of 5.22 g/t gold across 4.0 metres within a larger lower grade halo of 1.0 g/t gold over 64 metres was returned from Hole SG-07-12, collared 50 metres due south of Hole SG-06-06. A deeper interval in the same hole returned 0.25 g/t gold and 162 g/t silver over 2.0 metres. Drill Hole SG-07-16, also in the Amadeus Zone, returned 1.12 g/t gold, 817 g/t silver (26.26 ounces per tonne), 0.27% antimony, 0.37% copper, 1.58% lead and 0.30% zinc across 2.0 metres. Numerous other gold and/or silver intercepts were returned elsewhere from the Amadeus Zone in 2007.
The Sonora property is located within 25 kilometres of a seasonal access road and within 40 kilometres of Sherwood Copper's Minto copper-gold mine, now in production. Firestone Ventures now retains a 100% interest in 5,244 hectares (12,952 acres) of land in the Dawson Range area, covering the Sonora claim block and the nearby Chopin block, staked early in 2007.
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. |
| |
| | You can view the Next News Releases item: Fri Jan 18, 2008, Firestone Ventures Commences Drilling at Torlon Hill Zinc-Lead Project
You can view the Previous News Releases item: Mon Dec 3, 2007, Firestone CEO Lori Walton Named Prospector Of The Year
You can return to the main News Releases page, or press the Back button on your browser.
|
| | |
