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| | Wed May 28, 2008
Firestone Ventures Project Update
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| | May 28, 2008 - Firestone Ventures Inc. (FV:TSX-V;F5V:FSE) is pleased to provide an update on current projects.
Torlon Hill Zinc-Lead Project, Guatemala
"We are very pleased that once again we have completed this season's drill program on schedule and on-budget," says Lori Walton, President of Firestone Ventures Inc. ("Firestone"). "Firestone would like to thank everyone who worked on the project, especially our drill contractor Kluane Drilling Ltd. for carrying out the program and our local workers for their extraordinary efforts in building drill sites, moving the drill, and hauling equipment and supplies needed for the program. In addition, our geological and management staff in Guatemala were key to our successful completion of the program."
This season's drill program at the Torlon Hill high grade zinc-lead project in Guatemala is now complete. A total of 36 holes were drilled to depths ranging from 19.81 metres to 185.97 metres, totalling 3,458.7 metres. To date, a total of 101 holes and 8,394.7 metres have been completed since the first drill program on Torlon Hill in early 2006. Assay results remain pending for drill holes 86 to 101; the later samples will be split and logged at the Company's on-site facility and then shipped for analysis in June.
Firestone Ventures is pleased to announce the appointment of Mr. Darren Koningen, P.Eng. to oversee metallurgical and engineering aspects of the Torlon Hill zinc-lead project. Mr. Koningen has over 15 years of global experience in the mining and metals industry and is well versed in mineral process development, feasibility studies, engineering design, project and field engineering, commissioning and plant operations. He has completed numerous metallurgical processing engagements while employed as a Senior Process Engineer with Kvaerner Engineering and Construction and as an independent Metallurgical Consultant. As Manager of Research and Engineering with Metalox International he led new process development efforts directed at the extraction of zinc and other metal concentrates from metallurgical waste streams. Most recently Mr. Koningen was responsible for all engineering activities in the design and construction of two heap leach gold projects in Central America and Mexico.
Alberta Sun Uranium Project, Alberta, Canada
Firestone Ventures Inc. has formally notified Black Hawk Exploration that the option agreement to earn up to a 75% interest in Firestone's Alberta Sun uranium project is terminated. Under the terms of the agreement, Black Hawk paid Firestone a total of $210,000 in cash and issued Firestone 135,000 common shares on signing the agreement, but Black Hawk failed to complete the exploration work required to keep the option in good standing.
Firestone Ventures completed sophisticated geophysical modeling of the initial dataset from a 2,384 line-kilometer electromagnetic and magnetic survey which identified buried stream channels in four priority areas. The geological target is sandstone-hosted "roll-front" uranium. Indicators of sandstone-hosted uranium that have been identified in the Alberta Sun project area include: favorable stratigraphy, 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 7,640 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).
Sonora Gold-Silver Project, Yukon Territory
The 2008 exploration program consisting of surface exploration and diamond drilling on the Sonora project and regional exploration in the Dawson Range area is being finalized; details will be released shortly.
It is anticipated that the Sonora gold-silver project and the Alberta Sun uranium project will be spun-out from Firestone Ventures into a new company called Northern Tiger Resources Inc. (see News Releases March 3, 2008 and May 27, 2008). In addition, Northern Tiger has signed an Acquisition Agreement with Sherwood Copper Corporation's wholly owned subsidiary, Minto Explorations Ltd. ("MintoEx"), owner and operator of the high-grade Minto copper-gold mine 40 kilometres east of the Sonora project. MintoEx will receive a 25% interest in Northern Tiger (before a proposed private placement) in exchange for contributing five sets of mineral claims in the Minto region as well as MintoEx's extensive Yukon exploration database. MintoEx will also participate with Northern Tiger in a regional exploration alliance to explore the Dawson Range area of Yukon Territory, Canada for additional mineral prospects. MintoEx also retains certain back-in rights on Northern Tiger's projects.
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: Mon Jun 2, 2008, Firestone Ventures Intersects 6.63 Metres of 29.41% Zinc, 5.50% Lead at Torlon Hill
You can view the Previous News Releases item: Tue May 27, 2008, Corporate update and FAQ about Northern Tiger Spin-out
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