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| | Mon Jun 3, 2013
Firestone Corporate Update
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| | June 3, 2013 - Firestone Ventures Inc. ("Firestone" or the "Corporation") (FV: TSX-V; F5V:FSE) announces that Ms. Lori Walton, P. Geo., is retiring from the Board of Directors. Ms. Lori Walton served as President and CEO from 2003-2012 and Director since 2003. Lori will remain as an advisor and key consultant to the Company. The Board wishes to thank Ms. Walton for her 10 years of valuable service to the Company and looks forward to her continued role with the Company.
"I would like to thank Lori for her time and commitment to Firestone and wish her success in her future endeavors," stated Pamela Strand, President of Firestone. "Lori's passion and leadership have helped build the foundation of Firestone's Guatemalan zinc assets that we are moving forward with our recently announced positive PEA."
Saturno and Selegua Projects, Guatemala
Firestone would also like to announce that the Company finalized the acquisition of the Saturno and Selegua concessions that surround Firestone's Torlon Hill Deposit in Guatemala (see news release dated March 28, 2013). The TSXV gave issued their notice of acceptance letter/bulletin on May 14, 2013.
About Firestone Ventures Inc.
Firestone is a Canadian-based exploration and development company with zinc-lead-silver projects in Central America. Our 100% owned flagship project is the Torlon Hill Zinc-Lead-Silver Project that hosts a NI 43-101 oxide resource totaling 1,891,636 tonnes in the Measured and Indicated category grading 7.32% zinc, 2.41% lead and 14.25 g/t silver. An additional 169,705 tonnes is classified as Inferred resources grading 4.42% zinc, 1.96% lead and 12.53 g/t silver (see news release Nov. 18, 2008). The NI 43-101 resource used a 3% zinc equivalent cut-off grade and a 35.5% zinc top-cap. The deposit remains open to expansion.
A Preliminary Economic Assessment was completed on the Torlon Hill deposit in March, 2013 by ProMet Dadi Africa (Pty) Ltd., South Africa (see news releases Mar. 6 and Apr. 24, 2013). The PEA Highlights an operation with a five year mine life producing a total of 303,977 tonnes of zinc concentrate at an average grade of 35% zinc and 71,632 tonnes of silver rich lead concentrate at an average grade 60% lead. The lead concentrate will also contain 766,800 oz of payable silver. This projects a 45% IRR, an $18.1 million net present value ("NPV") at an 8% discount rate, a 1.2 year payback with a capex of $26 Million for the Torlon Hill Project using $0.80/lb Zn, $0.80/lb Pb and $24/oz Ag.
In addition to Torlon, Firestone also has a large land position covering a significant portion of the Central Guatemala Zinc District with four drill ready targets and over fifty zinc mineral occurrences. The land position has excellent exploration potential and with systematic exploration could develop as the world's next major zinc district. The common shares of the Company are currently listed on the TSX Venture Exchange (symbol FV) and the Frankfurt Stock Exchange (symbol F5V).
Qualified Persons
On behalf of the Company, the technical information in this news release has also been reviewed and approved by Pamela Strand, P.Geo., President of Firestone and a Qualified Person in accordance with NI 43-101. For further information, please see the technical report of the Company, which is available at www.sedar.com.
For further information please contact:
Pamela Strand, P. Geol., President
info@firestoneventures.com
www.firestoneventures.com
Toll Free: 1-888-221-5588
Fax: (780) 428-3476
Trading Symbol: FV:TSX-V;F5V: FSE
This news release may contain forward looking statements, being statements which are not historical facts, including, without limitation, statements regarding potential mineralization, exploration results, resource or reserve estimates, anticipated production or results, sales, revenues, costs, "best-efforts" financings or discussions of future plans and objectives. There can be no assurance that such statements will prove accurate. Such statements are necessarily based upon a number of estimates and assumptions that are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. Important factors that could cause actual results to differ materially from the Company's expectations are in Company documents filed from time to time with the TSX Venture Exchange and provincial securities regulators, most of which are available at www.sedar.com. The Company disclaims any intention or obligation to revise or update such statements unless required by law. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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