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| | Fri Mar 7, 2003
Option Agreement
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| | Firestone Ventures Inc. (the "Company") is pleased to announce that under the terms of an option agreement with Strategic Metals Ltd. it has advanced $30,000 towards a $150,000 emerald exploration program scheduled to begin in June 2003 on the Four Corners property (the "Property"). Under terms of the agreement, the Company can earn a 50-per-cent interest in the Property by repaying staking costs, which have been paid, and making $400,000 in exploration expenditures over two years, of which $150,000 must be made in 2003.
The Four Corners property is critically located approximately 40 kilometres southeast of the Regal Ridge emerald deposit being developed by True North Gems Inc. The property consists of 445 claims (about 90 square kilometres) underlain by mafic and ultramafic metamorphic rocks that are cut by granitic intrusions of Cretaceous age. This geology is nearly identical to that at Regal Ridge and is highly favourable for emeralds.
The intrusions are the probable source of beryllium required to form the emeralds while the metamorphic wall rocks provide chromium necessary to produce the characteristic green coloration.
On behalf of the Board,
"Ken Powell"
Ken Powell, President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. |
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