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| | Mon Mar 1, 2004
Firestone Announces Results for Third Fiscal Quarter
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| | VANCOUVER, March 1/CNW - Firestone Ventures Inc. (FV:TSX-VEN) is pleased to announce its financial results for the fiscal quarter ended December 31, 2003.
Firestone incurred a net loss of $31,253 for the three-month period ended December 31, 2003 prior to consideration of option grant expensing, as compared to a net loss of $19,661 for the comparative period in 2002 and $34,524 for the prior quarter ended September 30, 2003. The increase in net loss from the prior year comparative period is primarily a result of an increase in management and consulting fees, shareholder communications costs and travel expenses relating to an increase in corporate activity. During the quarter, the Company spent or accrued $16,248 on management and consulting fees, $5,188 on shareholder communications costs and $4,902 on travel expenses. During the quarter, Firestone engaged in due diligence and negotiations with respect to additional mineral property acquisitions of which four were announced after quarter end. The Company also arranged a non-brokered private placement during the quarter, which was increased, capped and received Exchange approval after quarter end, as previously announced.
The Company expensed $81,000 during the quarter ended December 31, 2003 on account of its option grants, such expense arising from management's adoption of the recommendation of the Canadian Institute of Chartered Accountants relating to stock-based compensation and other stock-based payments. During the quarter the Company granted options to purchase 900,000 common shares in the capital of the Company at an exercise price of 10 cents per share. After consideration of the option grant expense, Firestone incurred a net loss of $112,253 for the quarter. There were no option grants in the prior year comparative quarter.
As at December 31, 2003 the Company's mineral property assets consisted of interests in the Four Corners property and the Finlayson Project, both located in the Yukon Territory. As these properties are in the exploration stage, Firestone reported no operating income or cash flow for the quarter.
Subsequent to quarter end, Firestone announced it's entering into four mineral property option agreements and the cancellation of its option on the Four Corners property. The Company currently holds interests in the Finlayson Project and the Senora Gulch property located in the Yukon Territory and the Bradshaw Hill, Louise Lake and Morris properties, situated within British Columbia.
As at December 31, 2003 Firestone held assets of $687,620 including cash of $159,330 and mineral properties recorded at $498,192. Liabilities totaled $168,509 excluding $188,750 of share subscription deposits received prior to quarter end with respect to the Company's private placement that received final TSX Venture Exchange approval on January 30, 2004.
No investor relations activities were undertaken by or on behalf of the Company during the quarter and no securities issuances occurred during the quarter.
Interested parties are requested to review the Company's Quarterly Report as filed on SEDAR simultaneously with this release.
On behalf of the Board
"Dr. Ken Powell"
Chairman and President
For further information please contact Jim Porter, Chief Financial Officer and Director at (604) 681-6638 or jporter@firestoneventures.com. Also see http://www.firestoneventures.com
THE TSX VENTURE EXCHANGE HAS IN NO WAY PASSED UPON THE MERITS OF THE CONTENTS AND HAS NEITHER APPROVED NOR DISAPPROVED OF THE CONTENT OF THIS RELEASE. THE COMPANY RELIES ON LITIGATION PROTECTION FOR FORWARD-LOOKING STATEMENTS. |
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