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| | Fri Oct 1, 2004
Firestone Ventures Acquires Option on Amazing Grace Gold Property
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| | Firestone Ventures Inc. (FV: TSX-V) is pleased to announce that it has entered into an option agreement to earn a 100% interest in the Amazing Grace property, located 15km southeast of the town of Castlegar, British Columbia, Canada. The 32 claim (800 hectares) property, also known as the "McPhee", hosts a vein-type gold system which includes two historic high-grade gold prospects with visible gold, the "Maude S" and "High-Grade". The property is characterized by excellent access through an established network of logging roads and nearby access to electrical power.
"The location of the high-grade gold veins on the Amazing Grace property were literally 'lost' for many years until re-discovered by local prospectors," says Lori Walton, VP Exploration for Firestone. "This fact emphasizes the underexplored nature of the property. In addition, much of the gold is coarse gold, suggesting that that 'free-milling' processing using simple crushing and gravity methods may be feasible,"
Walton added: "We also like the exceptional accessibility, proximity to historical placer gold workings and the fact that the property is also prospective for a number of other metals."
The Amazing Grace property is situated in the Nelson mining district of southern British Columbia, which has historically produced more than 16,000 kilograms (564,383 ounces) of gold and 190,000 kilograms (6.7 million ounces) of silver from various vein deposits.
Firestone believes there is high potential for the Amazing Grace property to host larger, more consistent gold vein zones/stockwork systems than has been defined to date on the property. Firestone plans to compile information then design a surface exploration program for summer, 2005 that will test for gold vein zones and other priority exploration targets.
Under the Option Agreement, Firestone must make cash payments totalling $156,000 and must issue a maximum of 250,000 common shares over four years. Upon receipt of approval of the Option Agreement by the TSX-V, Firestone will pay the initial $6,000 cash payment and issue 100,000 common shares to the vendor. The next cash payment of $10,000 and issuance of 75,000 common shares is due on Oct. 31, 2005. There are no exploration expenditure requirements, providing for maximum flexibility for Firestone. A 2% NSR is reserved for the vendor, half of which may be purchased by Firestone at any time for $1,000,000.
This news release has been reviewed and approved by Carl Schultz, PGeo, Firestone's Qualified Person for this property in accordance with regulations under National Instrument 43-101.
Firestone Ventures Inc. is a public company listed on the TSX-Venture Exchange. The company's mandate is the acquisition and exploration of a diverse portfolio of high quality precious metal, base metal and gemstone properties.
For further information please contact:
Lori Walton, VP Exploration and Business Development
Toll Free: 1-888-221-5588
Fax: 1-780-428-3476
info@firestoneventures.com
www.firestoneventures.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release |
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| | You can view the Next News Releases item: Wed Oct 13, 2004, TSXV Approves Option on Amazing Grace Gold Property
You can view the Previous News Releases item: Wed Sep 15, 2004, Firestone Ventures Announces Drill Results from Louise Lake Copper-Gold Project, B.C.
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