Firestone Ventures Inc.
TSX VENTURE : FV
FRANKFURT : F5V
February 05, 2009 06:30 ET
Firestone Ventures Reviews 2008 and Begins 2009 Field Season
EDMONTON, ALBERTA--(Marketwire - Feb. 5, 2009) - Firestone Ventures Inc. (TSX VENTURE:FV)(FRANKFURT:F5V) is pleased to provide a brief review of the Company's activities in 2008 and to outline what Firestone is planning for the first half of 2009.
Firestone made solid progress through 2008 in completing a third drill campaign for a total of 8,500 m drilled, releasing a NI 43-101 compliant resource estimate for the Torlon Hill zinc-lead-silver project, completing initial metallurgical testing and acquiring additional mineral properties prospective for zinc and lead. A key development in 2008 was the spin-out of Firestone's Canadian assets into Northern Tiger Resources Inc. This transaction substantially reduced Firestone's operating expenses and share dilution.
Lori Walton, President of Firestone Ventures, reports that the Torlon Hill field program for first half 2009 is designed to accommodate the current economic markets. "It allows us to move forward on low-cost key components of the overall program with most of the work being done by our in-house highly qualified personnel," says Walton. "In addition, we conducted data compilation and re-interpretation of historic data on our new properties in anticipation of field visits in February."
Surface exploration at Torlon Hill will involve mapping, prospecting, soil sampling and environmental baseline studies of the Torlon Hill area combined with aerial photography and production of digital topographical and orthophoto maps. Firestone is planning further metallurgical testwork to determine the optimal processing method for Torlon ore. The Company is also continuing its collaborative work with local communities on socio-economic initiatives, maintaining existing access roads and stream crossings and the coordination of local supplies and services. The 100% owned Torlon Hill zinc-lead-silver deposit is road-accessible and open to expansion.
A field crew has been mobilized to conduct initial property evaluations on Firestone's new mineral properties (see December 8, 2008 news release). Most of the new holdings are located in the Cuchumatanes and Coban lead-zinc-silver mining districts and include the Caquipec carbonate hosted zinc-lead past producer. Caquipec has produced an unknown amount of zinc and lead from extensive underground workings since 1900. Very little modern exploration has taken place in these districts despite the historic mining of zinc occurrences on surface.
This news release has been reviewed and approved by John Cleary, CPG, Vice President of Exploration and Qualified Person for the Company, as defined by NI 43-101.
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.
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.