EDMONTON, ALBERTA, May 24, 2007 -- Firestone Ventures Inc. (TSX VENTURE:FV)(FRANKFURT:F5V) is pleased to provide an update of the Company's exploration programs and recent corporate activity.
"The very successful winter/spring 2007 Torlon Hill zinc drill program has wrapped up, and now we will shift our focus to expanding our high-grade gold discovery at the Sonora project, Yukon and reviewing the results of the geophysical surveying of the Alberta Sun uranium project. We expect an exciting and productive summer," says Lori Walton, President of Firestone Ventures. "In addition we are pleased with the continued support of our investor base, which is reflected in the on-going warrant exercises, strong share price, trading volume and our strongest cash position, at $5 million, since inception of the Company."
Torlon Hill Zinc Project, Guatemala
- The May surface exploration program designed to prospect for additional zinc targets close to the previously drilled areas is now complete.
- Firestone has shipped a 120 kg sample of drill core to SGS Lakefield Research Limited (Lakefield), Canada for preliminary metallurgical testing. The hole was specifically drilled to provide a representative sample of the mineralization. Test results are expected in Autumn, 2007.
- Drill assay results and other data from the recently completed 41 hole, 3,493 metre drill program and surface exploration program will be compiled and reviewed.
- In Autumn, 2007, the Company will prepare the 2007/2008 workplan and budget for Torlon Hill.
Sonora Gold-Silver-Copper Project, Yukon Territory, Canada
- Camp construction will begin in mid-June, 2007, with drilling set to begin in late June.
- A drill contract has been signed with Kluane Drilling Ltd. of Whitehorse, Yukon.
- The drill plan calls for 11 diamond drill holes totaling 2,725 metres. The program is fully permitted.
- The 2007 program will also include reconnaissance geological mapping, prospecting and sampling.
- Program budget is $1.5 million.
Alberta Sun Uranium Project, Alberta, Canada
- 2,384 line kilometers of airborne electromagnetic and magnetic surveying has been completed.
- A total of four blocks covering areas of favorable stratigraphy and uranium indicators were flown.
- TerraNotes Ltd. of Edmonton, Alberta is currently conducting preliminary analysis of the data, to be followed by sophisticated modeling of the dataset.
- The main purpose of the survey is to identify buried stream channels and potential sites of sandstone-hosted uranium. Results are expected within the next six weeks.
Firestone Ventures Corporate Update
- A total of 6,823,141 warrants of Firestone Ventures Inc. have been exercised since January 1, 2007 for gross cash proceeds of $1,100,886. The current cash position of the Company is $5 million.
- The Company is focusing on a number of investor awareness initiatives, including:
- corporate presentations in Vancouver, Calgary, Edmonton, Toronto and London, U.K.
- new media exposure on Blackberry Worldwide and Yahoo! Finance Canada and corporate interviews on www.agoracom.com.
- presentation of drillhole data on www.corebox.net.
- information dissemination to Firestone's European investor base through www.wallstreet-online.de.
Firestone Ventures Inc. is a well-financed Canadian-based resource exploration and development company with zinc, gold and uranium projects in Western Canada and Central America. The common shares of the Company are currently listed on the TSX Venture Exchange (symbol FV) and the Frankfurt Stock Exchange (symbol F5V).
Firestone Ventures Inc. Lori Walton, P. Geol. President Toll Free: 1-888-221-5588 or (780) 428-3465 (780) 428-3476 (FAX) Email: info@firestoneventures.com Website: www.firestoneventures.com Contact Financial Inc. Investor Relations (604) 689-7422
