Agoracom

EDMONTON, ALBERTA, Aug 2, 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.

Sonora Gold-Silver-Copper-Molybdenum Project, Yukon Territory, Canada

To date, the Company has drilled a total of 1490.7 metres in six holes of the total planned ten-hole, 2,400 meter program (see news release July 16, 2007). In addition, reconnaissance geological mapping, prospecting and geochemical sampling is being conducted in the surrounding area. The Dawson Range copper-gold-silver-molybdenum district in west-central Yukon is very active this summer, with several other companies conducting drill programs and the start of production at Sherwood Copper's Minto copper-gold mine, located 40 km east of Firestone's Sonora project.

Torlon Zinc-Lead Project, Guatemala

Firestone Ventures Inc. is pleased to announce the appointment of Napoleon Rodriguez as Technical Manager of the Company's wholly owned Guatemalan subsidiary, Fuego Estrella S.A. Mr. Rodriguez is a Guatemalan geologist with over 24 years of experience working for national and international companies in Guatemala and abroad. He is currently based in Huehuetenango, Guatemala, where he has assisted local communities with training projects and technical expertise.

Lakefield Research Limited (Lakefield) is currently conducting metallurgical testing of a 120 kg sample of drill core from the Torlon Hill zinc property. Results are expected in Autumn, 2007. Drill assay results and other data from the 41 hole, 3,493 metre drill program and surface exploration program are being compiled and reviewed. Firestone's technical team will be meeting in September with consultants Watts, Griffis and McOuat Limited to prepare and plan for the 2007/2008 work program and budget.

Alberta Sun Uranium Project, Alberta

The Alberta Sun uranium property in southwestern Alberta was optioned to Black Hawk Exploration (see news release dated June 15, 2007). A 2,384 line kilometer electromagnetic and Magnetic airborne survey over four priority areas has been completed and TerraNotes Ltd. of Edmonton is carrying out sophisticated modeling and analysis of the dataset. Data interpretation is on-going and is expected to be completed in Autumn, 2007.

Corporate Update

Firestone Ventures would like to announce that 7,193,329 warrants have been exercised since March 31, 2007 for gross cash proceeds of $1,189,589. The current cash position of the Company is $4.5 million.

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
(780) 428-3465
or
Toll Free: 1-888-221-5588
(780) 428-3476 (FAX)
Email: info@firestoneventures.com
Website: www.firestoneventures.com

Contact Financial Inc.
Investor Relations
(604) 689-7422
Email: FV@agoracom.com
Website: www.agoracom.com/IR/Firestone