Firebird Resources Inc. Announces Effective Time for Plan of Arrangement

Firebird Resources Inc. (the "Company" or "Firebird") (TSX VENTURE:FIX)
announced today that its previously announced plan of arrangement involving
Firebird, GTO Resources Inc. ("GTO") and the securityholders of Firebird (the
"Arrangement") is expected to close at 12:01 a.m. (Vancouver time) (the
"Effective Time") on July 27, 2011 (the "Effective Date"). In accordance with
the terms of the Arrangement, each Firebird shareholder as of the Effective Time
on the Effective Date shall receive one new common share in the capital of the
Company and one-half of one common share of GTO ("GTO Share") for each Firebird
common share held ("Firebird Share"), other than as set forth in the
Arrangement. Additionally, pursuant to the Arrangement, holders of common share
purchase warrants of Firebird ("Firebird Warrants") of record as at the
Effective Time on the Effective Date shall receive, in exchange for each
Firebird Warrant then held, one new common share purchase warrant of Firebird
and one-half of one common share purchase warrant of GTO, all of which (i) have
an exercise price equal to the existing exercise price of the Firebird Warrant
exchanged, and (ii) have a term equal to the term remaining on the Firebird
Warrants exchanged, and the Firebird Warrants will be cancelled and terminated
and cease to represent any right or claim whatsoever. 


Following completion of the Arrangement, the Company's common shares will
continue to be listed on the TSX Venture Exchange (the "Exchange") under the
stock symbol "FIX". The GTO Shares are expected to commence trading on the
Exchange under the stock symbol "GTR" effective the open of the market on July
28, 2011. 


For additional information in respect of the Arrangement, please see the
management information circular of the Company dated April 26, 2011, available
on SEDAR at www.sedar.com.


This news release may contain certain forward-looking statements that reflect
the current views and/or expectations of Firebird with respect to its
performance, business and future events. In particular, this news release
contains forward-looking statements relating to the closing of the Arrangement.
Investors are cautioned that all forward-looking statements involve risks and
uncertainties, including, without limitation, statements regarding the outlook
for future operations, evaluation of market conditions, and the ability to raise
financing. Investors are cautioned that any such forward-looking statements are
not guarantees and may involve risks and uncertainties, and that actual results
may differ from those in the forward-looking statements as a result of various
factors, such as general economic and business conditions, including changes in
interest rates, prices and other economic conditions; actions by competitors;
natural phenomena; actions by government authorities, including changes in
government regulation; uncertainties associated with legal proceedings;
technological development; future decisions by management in response to
changing conditions; the ability to execute prospective business plans; and
misjudgments in the course of preparing forward-looking statements. These risks,
as well as others, could cause actual results and events to vary significantly.
The Company does not undertake any obligation to release publicly any revision
for updating any voluntary forward-looking statements.

Firebird Resources (TSXV:FIX)
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