Firesteel Resources Inc. announces termination of option agreement
on ROK Coyote property by Lions Gate Metals Inc.
/NOT FOR DISSEMINATION IN THE
UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE
SERVICES/
VANCOUVER,
Jan. 15, 2013 /CNW/ - Firesteel
Resources Inc. (TSXV: FTR) (the "Corporation" or
"Firesteel") announces that Lions Gate Metals Inc.
("Lions Gate") has given notice of termination of its option
agreement dated January 5, 2011 with
the Corporation (the "Agreement") with respect to the ROK
Coyote property (the "Property").
Lions Gate had failed to incur any of its
mandatory 2012 expenditures on the Property or its required 2012
payments to the Corporation as necessary under the Agreement to
maintain it in good standing. As a result, Lions Gate has
earned no interest in the Property.
Firesteel had also received a number of
proposals from Lions Gate to acquire a 100% interest in the
Property, but had rejected all of the offers as being wholly
inadequate. Mr. Michael
Hepworth, Interim President and Chief Executive Officer of
the Corporation commented that "With the return of the ROK
Coyote property to the Corporation, Firesteel is of the view that
it has a portfolio of compelling mineral exploration properties
which it will seek to exploit and further explore over the next
twelve to eighteen months".
Firesteel is a junior mineral exploration
company focused on the exploration and development of quality
precious and base metal prospects in the resource rich Stikine Arch
area of British Columbia and in
the NWT and Mexico.
Firesteel also owns an approximately fourteen
percent interest in Blacksteel Energy Inc., a public junior oil and
gas company involved in the exploration, exploitation, development
and production of petroleum and natural gas resources in
Western Canada.
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policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release
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restriction may constitute a violation of U.S. Securities
Laws.
SOURCE Firesteel Resources Inc.