VANCOUVER,
Nov. 15, 2013 /CNW/ - Firesteel
Resources Inc. ("Firesteel" or the "Company") (TSX-V: FTR)
announces that it has closed its previously announced agreement
with two directors and a consultant to issue 718,333 common shares
of the Company ("Common Shares") in payment for consulting
services rendered to the Company at deemed prices ranging from
$0.06 to $0.08 per Common
Share. In addition, the Company has issued 2,717,391 Common
Shares in settlement of a dispute over contracted services at a
deemed price of $0.092 per Common
Share. In aggregate, the Company issued 3,435,724 Common
Shares at deemed prices ranging from $0.06
to $0.092 per Share. There is a four month hold period
on the Common Shares issued which expires on March 14, 2013.
About the Company
Firesteel is an exploration-stage junior mining
company engaged in the acquisition and exploration of prospective
precious and base metal properties in Canada and stable jurisdictions around the
world.
Firesteel currently has two highly prospective
properties in British Colombia.
The ROK Coyote property is currently under
option to OZ Exploration, a wholly owned subsidiary of OZ Minerals
(ASX:OZE). OZ Exploration has the right to acquire up to 80% of the
property in return for spending $13,000,000 in exploration expenditures and
payment of $1,500,000 in cash to
Firesteel.
Highlights of the ROK Coyote property
include:
- 6,900 Ha of highly prospective large tonnage targets with
known Cu-Au results
- Historical drilling highlights - 38.37 m @ 1.32% Cu, 1.54 g/t
Au
- Adjacent to Red Chris Mine
development with P&P Reserves of 302
Mt at 0.365 Cu and 0.27 g/t Au (a 28 year mine life at
30,000 tpd) Imperial Metals
The Sheslay property is currently under option
to Prosper Gold. (TSX-V: PGX).
Under the terms of this agreement, Prosper has the right to acquire
up to 80% of the property in return for spending $5,000,000 on exploration and payment of
$1,000,000 in cash and 1,000,000
Prosper Gold shares to
Firesteel.
Highlights of the Sheslay property include:
- 6,700 Ha property hosts five significant Cu-Au targets within
close proximity with large tonnage, high grade potential.
- Historical drilling highlight - grading 242.3 m @ 0.44% Cu
& 0.32 g/t Au.
- Largest of the targets is 1,800 m by 750 m.
The Company's management and board of directors
have extensive experience in exploration, operations, business and
corporate finance.
The Company's objective is to enhance
shareholder value as a prospect generator by identifying and
securing early-stage exploration opportunities and developing them
to more advanced stages with the help of joint venture
partners.
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Neither the 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
Advisory Regarding Forward Looking
Statements
This news release contains forward-looking
statements. Users of forward-looking statements are cautioned that
actual results may vary from forward-looking statements contained
herein. Forward-looking statements include, but are not limited to:
expectations, opinions, forecasts, projections and other similar
statements concerning anticipated future events, conditions or
results that are not historical facts. In certain cases,
forward-looking statements can be identified by the use of words
such as "plans", "expects" or "does not expect", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes", or
variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved". While the Company has
based these forward-looking statements on its expectations about
future events as at the date those statements were prepared, the
statements are not a guarantee of the Company's future
performance. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, it cannot give any assurance that such expectations
will prove to be correct.
The Company's forward-looking statements are
expressly qualified in their entirety by this cautionary statement
and are made as of the date of this new release. Unless
otherwise required by applicable securities laws, the Company does
not intend nor does it undertake any obligation to update or review
any forward-looking statements to reflect subsequent information,
events, results or circumstances or otherwise.
SOURCE Firesteel Resources Inc.