FIRESTEEL PROVIDES AGM RESULTS AND CORPORATE UPDATE

Trading Symbol: FTR- TSX: V

VANCOUVER, April 14 /CNW/ - Firesteel Resources Inc. (TSXV:FTR) ("Firesteel" or the "Company") is pleased to announce the results of the Annual General Meeting of shareholders ("AGM") held earlier this month, to announce other developments of the Company and to provide a general corporate update.

Approximately 8.7 per cent of shareholders were represented at the AGM and they approved all motions put forward to them. The following incumbent directors were elected to the Board for the coming year:

Rolland Menard
Jacques Soroka
Walter Wakula
Lloyd Worthing

Director Tom Woodman had decided not to stand for re-election to the Board. We extend our sincere thanks to Tom for his dedicated service as a director and an officer of the Company and for his sound business advice to the Board since joining the Company's Board in 2006.

The directors appointed the following officers:

Walter Wakula - Chairman of the Board
Jacques Soroka - Interim CEO
Jeffrey Gold remains in his position of CFO and Corporate Secretary

The following directors were appointed to the Audit Committee of the Board and to the newly formed Corporate Governance and Compensation Committee:

Rolland Menard
Walter Wakula
Lloyd Worthing

The Board of Directors would like to thank Firesteel's shareholders for their continued support.

Firesteel is also pleased to announce that Mr. Jacques Soroka has agreed to assume the role of Interim CEO of the Company replacing Tom Woodman who had served in this position since the last AGM. We sincerely thank Tom for fulfilling the role of Interim CEO and guiding us through this past year.

Jacques recently joined Firesteel's Board in March 2011. He has an MBA degree from Simon Fraser University and Bachelor of Applied Science and Bachelor of Science degrees from the University of Ottawa. He is currently President and CEO and a director of Blacksteel Energy Inc. (TSV-V:BEY), a TSX-V listed oil and gas company.  Jacques has over 20 years of corporate management, directorship, business development and technical experience in the resource sector.  Previously, he has worked with Gemini Corporation (TSX-V: GKX), Bantrel Co. (89% owned by Bechtel Corporation) and Bayer Corporation.

In announcing the appointment of Mr. Soroka, Firesteel's Chairman Walter Wakula stated: "I would like to thank Jacques for taking on the role of Interim CEO and thank other members of the Board for their active involvement and dedicated work in all aspects of the Company. We are delighted that Jacques has agreed to become Interim CEO of the Company after just recently joining the Board. He will now be able to expand his mandate to apply his senior management experience towards continuing implementation of Firesteel's aggressive business plan."

The presentation to shareholders at the AGM provided the following highlights:

1. An outline of Firesteel's value proposition from its mineral properties and its investment in Blacksteel Energy Inc. ("Blacksteel") shares (Firesteel 15% shareholding);
2. Highlights of the Company's activities and accomplishments during 2009 and 2010 including:
  a.      Continuing occurrences of strong mineralization for copper and gold on the 6,700 hectare Copper Creek property in North Western BC through a small prospecting project;
  b.      Confirmation of a second target area of copper-gold mineralization on the ROK - Coyote Property through a $119,000 exploration program;
  c.      Details of an option granted to Lions Gate Metals to earn a 70 to 75% interest in the ROK - Coyote Property for $3.3 million in cash, shares and exploration work commitments;
  d.      Blacksteel's drilling and producing 2 wells and its purchase of a land parcel in the hot Bakken play;
  e.      Realizing $1.4 million in Blacksteel share sales & debt exchange over 2 years;
  f.      Raising $415,000 in a fall 2010 private placement to fund a portion of the 2011 exploration program;
  g.      Prudently preserving capital as the Company hunkered down to weather the turmoil in capital markets during a portion of the period; and
  h.      Maintaining a strong balance sheet and maintaining liquidity by reducing costs while continuing to execute key technical and administrative processes and conducting exploration work.
3. An update on Firesteel's plan for a new beginning previously announced in the fall of 2010;
4. The value proposition provided by Firesteel's shareholding in Blacksteel;
5. Firesteel's equity market performance during the past two years against comparable indexes; and
6. Corporate statistics and valuation metrics.

Firesteel is a junior minerals exploration company which explores for and develops quality precious and base metal prospects in the resource rich Stikine Arch area of British Columbia, and in the NWT and Mexico.  The Company has been exploring its Copper Creek and ROK - Coyote discovery properties in northern British Columbia with strong showings of copper and gold mineralization. Firesteel maintains its interests in the oil and gas business through its 15 percent shareholding in Blacksteel.

ON BEHALF OF THE BOARD OF DIRECTORS OF
FIRESTEEL RESOURCES INC.

"Walter Wakula"

__________________________________

Walter Wakula, Chairman of the Board

 

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Advisory Regarding Forward Looking Statements

This press release contains forward-looking statements which include, but are not limited to: evaluations, opinions, forecasts, projections, guidance, expectations about future activities and performance of the Company including a plan for a new beginning, the recruitment of a new CEO or other statements that are not statements of fact.  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 matters contained in this news release may be affected by a variety of variables and risks, as a consequence, actual results could differ materially from those anticipated or implied in the forward-looking statements.

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, event, results or circumstances or otherwise.

 

For further information:

please contact us at  1-604-669-5768
  1-888-669-5768

Profil de l'entreprise

Firesteel Resources Inc.

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