/NOT FOR DISSEMINATION IN THE U.S. OR THROUGH U.S. NEWSWIRES/
Michael Hepworth assumes role of President and CEO of Firesteel
Firesteel updates website to highlight:
Details of its current strategy
Details of ROK Coyote, property, option and joint venture agreement with
Details of Copper Creek property, option and joint venture agreement
with Prosper Gold.
Trading Symbol: FTR-TSX: V
VANCOUVER, May 28, 2013 /CNW/ - Firesteel Resources Ltd. ("Firesteel" or the "Company") (TSX-V: FTR) today announced that Michael Hepworth would assume the
role of President and CEO instead of Interim President and CEO. At the
same time the company announced updates to the corporate website. www.firesteelresources.com
The changes to the website include a summary of all of Firesteel's
properties, details of each property and details of the option and
joint venture agreements on each.
Michael Hepworth commented; "Firesteel's primary financial strategy is
to preserve and build our treasury while mitigating the risk of
exploration with option and joint venture agreements."
"Given the extremely challenging conditions for raising finance since
the end of 2011, Firesteel has been focused on developing solid
partnerships with companies with a track record of creating successful
projects. Properties are optioned to capable partners who finance
exploration in return for part ownership of the properties."
"Two of our projects, ROK Coyote and Copper Creek, are currently being
advanced via the above model. These option agreements will contribute
approximately $20,000,000 in non-dilutive exploration expenditures over
the next 4 years to advance exploration on our ROK Coyote and our Copper Creek properties."
"In addition the option agreements will contribute approximately
$2,900,000 to our treasury in cash and shares. At current share prices,
a raise of this nature would have required the issuance of
approximately 200,000,000 new shares in a company with only 57,035,889
shares on a fully diluted basis. "
"The announcement of the two option and joint venture agreements with OZ
Minerals and Prosper Gold have created a lot of interest and some
unanswered questions. The changes to the website seek to clarify these
"The way our agreements are structured, we not only have talented and
experienced partners sharing in our exploration expense, we have the
built in upside from the joint venture on the back end."
Further details of these agreements can be found under the sections
covering the individual properties.
ON BEHALF OF THE BOARD OF DIRECTORS OF
FIRESTEEL RESOURCES INC.
Interim President and CEO
The TSX Venture Exchange does not accept 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. Firesteel's
potential deposits and mineralization and promising potential on its
ROK Coyote property and its launch of the Transaction as disclosed in
this news release (together, the "Significant Matters") and all outcomes are subject to risks, uncertainties, assumptions and
other factors which could cause actual results, performance or
achievements to differ materially from future results, performance or
achievements expressed or implied by such forward-looking statements.
Although the Company believes that the expectations reflected for the
Significant Matters in such forward-looking statements are reasonable,
it cannot give any assurance that such expectations will prove to be
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 for the
Significant Matters to reflect subsequent information, events, results
or circumstances or otherwise.
SOURCE: Firesteel Resources Inc.
For further information:
Please contact us at 1-416-204-0352