Firesteel Announces $3 Million Financing by Its Oil Sands Affiliate



    Trading Symbol: FTR- TSX: V

    VANCOUVER, Dec. 10 /CNW/ - Mr. Walter Wakula, President and CEO of
Firesteel Resources Inc. ("Firesteel" or the "Corporation"), a Vancouver based
junior mining company, is pleased to announce that its affiliated subsidiary
company, Blacksteel Oil Sands Inc. ("Blacksteel") will be undertaking a
non-brokered private placement financing to raise a minimum of $3 million in
new equity. The private placement will consist of common shares and
flow-through common shares to be issued to accredited investors in Alberta and
British Columbia. Closing of this financing is scheduled for December 20, 2007
with funds raised to be used primarily to commence a drilling program on oil
sands leases acquired by Blacksteel.
    The equity offering will consist of a maximum of 1.7 million common
shares to be issued at a price of $1.50 per share and a maximum of 1.4 million
flow through common shares to be issued at a price of $1.80 per share. In
announcing this financing Mr. Wakula said; "This equity offering will enable
Blacksteel to begin exploratory drilling to prove up oil reserves expected on
its highly prospective oil sands acreage. Also, this will continue the
execution of Firesteel's strategy to both diversify its asset base and
leverage early cash flows from its oil sands business to several copper and
gold properties that have displayed strong mineralization results."

    Firesteel is a junior exploration company which explores for and develops
quality precious and base metal prospects in British Columbia, the NWT and
Mexico, and oil sands properties in Alberta. The company has recently been
actively drilling and trenching on its Copper Creek property in northern
British Columbia with strong indications of copper and gold mineralization.
Firesteel has also entered the oil sands business with the acquisition of
leases in the Peace River area of northern Alberta through its Blacksteel Oil
Sands affiliate.

    ON BEHALF OF THE BOARD OF DIRECTORS OF
    FIRESTEEL RE

SOURCES INC. "Walter Wakula" ---------------------------- Walter Wakula, President and CEO The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Forward-looking Information: Certain statements may constitute forward-looking statements.Such forward-looking statements involve risks, uncertainties and other factors, which may cause actual results, performance or achievements of the Corporation to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. %SEDAR: 00004336E

For further information:

For further information: please contact us at (604) 669-5768,
1-888-669-5768, or visit our web site at www.firesteelresources.com

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Firesteel Resources Inc.

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