Firesteel Appoints Wakula President, CEO and Chair of Firesteel



    VANCOUVER, Sept. 27 /CNW/ - Firesteel Resources Inc. (FTR - TSX:V) The
Board of Directors is pleased to announce the appointment of Mr. Walter Wakula
BComm, MBA, ICD.D as President, CEO and a Director of the Company. He will
also act as chair the board of directors.
    Mr. Wakula has just launched Firesteel's oil sands business through its
Blacksteel Oil Sands subsidiary, has obtained financing for the Copper Creek
minerals and oil sands projects and will lead both companies through the
aggressive next phase of their business plans.
    The Board of Directors is also pleased to announce the appointment of
Mr. Don Barker as Chief Operations Officers - Minerals with responsibility for
Firesteel's North American minerals business. Mr. Barker will remain a
Director of the Company.
    Mr. Wakula has over 25 years of experience as a senior executive and as a
corporate director in the oil, gas, energy and banking industries. He has
acted as a corporate CEO, CFO, board chair and as senior advisor to government
ministries and to businesses in transition, typically to the next stage of
growth. He has sourced capital globally for operations in six countries and
led numerous financing, M&A and other project initiatives.
    Wakula managed the treasury, strategic planning and economic evaluation
functions of Canada's largest natural gas producer during a 16 year career
with the company. He helped create one of Canada's largest credit unions as
President, founding director and first chair of this organization. Wakula
directed the corporate finance and investment banking practice of a 'big 4'
international financial advisory firm in Russia and Ukraine. He was an
architect of a financial restructuring plan for Canada's largest publicly
owned power generation company, developed acquisition/financing structures for
two large Canadian oil and gas trusts and was President and CEO of a
biotechnology company.
    Educated at the University of Manitoba and the University of Calgary,
Wakula studied engineering, computer science and business. He holds a Bachelor
of Commerce degree in accounting and an MBA in finance and is a certified
corporate director holding the Institute of Corporate Directors' ICD.D
designation.
    Wakula is currently a director and chair of Eric Technologies
Corporation, a biotech company, chair of Foothills Global Capital Group Inc.,
a private equity group, serves as a director on several other corporate and
non profit boards and serves on the Senate of the University of Calgary. He is
a member of the Financial Executives International, the Institute of Corporate
Directors, the University of Calgary Engineering Faculty Council and Calgary's
Ranchmen's Club. Walter has two adult daughters, three grandsons and is an
active traveller, skier, cyclist, hiker and swimmer.
    After the announcement of his appointment, Mr. Wakula said, "I am
absolutely thrilled to have this opportunity to execute an aggressive business
strategy in the dynamic minerals and oil sands businesses and help take
Firesteel to its next level of development and growth. With its excellent
property inventory in both business segments our team has established the
footprint to make Firesteel a leader among junior explorers."

    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 been actively
drilling and trenching on its Copper Creek property in northern British
Columbia with excellent results. 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 subsidiary.

    ON BEHALF OF THE BOARD OF DIRECTORS OF
    FIRESTEEL RE

SOURCES INC. "Walter Wakula" Walter Wakula, President/CEO The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Certain statements may constitue 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: (604) 669-5768, 1-888-669-5768, or visit our
website at www.firesteelresources.com

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Firesteel Resources Inc.

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