Trading Symbol: FTR- TSX: V
VANCOUVER, Nov. 20 /CNW/ - Firesteel Resources Inc. (the "Company") is
pleased to announce that further to its news release dated July 23, 2007, the
Company has received TSX Venture Exchange approval for the acquisition of an
option for a 100 percent interest in the 17,000 acre (6,800 hectare) Wolverine
gold-copper-molybdenum property held by the Iskut North Syndicate. This
property is located in northern British Columbia adjacent to Firesteel's
Copper Creek property which has shown strong gold and copper mineralization
during its 2007 diamond drilling program.
Under terms of the option agreement Firesteel may acquire its interest by
making staged cash payments totalling $50,000 over three years, issuing
100,000 common shares on the effective date and issuing further common shares
equivalent to $115,000 over four years. The first option payment of $5,000 and
issuance of 100,000 common shares is due upon approval by the TSX Venture
Exchange. The property is also subject to a 2 percent net smelter royalty.
Firesteel, at its option, may extinguish 50 percent of this royalty with
payment of $750,000.
The Wolverine property is situated along the access road to the Golden
Bear Mine approximately 40 kilometres northwest of the community of Telegraph
Creek. Past work had identified a large mineral exploration target based upon
soil geochemical analysis and geophysical surveys. Firesteel plans to conduct
extensive prospecting for molybdenum and diamond drilling for a known gold
structure on this property. On announcing this transaction Mr. Walter Wakula,
President and CEO of Firesteel, stated: "Acquisition of the Wolverine option
on lands virtually adjacent to our highly prospective Copper Creek, DK and
Pyrrhotite Creek targets rounds out our current property strategy for this
area and advances Firesteel further on the path to achieve its vision for an
ore body and a mine encompassing these targets."
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
ON BEHALF OF THE BOARD OF DIRECTORS OF
Walter Wakula, President and C.E.O.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
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.
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