Trading Symbol: FTR-TSX: V
VANCOUVER, May 31, 2012 /CNW/ - Firesteel Resources Inc. (TSXV:FTR) ("Firesteel" or the "Company") today announced that Walter Wakula has resigned as a member of the Board of Directors, effective May 28, 2012.
"On behalf of the Board of Directors, I would like to thank Mr. Wakula for his contributions to Firesteel over the years, and wish him the best in his future endeavors," stated Michael Hepworth, President and CEO.
About Firesteel Resources
Firesteel is a junior minerals exploration company focused on the exploration and development of 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 14 percent shareholding in Blacksteel Energy Inc.
Copper Creek Property
The Copper Creek is located approximately 50 kilometers northwest of Telegraph Creek, B.C. and consists of 19 claims in a block covering approximately 6,800 contiguous hectares and containing five alkalic, porphyry copper-gold targets in the resource-rich Stikine Arch area of northwestern BC.
The Poker Property
The Poker is located approximately 50 kilometers west of Telegraph Creek in northwestern B.C. consisting of 3 claims covering approximately 2,300 hectares in the resource-rich Stikine Arch area of northwestern BC. Cominco discovered thirty-six gold-bearing quartz-sulphide boulders in this area in 1988. The average gold value of these boulders is 24.3 g/t. The highest gold value was 252.16 g/t, while ten high-grade boulders averaged 76.37 g/t gold. These boulders are up to 2 meters in diameter. The mineralized boulder train was traced one kilometer up-slope from the boulder field. The target at Poker is a high-grade shear-vein gold deposit of the Snip Mine type. (Excerpt from Geological Report on the Poker Property written for Firesteel by David G. DuPre, P. Geo, who is a Qualified Person under National Instrument 43-101, dated May 25, 2003).
Firesteel Resources Inc.'s ("Firesteel" or the "Company") ROK - Coyote discovery property (the "Property") is situated in the Stikine Arch region of northwestern B.C. about 8 km southeast of the Iskut Village on Highway 37 and 12 km west of the BC Rail extension road bed. It is adjacent to and immediately north of the Imperial Metals' Red Chris copper-gold deposit - Proven and Possible reserves 300 million tonnes at 0.359% Cu and 0.274 g.t Au, plus Measured and Indicated resources of 619.4 million tonnes at 0.38% Cu and 0.36 g/t Au, plus inferred resources of 619.1 million tonnes at 0.30% Cu and 0.32 g/t Au. The Property covers a copper-gold porphyry target located within a large hydrothermal sulphide system measuring at least 9 sq. km. atop the Tanzilla Plateau. The project is currently under option to Lions Gate Metals Inc. which has the right to earn a 75 % interest in return for total cash payments of $496,000, 650,000 Lions Gate shares and expenditures of $2,500,000 on the property over four years.
ON BEHALF OF THE BOARD OF DIRECTORS OF
FIRESTEEL RESOURCES INC.
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 that such 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 Poker and Copper Creek Properties and its launch of the Projects 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 correct.
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.
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