Vancouver, BC / ACCESSWIRE / June 17, 2014 / FIRESTEEL RESOURCES INC. (TSX-V: FTR) ("Firesteel" or the "Company") today announced the appointment of Grant T. Smith of Clearline Chartered Accountants as CFO immediately. Mr. Smith replaces Ian Fodie who has resigned to pursue other interests.
Mr. Smith is the Senior Partner of Clearline Chartered Accountants since 2009. He has nine years of public mining audit and reporting experience and over nine years of public audit and reporting experience for US and Canada. He currently acts as CFO for several TSX-V public mining companies with operations in Mexico, U.S.A., Barbados and Canada.
Firesteel at the same time announced the appointment of Jo-Anne Archbald of DSA Corporate Services as Corporate Secretary. Ms. Archibald is President of DSA Corporate Services Inc. ("DSA"), a leading Canadian provider of corporate secretarial services to public companies listed on the Toronto Stock Exchange, the TSX Venture Exchange, the CNSX Exchange and US and overseas exchanges. Prior to joining DSA, Jo-Anne was a Senior Vice President at TMX Equicom, a wholly-owned subsidiary of TMX Group Inc. For more information, please visit the DSA website at www.dsacorp.com.
Michael Heworth President and CEO of Firesteel said; "Separating the role of CFO and Corporate Secretary means we can apply a dedicated resource to corporate governance and ultimately do a better job with this part of our business, while at the same time bringing in top financial skills and providing shareholders with quality financial reporting. I wish to thank Ian Fodie for an excellent job as CFO and wish him every success in his future endeavours."
About the Company
Firesteel is an exploration-stage junior mining company engaged in the acquisition and exploration of prospective precious and base metal properties in Canada and stable jurisdictions around the world.
Firesteel currently has two highly prospective properties in British Colombia.
The ROK Coyote property is currently under option to OZ Exploration, a wholly owned subsidiary of OZ Minerals (ASX:OZE). OZ Exploration has the right to acquire up to 80% of the property in return for spending $13,000,000 in exploration expenditures and payment of $1,500,000 in cash to Firesteel.
Highlights of the ROK Coyote property include:
- 6,900 Ha of highly prospective large tonnage targets with known Cu-Au results
- Historical drilling highlights - 38.37 m @ 1.32% Cu, 1.54 g/t Au
- Adjacent to Red Chris Mine development with P&P Reserves of 302 Mt at 0.359 Cu and 0.274 g/t Au (a 28 year mine life at 30,000 tpd) Imperial Metals
The Sheslay property is currently under option to Prosper Gold. (TSX-V: PGX). Under the terms of this agreement, Prosper has the right to acquire up to 80% of the property in return for spending $5,000,000 on exploration and payment of $1,000,000 in cash and 1,000,000 Prosper Gold shares to Firesteel.
Highlights of the Sheslay property include:
- 6,700 Ha property hosts five significant Cu-Au targets within close proximity with large tonnage, high grade potential.
- Star Target - 2013 drilling - 6 holes totaling 2339.74 m, showing mineralization:
- SO24 - 312.16 m intersection showing 0.37% Cu, 0.24 g/t Au and 0.69 g/t Ag
- SO25 - 269 m intersection showing 0.42% Cu, 0.198 g/t Au and 0.61 g/t Ag
- SO26 - 263 m intersection showing 0.35% Cu, 0.15 g/t Au and 0.63 g/t Ag
- SO27: - 260 m intersection showing 0.39 % Cu, 0.12 g/t Au, 0.93 g/t Ag
- SO28: - 60 m intersection showing 0.63 % Cu, 0.3 g/t Au,0.91 g/t Ag
- SO29: - 59 m intersection showing 0.53 % Cu, 0.31 g/t Au, 0.94 g/t Ag
- Final hole, shows mineralization from surface to 598 m
- Largest of the targets is 1,800 m by 750 m.
The Company's management and board of directors have extensive experience in exploration, operations, business and corporate finance.
The Company's objective is to enhance shareholder value as a prospect generator by identifying and securing early-stage exploration opportunities and developing them to more advanced stages with the help of joint venture partners.
The technical information in this news release has been reviewed by Paul Sarjeant, P.Geo., a Qualified Person under National Instrument 43-101.
For further information, please contact:
Firesteel Resources Inc.
President and Chief Executive Officer
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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. Although the Company believes that the expectations reflected 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 to reflect subsequent information, events, results or circumstances or otherwise.
SOURCE: Firesteel Resources Inc.