Firesteel Resources Inc. Issues Options
Vancouver, October 7 2014 - Firesteel Resources Inc. (TSX-V: FTR) ("Firesteel" or the "Company") today announced that it has granted incentive stock options to certain of its directors, officers and consultants to purchase up to an aggregate of 1,500,000 common shares at an exercise price of $0.05 per share. All of the options have a life of five years and vest immediately.The options were granted under the Company's Stock Option Plan which was approved by shareholders and limit the total number of options under the plan to a maximum of 10% of the Company's issued capital.
Following the grant of the options the issued capital of Firesteel is as follows:
-------------------------
| Security| No. |
|Type | |
|-----------------------|
| Common |61,955,553 |
|Shares | |
|-----------------------|
| Options | 4,825,000 |
|-----------------------|
| Warrants|3,813,554 |
|-----------------------|
| Fully | 70,594,104|
|Diluted | |
-------------------------
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:
-
??6,829 Ha of highly prospective that has the potential to host large tonnageCu-Au targets with known Cu-Au results
-
??Historical drilling highlights - 38.37 m @ 1.32% Cu, 1.54 g/t Au
-
??Adjacent to Imperial Metals Red Chris Mine development and Colorado Resources North ROK property.
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.
Previous 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 - In 2014 a total of 6221.5 meters were drilled in 19 holes. To date the deposit which measures 550 meters north-south and 350 meters east-west and remains open. Recent drill results include 107m of 0.77% Cu & 0.41 g/t Au including 64m of 1.12% Cu & 0.59 g/t Au (previously reported September 23, 2014).
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.
Qualified Person
The scientific and technical information in this news release has been reviewd by Paul Sarjeant, P.Geo., a Qualified Person under National Instrument 43-101.
For a detailed overview of Firesteel Resources Inc. please visit www.FiresteelResources.com
For further information, please contact:
Michael Hepworth
President and Chief Executive Officer
(647) 725-3793
mhepworth@firesteelresources.com
For up to the minute news, industry analysis and feedback follow us on Facebook, LinkedIn and Twitter.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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 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.
Copyright (c) 2014 TheNewswire - All rights reserved.