Firesteel Resources Inc. Strengthens Board and Issues Options
TheNewswire / August 8, 2016 - Firesteel Resources Inc. (TSX-V: FTR) ("Firesteel" or the "Company") today announced that it has appointed Basil Botha Chairman of the Company.Mr. Botha brings more than 35 years international mining, marketing and executive experience to Firesteel. He has extensive knowledge of mining and exploration for a variety of minerals, including gold, and has specialized in start-up mining operations, mergers, acquisitions and corporate finance.
Mr. Botha has held a number of executive appointments with companies including; Chairman and CEO of Latin American Minerals, President & CEO of Northern Iron Corp., President and CEO of G4G Resources, President & CEO of Pitchblack Resources (formerly Cash Minerals Ltd) and Chairman of Lithium Americas Inc.
Michael Hepworth, President and CEO of the Company said; "Basil brings a wealth of knowledge of the capital markets and a deep Rolodex to the Company, along with many years of mining and minerals experience. The board believes that the gold and copper market is beginning to stir interest with investors and that with two highly prospective gold and copper properties in Northern B.C., now is the time to get the company ready to take advantage of this opportunity. Basil adds a depth and experience that will likely appeal to investors."
Mr. Botha's appointment requires TSX approval.
Firesteel also granted incentive stock options to its directors, officers and consultants to purchase up to an aggregate of 1,100,000 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 Type | No. |
| Common Shares | 61,955,553 |
| Options | 5,925,000 |
| Warrants | 3,813,554 |
| Fully Diluted | 71.694,107 |
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 100% owned by Firesteel.
The property shares a boundary with Imperial Metals, Red Chris Mine on the South East and a boundary with Colorado Resources on the North West. The property is in good standing until 2025.
Highlights of the ROK Coyote property include:
-6,829 Ha of highly prospective ground that has the potential to host large tonnage Cu-Au targets with known Cu-Au results.
-Adjacent to Imperial Metals Red Chris Mine development and Colorado Resources North ROK property.
| Significant Historic Drilling Intercepts, ROK Property: | |||
| Drill Hole | Interval (m)* | Gold (gpt) | Copper (%) |
| RK-76-2 | 18.00 | 1.16 | 1.46 |
| 90-R03 | 38.37 | 1.32 | 1.54 |
| RO-01-91 | 42.00 | 0.312 | 0.24 |
| * intercept lengths are given and are not intended to represent true widths. | |||
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 content of this news release has been reviewed and approved by Paul Sarjeant, P.Geo., a Qualified Person as defined by Canadian Seccurities Aministrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects".
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
www.firesteelresources.com
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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.
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