Firestone Ventures Announces Non-Brokered Private Placement

EDMONTON, ALBERTA -- (Marketwire) -- 12/20/10 -- Firestone Ventures Inc. ('Firestone' or the 'Corporation') (TSX VENTURE: FV)(FRANKFURT: F5V) announced today it intends to proceed with a non-brokered private placement offering of up to 10,000,000 units ('Units') at a subscription price of $0.10 per Unit for gross proceeds of up to CD$1,000,000. Each Unit will consist of one (1) common share and one-half (1/2) of one common share purchase warrant (a 'Warrant'). Each whole Warrant will entitle the holder to purchase one common share for a price of $0.15 for a period of 24 months from closing. The securities to be issued will be subject to a four month resale restriction. The closing is anticipated for mid-January 2011.

The Private Placement will be conducted in reliance upon certain prospectus and registration exemptions. The net proceeds from the placement will be used for exploration on existing properties in Nevada and Guatemala and for general working capital.

The Corporation may pay, in accordance with all regulatory requirements, finders' fees to agents for obtaining subscriptions for Units pursuant to TSX Venture Exchange Policy. Completion of the offering is subject to all required regulatory approvals, including the acceptance of the TSX Venture Exchange.

Firestone Ventures Inc. is a Canadian-based resource exploration and development company with zinc-lead-silver projects in Central America and Nevada, U.S.A. The common shares of the Company are currently listed on the TSX Venture Exchange (symbol FV) and the Frankfurt Stock Exchange (symbol F5V).

Neither 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.

Contacts:

Firestone Ventures Inc.

Lori Walton, P. Geol.

President

1-888-221-5588

(780) 428-3476 (FAX)
info@firestoneventures.com
www.firestoneventures.com