Firestone Ventures Commences Drilling at Black Mountain Zinc-Lead-Silver Project, Nevada
EDMONTON, ALBERTA -- (Marketwire) -- 07/28/11 -- Firestone Ventures Inc. (TSX VENTURE: FV) (FRANKFURT: F5V) ('Firestone' or the 'Company') is pleased to announce the start of the 2011 drilling program at the Company's Black Mountain zinc-lead-silver property, located 29 km northeast of Wells, Nevada, U.S.A. Firestone Ventures has an option to earn 100% interest in the Black Mountain project from Kinross Gold (see news release Nov. 29, 2010). Black Mountain has excellent road access and is in close proximity to power and railroad lines.
'We are pleased to start drilling after weather delays due to unseasonably late snow and wet road conditions,' says Lori Walton, President of Firestone Ventures Inc. 'The Black Mountain area has never been drilled for zinc, despite numerous high-grade zinc showings on surface. This first drill campaign is designed to test several compelling targets defined from results of our comprehensive 2010 surface exploration program.'
The drill program at Black Mountain will consist of a minimum of 12 drill holes totalling 1,245 m targeting four areas (see news release Nov. 30, 2010). The drill holes are expected to range between 40 m to over 300 m depth. A map showing the zones is available at www.firestoneventures.com.
In other news, Firestone is pleased to announce that it has finalized a Cooperation Agreement with a local community 'Cooperativa' ('TC') in relation to the Company's exploration activities at its Torlon Hill zinc-lead-silver deposit in Guatemala, Central America. The Cooperation Agreement builds upon the excellent working relationship between Firestone and the local community and acknowledges the important historical contribution that the TC has made to the economy and social development of the region. The Cooperation Agreement will facilitate exploration in the Torlon Hill area in Guatemala and will contribute to increased capacity building within the TC through the formation of two committees: the Torlon Hill Environmental Committee and the Torlon Hill Social Development Committee. Firestone has issued 1,080,000 common shares to the TC at a deemed price of $0.0675 per common share. The shares are subject to a four month hold period.
This news release may contain forward looking statements, being statements which are not historical facts, including, without limitation, statements regarding potential mineralization, exploration results, resource or reserve estimates, anticipated production or results, sales, revenues, costs, 'best-efforts' financings or discussions of future plans and objectives. There can be no assurance that such statements will prove accurate. Such statements are necessarily based upon a number of estimates and assumptions that are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. Important factors that could cause actual results to differ materially from the Company's expectations are in Company documents filed from time to time with the TSX Venture Exchange and provincial securities regulators, most of which are available at www.sedar.com. The Company disclaims any intention or obligation to revise or update such statements unless required by law.
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