Firestone Announces Business Alliance with Minero Mining to Advance Torlon Zinc-Lead Project, Guatemala
EDMONTON, ALBERTA -- (Marketwire) -- 09/24/12 -- Firestone Ventures Inc. ("Firestone" or the "Corporation") (TSX VENTURE: FV)(FRANKFURT: F5V) announced today it has signed a Business Agreement Alliance with Minero Mining International Ltd. ("Minero"), of Hong Kong with the goal of advancing Firestone's 100% owned Torlon zinc-lead-silver deposit in Central Guatemala.
"We are extremely pleased with our Business Agreement Alliance with Minero in order to evaluate a fast track to market future production approach for the Torlon Deposit and area. Minero brings advanced zinc project experience, such as their aggressive fast track to market path for production for the Pering Zinc Mine in South Africa, that complements Firestone's exploration and CSR strengths," says Pamela Strand, President & CEO of Firestone. "The recent uptick in the price of zinc and lead coupled with the supply-demand fundamentals makes this an opportune time to advance our zinc resource towards production."
Under the terms of the agreement, Minero will subscribe for a minimum of $250,000 in the Firestone private placement announced on September 13, 2012. Minero will then move forward with the completion of Preliminary Economic Assessment Study followed by an Engineering, Construction and Procurement proposal within the next 120 days. Dependent on results execute an economically viable mine plan for the Torlon Project. Further announcements will be made on the successful conclusion of the phases involved and the milestones achieved in this process.
About Minero Mining International Ltd.
Minero Mining International Ltd. (www.minero.co.za) is part of the Minero Group of Companies and has interests in zinc, lead, gold and coal projects in Africa, as well as engineering services and equipment supply companies to the mining industry. Minero was founded in 2006 by Kevin van Wouw, who has over 20 years' experience in the design, implementation, project management through to operational management of all aspects of the mining industry. Minero's approach centres on the development of projects through the application of cost effective approaches backed by sound engineering, creating value uplift for the stakeholders as demonstrated by the commercialisation of pre-concentration techniques in nickel mining in Botswana. Minero has been involved in the acquisition of Pering Zinc Mine from BHP Billiton in 2007, and the subsequent feasibility processes. Recently Minero was able to reduce the capital expenditure envisaged for the development of Pering by in excess of 20% using an EPC Fixed price contracting approach. The project is a low cost, open cast mining project in South Africa. Minero has expanded its service and equipment based companies to assist in project development and has extensive capabilities to draw globally for the development of new projects or the improvement of existing projects.
Firestone is a Canadian-based exploration and development company with zinc-lead-silver and copper projects in Central America and has been working in Guatemala since 2004. Our main project is the Torlon zinc-lead-silver deposit in Guatemala. The current NI-43-101 oxide resource (see news release 18 November 2008 and www.sedar.com) is summarized in the following table and the deposit remains open to expansion. The 43-101 resource used a 3% zinc equivalent cut-off grade and a 35.5% zinc top-cut.
Torlon Deposit Oxide Mineral Resource
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Zinc Zinc Lead Lead Silver Silver
Tonnes % (lbs)(i) % (lbs)(i) (g/t) (oz)(i)
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Measured and
Indicated 1,891,636 7.32 304,905,997 2.41 100,294,541 14.25 866,663
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Inferred 169,705 4.42 16,502,114 1.96 7,317,680 12.53 68,367
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(i) The total contained metal assumes 100% metal recovery and does not
indicate economic viability
Smithsonite (ZnCO3) is the prevalent zinc mineral at Torlon, occurring as a replacement to limestone and resulting in high grade mineralization locally exceeding 40% zinc. Other non-sulphide zinc minerals are relatively rare and there is no evidence of deleterious zinc-clay minerals.
Firestone also has a large land position covering a significant portion of the Central Guatemala Zinc District with four drill ready targets and over fifty zinc mineral occurrences and has excellent exploration potential to develop as the world's next major zinc district. The company also owns 100% of the past producing Oxec copper deposit which, based on historic reports, has produced over 1Mt grading 3% copper. The common shares of the Company are currently listed on the TSX Venture Exchange (symbol FV) and the Frankfurt Stock Exchange (symbol F5V).
The technical information in this news release has been reviewed and approved by Pamela Strand, P.Geol., President of Firestone Ventures and a Qualified Person in accordance with NI-43-101.
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.
Pamela Strand, P. Geol.
President
Toll Free: 1-888-221-5588
(780) 428-3476 (FAX)
info@firestoneventures.com
www.firestoneventures.com