Firestone Completes Site Visit with Minéro Mining to Advance Torlon Zinc-Lead-Silver Deposit, Guatemala
EDMONTON, ALBERTA -- (Marketwire) -- 12/05/12 -- Firestone Ventures Inc. ("Firestone" or the "Corporation") (TSX VENTURE: FV)(FRANKFURT: F5V) announces a successful site visit has been completed by Minero Mining International Limited ("Minero") and independent consulting engineers ProMet Dadi Africa (Pty) Ltd. ("ProMet") of South Africa. The site visit was conducted in order to facilitate the completion of the Preliminary Economic Assessment ("PEA") on Firestone's 100% owned Torlon zinc-lead-silver Deposit in Western Guatemala.
"Firestone has a clear road map for the next 12-18 months as a result of the recent trip and once this information is input into the PEA we should be on schedule for its completion," says Pamela Strand, President & CEO of Firestone. "We are extremely pleased with our business alliance with Minero and their independent engineering consultants ProMet. We are moving forward with our fast track to market for the development of the Torlon Deposit and we are specifically aiming at a low cost approach to the project's development."
Firestone representatives accompanied Minero and ProMet on a two day Torlon site visit followed by strategic meetings in Guatemala City. During the site visit a full ground assessment of the project area was completed including options for access and for site facility placement. Additional days were filled with meetings in Guatemala City with the Ministry of Energy and Mines, Ministry of the Environment and the Mining Guild of Guatemala. Meetings with potential environmental, social, civil, electrical, mechanical, mining and earthmoving contractors were completed in order to assess the in-country expertise and compile preliminary in-country costs for the development of the Torlon Deposit.
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 National Instrument NI 43-101 oxide resource (see news release 18 November 2008 on www.sedar.com) is summarized in the following table and the deposit remains open to expansion. The NI 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.
In addition to Torlon, 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. The land position has excellent exploration potential and with systematic exploration could 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 (according to unverified historical records ). 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.
Trading Symbol: (TSX VENTURE: FV)(FRANKFURT: F5V)
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