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Firestone Ventures Acquires 100% Interest in the Sonora Gold
Project, Yukon
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December 5, 2007 - Firestone Ventures Inc. (FV: TSX-V;F5V: FSE) is
pleased to announce completion of its option to earn an 80% interest in
the Sonora gold-silver-copper-molybdenum project located 110 kilometres
from Carmacks, Yukon Territory, Canada. In addition, Firestone has
signed an agreement with the underlying vendors to acquire the
remaining 20% interest in the property, plus 1% of the underlying Net
Smelter Returns Royalty (NSR) by issuing an additional 250,000 common
shares at a deemed price of $0.47 per common share. A 1% NSR remains
reserved for the Vendors, half of which may be purchased by Firestone
at any time for $1,000,000. The agreement is subject to TSX Venture
Exchange approval.
"We are very pleased to have acquired 100% interest in the Sonora Gold
Project", says Lori Walton, President of Firestone Ventures Inc. "The
multiple styles of gold and silver mineralization, intriguing
gold-bismuth-tellurium geochemical signature, and the new Amadeus Zone
high-grade gold discovery give us confidence to move forward on the
project. Also noteworthy is the project's proximity to existing and
planned infrastructure in the Dawson Range mining district."
To date, Firestone has completed two diamond drilling programs
totalling 3,846.0m metres. The Amadeus Zone, discovered in 2006, has
been the main focus. Drilling of the Amadeus Zone in 2006 returned
numerous gold and/or silver intercepts including 6.21 g/t gold across
15.3 metres, open at depth, in drill hole SG-06-06. In 2007 an
intercept of 5.22 g/t gold across 4.0 metres within a larger lower
grade halo of 1.0 g/t gold over 64 metres was returned from Hole
SG-07-12, collared 50 metres due south of Hole SG-06-06. A deeper
interval in the same hole returned 0.25 g/t gold and 162 g/t silver
over 2.0 metres. Drill Hole SG-07-16, also in the Amadeus Zone,
returned 1.12 g/t gold, 817 g/t silver (26.26 ounces per tonne), 0.27%
antimony, 0.37% copper, 1.58% lead and 0.30% zinc across 2.0 metres.
Numerous other gold and/or silver intercepts were returned elsewhere
from the Amadeus Zone in 2007.
The Sonora property is located within 25 kilometres of a seasonal
access road and within 40 kilometres of Sherwood Copper's Minto
copper-gold mine, now in production. Firestone Ventures now retains a
100% interest in 5,244 hectares (12,952 acres) of land in the Dawson
Range area, covering the Sonora claim block and the nearby Chopin
block, staked early in 2007.
Firestone Ventures Inc. is a well-financed Canadian-based resource
exploration and development company with zinc, gold and uranium
projects in Western Canada and Central America. The common shares of
the Company are currently listed on the TSX Venture Exchange (symbol
FV) and the Frankfurt Stock Exchange (symbol F5V). For further
information please contact:
Lori Walton, P. Geol., President
Toll Free: 1-888-221-5588
Fax: (780) 428-3476
info@firestoneventures.com
www.firestoneventures.com
Trading Symbol: FV: TSX-V; F5V: FSE
For Investor Relations please call: Contact Financial Inc. at (604)
689-7422
Investors can also visit www.agoracom.com/IR/Firestone or email
questions to FV@agoracom.com.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
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Copyright (c) 2007 FIRESTONE VENTURES INC. (FV) All rights reserved.
For more information visit our website at
http://www.firestoneventures.com/ or send
mailto:returns@firestoneventures.com
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