EDMONTON, ALBERTA--(Marketwire - Oct. 17, 2012) - Firestone Ventures Inc. ("Firestone") (News - Market indicators)(FRANKFURT:F5V), is pleased to announce the appointment of Mr. Edward (Ted) Yates, P. Eng. to Firestone's strategic advisory committee. Mr. Yates is a leading expert in the zinc markets and was the former director of market research for Cominco Ltd.

"We welcome Mr. Yates to Firestone's strategic advisory committee. Mr Yates's expertise with all aspects of the zinc market and forecasts will assist Firestone in the coming year as we move our main Torlon project through the economic studies," said Pamela Strand, President and CEO of Firestone. "Firestone is well positioned to take advantage of a projected decrease in global zinc supply due to the closure of several large zinc mines."

Mr. Yates joined Cominco Ltd. after graduating from Cornell University in Metallurgical Engineering. He was Chairman of Cominco's Mine Supply Committee (Zinc and Lead) for 14 years, spent 11 years on the Council of World Bureau of Metal Statistics, 7 years as an Industry Advisor to the International Nickel Study Group, and 8 years as a member of the Industry Advisory Panel of the International Lead and Zinc study group. Mr. Yates retired from the position of Director, Market Research after spending 40 years working for Cominco Ltd. In 1993 he received the Robert Elver Award for Mineral Economics from the CIM - "In recognition of his outstanding contributions in furthering the understanding of mineral economics, particularly in the areas of mineral exploration and metal markets." Mr Yates is now president of his own consulting firm, Yates Mineral Consultants Inc. having a focus on base metals. He has consulted for both major and junior mining companies.

Firestone's Presence in Guatemala

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.

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 September, 2012, Firestone signed a Business Agreement Alliance with Minéro Mining International Ltd. of South Africa with the goal of advancing Firestone's 100% owned Torlon zinc-lead-silver deposit.

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 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.

The common shares of the Company are currently listed on the TSX Venture Exchange (symbol FV) and the Frankfurt Stock Exchange (symbol 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.