FV: TSX-V

July 24, 2008

July 24, 2008 - Firestone Ventures Inc. (FV:TSX-V;F5V:FSE) would like to announce results from the final 16 drill holes from the Company's most recent drill program at its Torlon Hill high grade zinc-lead project in western Guatemala.  A total of 36 holes totaling 3,458.7 metres were drilled to depths ranging from 19.81 metres to 185.97 metres.  Highlights from the latest results include a significant expansion of high-grade zinc on the west side of Torlon Hill and identification of highly anomalous, up to ore-grade zinc and lead values (3.40% zinc and 6.10% lead in hole TH08-93) in the first round of drilling targeted on soil geochemistry anomalies.  Hole TH08-93 is 150 metres south of previously drilled mineralization.

Significant intersections from drill holes TH08-86A to TH08-101 are listed below.  Due to the shallow dip of the mineralization, the true thickness of reported intersections is approximately 95% of the given core length.

Detailed drill hole specifications, significant intersections, a drill hole location map, previous news releases, project summary and photos are available at www.firestoneventures.com.

"This is an excellent finish to the drill program.  Especially encouraging are the high grades and thicknesses in holes 88, 89 and 90, which significantly expand the zone of buried zinc mineralization.  Also encouraging is the intersection of ore-grade mineralization in the south part of Torlon Hill," says Lori Walton, President of Firestone Ventures Inc. 

Holes TH08-88, 89, and 90 were designed to offset the zinc-lead mineralization intersected in hole TH07-53.  All three holes had significant intersections of ore-grade zinc-lead mineralization, which are summarized in the table above.  These results confirm and extend the zone encountered in hole 53 to the north and south.  Holes TH08-86A and 87 encountered a zone 64 to 68 meters thick with strongly anomalous zinc + lead ranging from 1,000 ppm to 8,700 ppm (0.1 to 0.87%). 

Holes TH08-91 to 101 were drilled farther to the south to test surface zinc and lead soil anomalies.  The holes were spaced 50 to 100 meters apart in order to make a first pass test of the soil anomalies, which extend 400 meters south of the Torlon mineralization.  Hole TH08-93 intersected 1.36 meters of 3.40% zinc and 6.10% lead.  The remaining holes all intersected zones of strongly anomalous zinc and lead ranging from 1,000 ppm to 6,500 ppm zinc + lead  (0.1 to 0.65%).

Mineralization at the intensely oxidized Torlon Hill deposit consists largely of smithsonite (a zinc carbonate mineral) cross-cut by galena (lead sulphide) veinlets.  The deposit is contained within a shallowly southeast-dipping body measuring approximately 400 metres long, 20 to 100 metres wide and up to 30 metres thick.  Previous high-grade drill intersections include 25 metres of 26.77% zinc, 1.42% lead, 5.98% silver and 53.3 metres of 9.66% zinc, 1.86% lead and 12.21 g/t silver (see news release dated Oct. 4, 2007).  Most mineralization defined by drilling to date occurs on or near surface.  The deposit is still open to expansion, mainly to the west and south.

This news release has been reviewed and approved by J. Cleary, CPG, Qualified Person and by Al Workman, P.Geo., Vice President of Watts, Griffis and McOuat Limited.  The road-accessible Torlon Hill project is located 18 kilometres northwest of the city of Huehuetenango, which is situated on the Pan-American Highway in western Guatemala.  Sample preparation, quality control and analytical techniques have been described previously (see March 19, 2008 news release).  All samples were analyzed by ALS Chemex in Vancouver, B.C.

Firestone Ventures Inc. is a well-financed Canadian-based resource exploration and development company.  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.