Files Positive Preliminary Economic Assessment Technical Report

EDMONTON, ALBERTA--(Marketwired - April 24, 2013) - Firestone Ventures Inc. ("Firestone" or the "Corporation") (News - Market indicators)(FRANKFURT:F5V) is pleased to announce that the Company has filed a National Instrument 43-101 compliant Technical Report dated April 24, 2013 entitled "Preliminary Economic Assessment, Torlon Hill Project, Guatemala" under the Company's profile on SEDAR at www.sedar.com. The Report contains a comprehensive breakdown of Firestone's Preliminary Economic Assessment ("PEA") on the 100% owned Torlon Hill Property in Guatemala, the results of which were announced in a press release on March 6, 2013.

Firestone's President and CEO, Pamela Strand commented, "The operation outlined by this PEA for the Torlon Hill Project indicates the potential for a fast track to market approach for our zinc project even at current metal prices. Guatemala has recently approved two exploitation licences for Tahoe Resources' Escobal Silver Project and the Mayaniquel Nickel Project and this sets a positive forecast for production in the country, including our Torlon Project. Our next steps are to complete the recommended feasibility studies as defined in the PEA in order to optimize the economics of the Torlon Project."

There are no material differences between the results released on March 6, 2013. In recognition of the current market conditions the final PEA presents sensitivities from $0.70 to an upside price of $1.05 per pound of zinc.

PEA Highlights (all currency is $US, after tax)

The PEA Highlights an operation outlines a 6 year mine life producing a total of 303,977 tonnes of zinc concentrate at an average grade of 35% zinc and 71,632 tonnes of silver rich lead concentrate at an average grade 60% lead. The lead concentrate will also contain 788,990 oz of payable silver. This projects a 45% IRR, an $18.1 million net present value ("NPV") at an 8% discount rate, a 1.2 year payback with a capex of $26 Million for the Torlon Hill Project. A summary of the economic findings using $0.80/lb Zn, $0.80/lb Pb and $24/oz Ag includes:

Financial Sensitivities at Various Metal Prices and Discount Rates

The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the estimates of the PEA will be realized.

Qualified Persons

On behalf of the Company, the technical information in this news release has also been reviewed and approved by Pamela Strand, P.Geol., President of Firestone and a Qualified Person in accordance with NI 43-101. For further information, please see the technical report of the Company, which is available at www.sedar.com.

About Firestone Ventures Inc.

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 Hill Zinc-Lead-Silver Project in Guatemala. The current 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. 

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 common shares of the Company are currently listed on the TSX Venture Exchange (symbol FV) and the Frankfurt Stock Exchange (symbol F5V).

Trading Symbol: (News - Market indicators)(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.