/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES/
VANCOUVER, Nov. 7, 2013 /CNW/ - Firesteel Resources Inc. ("Firesteel" or the "Company") (TSXV: FTR) announces amended terms for proposed shares to be issued for consulting services as previously announced on July 19, 2013. Rather than issuing 924,000 common shares of the Company ("Common Shares") to an officer and director at a price of $0.08 per Common Share in payment for consulting services rendered to the Corporation as previously announced, the Corporation has agreed to issue 458,333 Common Shares at a price of $0.06 per Common Share in payment for consulting services rendered to the Corporation. The remaining unpaid balance will be payable in cash, most of it on a deferred basis. The terms of the other transactions outlined in the news release of July 19, 2013 remain unchanged.
This proposed issuance of Common Shares in payment for services rendered is subject to the approval of the TSX Venture Exchange. Common Shares issued in connection with this payment will be subject to a four month hold period.
About the Company
Firesteel is an exploration-stage junior mining company engaged in the acquisition and exploration of prospective precious and base metal properties in Canada and stable jurisdictions around the world.
Firesteel currently has two highly prospective properties in British Colombia.
The ROK Coyote property is currently under option to OZ Exploration, a wholly owned subsidiary of OZ Minerals (ASX:OZE). OZ Exploration has the right to acquire up to 80% of the property in return for spending $13,000,000 in exploration expenditures and payment of $1,500,000 in cash to Firesteel.
Highlights of the ROK Coyote property include:
- 6,900 Ha of highly prospective large tonnage targets with known Cu-Au results
- Historical drilling highlights - 38.37 m @ 1.32% Cu, 1.54 g/t Au
- Adjacent to Red Chris Mine development with P&P Reserves of 302 Mt at 0.365 Cu and 0.27 g/t Au (a 28 year mine life at 30,000 tpd) Imperial Metals
The Sheslay property is currently under option to Prosper Gold. (TSX-V: PGX). Under the terms of this agreement, Prosper has the right to acquire up to 80% of the property in return for spending $5,000,000 on exploration and payment of $1,000,000 in cash and 1,000,000 Prosper Gold shares to Firesteel.
Highlights of the Sheslay property include:
- 6,700 Ha property hosts five significant Cu-Au targets within close proximity with large tonnage, high grade potential.
- Historical drilling highlight - grading 242.3 m @ 0.44% Cu & 0.32 g/t Au.
- Largest of the targets is 1,800 m by 750 m.
The Company's management and board of directors have extensive experience in exploration, operations, business and corporate finance.
The Company's objective is to enhance shareholder value as a prospect generator by identifying and securing early-stage exploration opportunities and developing them to more advanced stages with the help of joint venture partners.
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Neither the 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
Advisory Regarding Forward Looking Statements
This news release contains forward-looking statements. Users of forward-looking statements are cautioned that actual results may vary from forward-looking statements contained herein. Forward-looking statements include, but are not limited to: expectations, opinions, forecasts, projections and other similar statements concerning anticipated future events, conditions or results that are not historical facts. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". While the Company has based these forward-looking statements on its expectations about future events as at the date those statements were prepared, the statements are not a guarantee of the Company's future performance. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurance that such expectations will prove to be correct.
The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement and are made as of the date of this new release. Unless otherwise required by applicable securities laws, the Company does not intend nor does it undertake any obligation to update or review any forward-looking statements to reflect subsequent information, events, results or circumstances or otherwise.
SOURCE Firesteel Resources Inc.
For further information:
Firesteel Resources Inc.
Michael Hepworth
President and Chief Executive Officer
(647) 725-3793
mhepworth@firesteelresources.com