/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.
