Toronto, Ontario--(Newsfile Corp. - December 1, 2015) - Firestone Ventures Inc. (TSXV: FV) (FSE: F5V1) ("Firestone") announces that on September 17, 2015, the Guatemala Constitutionality Court ("the Court") struck down Decree 22-2014 (Law of Implementation of Fiscal Measures and Approval of the General Budget for 2015) passed by the Guatemalan Congress on 28 November 2014. The Court decided that the legislation covering budget process and approval does not permit taxes to be amended directly as they were in Decree 22-2014. Decree 22-2014 included, among other measures, amendments to the Mining Law of Guatemala that increased official mining royalty rates to 10% on almost all metals production, including zinc, from previous levels of 1-3%. The decision of the Court has effect as of the date of its publication in Numero 35, Diario de Centro América, 13 de noviembre.
"We believe that such an increase would have had a serious impact to existing and any new foreign investment in Guatemala resource projects and are therefore heartened that the royalty regime has been returned to a reasonable level", said Dr. Keith Barron, Chairman of Firestone.
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