(TheNewswire)
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Vancouver, BC / TheNewswire / March
13 th , 2017 FIRESTEEL RESOURCES INC. (TSX-V:
FTR) (" Firesteel
" or the "Company") announced today that the company
has accepted a binding purchase agreement (“the Agreement”) from Colorado Resources
(TSX-V: CXO, “Colorado”) for the purchase of 100% of the ROK Coyote mineral
claims.
The ROK Coyote property consists of 18 mineral claims located near the town of Iskut in the Liard Mining Division of northwestern British Columbia
. The claims share a common boundary with Colorado’s North ROK property.
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Under the agreement, Firesteel will sell all of its interest in ROK Coyote for
1,500,000 Colorado shares plus 1,500,000 warrants priced at $0.45 valid for 2 years.
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- ROK Coyote represents less than 25 % of Firesteel’s overall book value; thus an exempt
transaction not requiring TSX-V approval.
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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 100% owned by Firesteel.
The property shares a boundary with Imperial Metals, Red Chris Mine on the South East and a boundary with
Colorado Resources on the North West. The property is in good standing until 2025.
Highlights of the ROK Coyote property include:
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-6,829 Ha of highly prospective that has the potential to host large tonnage Cu-Au targets
with known Cu-Au results.
-Adjacent to Imperial Metals Red Chris Mine development and Colorado
Resources North ROK property.
The Star property is
currently operated under a Joint Venture agreement between Firesteel (49%) and Prosper Gold. (TSX-V: PGX) (51%).
Previous highlights of the Star property include:
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-6,700 Ha property hosts five significant Cu-Au targets within close proximity with large
tonnage, high grade potential.
-Star Target – In 2014 a total of 6221.5 meters were drilled in 19
holes. To date the deposit which measures 550 meters north-south and 350 meters east-west and remains
open. Recent drill results include 107m of 0.77% Cu & 0.41 g/t Au including 64m of 1.12% Cu & 0.59 g/t Au
(previously reported September 23, 2014) .
Qualified Person
The scientific and technical information in this news release has been approved by Paul Sarjeant, P.Geo., a
Qualified Person under National Instrument 43-101 and a director of the company.
For a detailed overview of Firesteel Resources Inc. please visit:
www.FiresteelResources.com
For further information, please contact:
Michael Hepworth
President and Chief Executive Officer
(416)419 5192
mhepworth@firesteelresources.com
www.firesteelresources.com
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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.
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