(TheNewswire)
Vancouver, BC / TheNewswire / April 9, 2018 - FIRESTEEL
RESOURCES INC. (TSX-V: FTR) ("Firesteel") today announced that it has appointed Joe Ranford as
Chief Operating Officer for Firesteel. Mr. Ranford will also assume the position of General Manager of the Laiva Mine. Mr Ranford
will be resident in Finland.
Joe Ranford has a Bachelor of Engineering from the University of South Australia and an MBA
from the University of Adelaide. He has a wealth of experience mining various commodities; including gold, copper, platinum, lead,
zinc and iron ore. His diverse management experience includes operations, business and project development and stakeholder
engagement. While working on three continents, Joe has held various leadership roles with companies such as Crocodile Gold Corp.,
Mount Gibson Iron Limited, Goldcorp Inc., Brandrill Limited and Normandy Mining Limited.
Prior to joining Firesteel Resources, Joe was General Manager and Chief Technical Officer
of Terramin Australia Limited. He managed the Angas Zinc mine, led a team that reopened the high value Bird-in-Hand Gold mine in
South Australia and guided a company through the approvals process for the Tala Hamza Zinc project in Algeria in northern
Africa.
Joe is a Non-Executive Director of Resources and Engineering Skills Alliance (RESA) and a
founding board member of RESA Australia. Joe has sat on the advisory council of the South Australian Chamber of Mines and Energy
and currently sits on its Mining & Extractives and Legislation & Regulation Committees.
The Laiva Mine is expected to start production in the third quarter of 2018. Joe’s more
than 25 years of extensive international mining engineering, consulting and operating experience will ensure that the mine returns
to production as quickly as possible. He will also ensure that the approach to mining the deposit and processing the ore is driven
by sound engineering and mining science.
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 is currently working to evolve from an exploration
company to becoming a junior producer.
On April 7, 2017, Firesteel first announced the signing of heads of agreement with Nordic Mines AB to form a
joint venture to operate and eventually acquire 100% of Nordic Mines Marknad, a wholly owned subsidiary of Nordic Mines AB. Nordic
Mines Marknad owns 100% of Nordic Mines OY, the operator of the fully permitted and past producing Laiva
Mine near Raahe in Finland.
Firesteel recently completed an updated Resource Estimate prepared in accordance with NI 43-101 guidelines and
CIM standards (Firesteel Press release dated August 21, 2017). The results of that study include:
Laiva Open Pit Constrained Mineral Resource Estimate
Classification
|
Au g/t
|
Tonnes
|
Contained Au (troy ozs)
|
Measured
|
1.132
|
355,000
|
13,000
|
Indicated
|
1.248
|
3,442,000
|
138,000
|
Measured + Indicated
|
1.237
|
3,797,000
|
151,000
|
Inferred
|
1.531
|
9,030,000
|
445,000
|
The mineral resources presented here were estimated using a block model with a block size of 9 m by
9 m by 9 m sub-blocked to a minimum of 3 m by 3 m by 3 m using ID 3 methods for
grade estimation. All mineral resources are reported using a pit constrained gold cut-off of 0.40 g/t Au.
Mineral resources which are not mineral reserves do not have demonstrated economic viability.
The estimate of mineral resources may be materially affected by environmental permitting, legal, title, socio-political,
marketing, metals prices or other relevant issues.
Disclosure: Companies typically rely on comprehensive feasibility reports on mineral
reserve estimates to reduce the risks and uncertainties associated with a production decision. The Company has not completed
a feasibility study on, nor has the Company completed a mineral reserve estimate at the Laiva Mine
and as such the financial and technical viability is deemed to have higher risk than if this work had been completed.
Based on historical engineering and geological reports, historical production data and current engineering work completed or
in process by Firesteel, the Company intends to move forward with the development of this asset.
The Company further cautions that it is not basing any production decision on a feasibility study of mineral
reserves demonstrating economic and technical viability, and therefore there is a much greater risk of failure associated with its
production decision. In addition, readers are cautioned that inferred mineral resources are considered too speculative
geologically to have economic considerations applied to them that would enable them to be categorized as mineral
reserves.
Firesteel currently has one highly prospective property in British Colombia.
The Star
property is currently operated under a Joint Venture agreement between Firesteel (49%) and Prosper Gold. (TSX-V:
PGX) (51%).
About Pandion Mine Finance, LP
Pandion is an affiliate of PFL Raahe Holdings LP and is a mining-focused investment firm backed by MKS PAMP
Group and Ospraie Management, LLC that provides flexible financing solutions to developing mining companies.
Qualified Person
The scientific and technical information in this news release has been reviewed and 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
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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