/NOT FOR DISSEMINATION IN THE U.S. OR THROUGH U.S.
NEWSWIRES/
- Michael Hepworth assumes role
of President and CEO of Firesteel Resources
- Firesteel updates website to highlight:
-
- Details of its current strategy
- Details of ROK Coyote, property, option and joint venture
agreement with OZ Minerals
- Details of Copper Creek property, option and joint venture
agreement with Prosper
Gold.
Trading Symbol: FTR-TSX: V
VANCOUVER,
May 28, 2013 /CNW/ - Firesteel
Resources Ltd. ("Firesteel" or the "Company")
(TSX-V: FTR) today announced that Michael
Hepworth would assume the role of President and CEO instead
of Interim President and CEO. At the same time the company
announced updates to the corporate website.
www.firesteelresources.com
The changes to the website include a summary of
all of Firesteel's properties, details of each property and details
of the option and joint venture agreements on each.
Michael Hepworth
commented; "Firesteel's primary financial strategy is to preserve
and build our treasury while mitigating the risk of exploration
with option and joint venture agreements."
"Given the extremely challenging conditions for raising finance
since the end of 2011, Firesteel has been focused on developing
solid partnerships with companies with a track record of creating
successful projects. Properties are optioned to capable
partners who finance exploration in return for part ownership of
the properties."
"Two of our projects, ROK Coyote and Copper Creek, are currently
being advanced via the above model. These option agreements
will contribute approximately $20,000,000 in non-dilutive exploration
expenditures over the next 4 years to advance exploration on our
ROK Coyote and our Copper Creek properties."
"In addition the option agreements will contribute approximately
$2,900,000 to our treasury in cash
and shares. At current share prices, a raise of this nature would
have required the issuance of approximately 200,000,000 new shares
in a company with only 57,035,889 shares on a fully diluted basis.
"
"The announcement of the two option and joint venture agreements
with OZ Minerals and Prosper Gold
have created a lot of interest and some unanswered questions. The
changes to the website seek to clarify these issues."
"The way our agreements are structured, we not only have
talented and experienced partners sharing in our exploration
expense, we have the built in upside from the joint venture on the
back end."
Further details of these agreements can be found under the
sections covering the individual properties.
ON BEHALF OF THE BOARD OF DIRECTORS OF
FIRESTEEL RESOURCES INC.
"Michael
Hepworth"
_______________
Michael Hepworth,
Interim President and CEO
The TSX Venture Exchange does not accept
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.
Firesteel's potential deposits and mineralization and promising
potential on its ROK Coyote property and its launch of the
Transaction as disclosed in this news release (together, the
"Significant Matters") and all outcomes are subject to
risks, uncertainties, assumptions and other factors which could
cause actual results, performance or achievements to differ
materially from future results, performance or achievements
expressed or implied by such forward-looking statements.
Although the Company believes that the expectations reflected for
the Significant Matters 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 for the Significant Matters to
reflect subsequent information, events, results or circumstances or
otherwise.
SOURCE Firesteel Resources Inc.