Trading Symbol: TSX-V: FTR
VANCOUVER, April 22, 2014 /CNW/ - FIRESTEEL
RESOURCES INC. (TSX-V: FTR) ("Firesteel" or the
"Company") today announced it will conduct a non-brokered
private placement (the "Financing") of up to 3,571,429 units
(the "Units") of the Company at a price of $0.07 per Unit for gross proceeds of $250,000. Each Unit consists of one common
share (the "Common Share") and one warrant (the
"Warrant"). Each Warrant will entitled the holder to
acquire a Common Share at an exercise price of $0.10 exercisable before November 28th 2014.
Proceeds from the Financing will be used primarily for operating
capital.
Firesteel may pay finder's fees on the Financing in accordance
with TSX Venture Exchange (the "Exchange") guidelines.
All securities issued under the Financing will be subject to a
four month hold period from the date of issuance.
The proposed Financing is subject to approval from the
Exchange.
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 Star Property (formerly the Copper Creek 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 Star Property include:
- 6,700 Ha property hosts five significant Cu-Au targets within
close proximity with large tonnage, high grade potential.
- Star Target – 2013 drilling - 6 holes totaling 2339.74 m,
showing mineralization:
- SO24 - 312.16 m intersection showing 0.37% Cu, 0.24 g/t
Au and 0.69 g/t Ag
- SO25 - 269 m intersection showing 0.42% Cu, 0.198 g/t Au and
0.61 g/t Ag
- SO26 - 263 m intersection showing 0.35% Cu, 0.15 g/t Au and
0.63 g/t Ag
- SO27: - 260 m intersection showing 0.39 % Cu, 0.12 g/t Au, 0.93
g/t Ag
- SO28: - 60 m intersection showing 0.63 % Cu, 0.3 g/t Au,0.91
g/t Ag
- SO29: - 59 m intersection showing 0.53 % Cu, 0.31 g/t Au, 0.94
g/t Ag
- Final hole, shows mineralization from surface to 598
m
- Largest of the targets is 1,800 m by 750 m.
The technical information in this news release has been reviewed
by Paul Sarjeant, P.Geo., a
Qualified Person under National Instrument 43-101.
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.
For up to the minute news, industry analysis and feedback follow
us on Facebook, LinkedIn and Twitter.
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.