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Firestone Ventures

Publié le 03 mars 2008

Plans Spin-out of Canadian Properties and Signs Memorandum of Understanding with Sherwood

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Mots clés associés :   Canada | Copper | Guatemala | Uranium | Zinc |
Contact Financial
Contact Financial
Phone: (604)689-7422
Fax: (604)689-7442
Email: info@contactfinancial.com
Web: www.contactfinancial.com

Firestone Ventures Inc.

Firestone Plans Spin-out of Canadian Properties and Signs Memorandum of Understanding with Sherwood Copper Corp.
FV: TSX-V March 03, 2008

EDMONTON, ALBERTA, Mar 3, 2008 --  Firestone Ventures Inc. (TSX VENTURE:FV)(FRANKFURT:F5V) is pleased to announce it plans to spin-out its Canadian assets, including the Sonora Gulch gold project, into a new public company called Northern Tiger Resources Inc. This will allow Firestone to focus its resources and efforts on advancing the Torlon Hill project and its other interests in the emerging Cuchumatanes zinc-lead-silver district in Guatemala, while giving shareholders exposure to a new company focused primarily on exploration in the active Dawson Range in the central Yukon. Details regarding the nature and timing of this transaction are currently being finalized by Firestone's management, and will be subject to Northern Tiger completing a successful private placement and obtaining required TSX-V, court, shareholder and regulatory approvals.

 
In addition, Firestone signed a Memorandum of Understanding (MOU) with Sherwood Copper Corp. (TSX VENTURE:SWC) and their wholly owned subsidiary Minto Explorations Ltd. (collectively Sherwood) to cooperate in exploring Yukon's Dawson Range area.

 
Under the terms of the MOU, Sherwood will vend to Northern Tiger a 100% interest in four Dawson Range exploration properties and an extensive historical exploration database for the region. In addition, Northern Tiger and Sherwood will enter into a Regional Exploration Alliance Agreement (REAA). The REAA will provide for input and cooperation on planning and executing exploration programs and long-term strategies for the area, sharing of proprietary technical expertise to assist in exploration and project advancement, and access to Sherwood's infrastructure to facilitate area exploration.

 
Sherwood will retain back-in rights to acquire a 65% interest in any of Northern Tiger's projects located within a 50 km radius that are found to have mineralization amenable to processing in Sherwood's existing Minto Mine facilities. The back-in rights are triggered within 30 days of Northern Tiger presenting Sherwood with an independent preliminary economic assessment prepared in accordance with National Instrument 43-101 on a particular property. Sherwood will pay to Northern Tiger two times the expenditures spent on the applicable property to the date of acquisition and become sole operator. The back-in rights may also be triggered within 30 days of Northern Tiger presenting Sherwood with a National Instrument 43-101 compliant positive pre-feasibility study. Sherwood will pay to Northern Tiger three times the expenditures spent on the applicable property to the date of acquisition and will become sole operator.

 
As consideration for the exploration properties, historical database and support through the REAA, Northern Tiger shall issue to Sherwood that number of shares equivalent to twenty-five (25%) of the issued and outstanding shares of Northern Tiger as of the date immediately prior to a private placement planned to provide operating and exploration funding for the new company.

 
Closure of the transaction is subject to a number of conditions, including execution and Board of Director approval of formal agreements and obtaining required regulatory and shareholder approvals.

 
"The Spin-out will allow Firestone to concentrate on our advanced Torlon Hill zinc-lead-silver project in Guatemala while reducing future stock dilution," says Lori Walton, President of Firestone Ventures Inc. "We are confident that Firestone shareholders will benefit from the experience, knowledge and capabilities of the Northern Tiger-Sherwood Copper exploration alliance in advancing the Sonora Gulch project and identifying other quality projects in the Dawson Range mining district."

 
"By this transaction, Sherwood Copper would gain exposure to exploration targets outside of its Minto Mine property, having both (1) a back in right to any deposits discovered close to its existing mine infrastructure that could be processed at the existing infrastructure and (2) equity exposure to any other discoveries made through this alliance," said Stephen Quin, President & CEO of Sherwood Copper. "I believe this is a win-win transaction for our respective shareholders that accelerates the exploration activity in the area of the Minto Mine and in the Yukon, beyond what Sherwood would do on its own."

 
Firestone Ventures Inc. is a well-financed Canadian-based resource exploration and development company with zinc, gold and uranium projects in Western Canada and Central America. The common shares of the Company are currently listed on the TSX Venture Exchange (symbol FV) and the Frankfurt Stock Exchange (symbol F5V).

 
Firestone Ventures Inc.
Lori Walton, P. Geol.
President
Toll Free: 1-888-221-5588
(780) 428-3476 (FAX)
Email: info@firestoneventures.com
Website: www.firestoneventures.com

 
Contact Financial Inc.
Investor Relations
(604) 689-7422
Email: FV@agoracom.com
Website: www.agoracom.com/IR/Firestone




The TSX Venture Exchange does not accept responsibility for the  adequacy or accuracy of this release.



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Firestone Ventures

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CODE : FV.V
ISIN : CA3183182011
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Firestone Ventures est une société d’exploration minière d'argent et de plomb basée au Canada.

Firestone Ventures détient divers projets d'exploration au Guatemala.

Ses principaux projets en exploration sont ANTELOPE PROJECT en USA et QUETZAL et TORLON HILL au Guatemala.

Firestone Ventures est cotée au Canada et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 6,1 millions CA$ (4,9 millions US$, 4,1 millions €).

La valeur de son action a atteint son plus haut niveau récent le 28 février 1997 à 9,90 CA$, et son plus bas niveau récent le 01 janvier 2016 à 0,01 CA$.

Firestone Ventures possède 36 823 991 actions en circulation.

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Rapports annuels de Firestone Ventures
2008 Annual report
Annual Report 2007
Financements de Firestone Ventures
05/11/2012Announces Closing of Private Placement
13/09/2012Announces Non-Brokered Private Placement
16/02/2012Closes Private Placement and Extends Expiry Date of Outstand...
18/04/2011Finavera Wind Energy Closes Over-Allotment Option on Flow-Th...
28/06/2008and Northern Tiger Resources Inc. - Completion of Plan of Ar...
10/04/2006Announces private placement
Nominations de Firestone Ventures
18/06/2012Appoints New Directors and Chairman and Announces AGM Result...
03/04/2012Appoints Dr. K. Barron and Mr. T. Tucker to Advisory Board
20/12/2011Announces Executive Vice President Appointment
22/05/2006announces CFO appointment
Rapports Financiers de Firestone Ventures
27/06/2011Finavera Wind Energy Provides Corporate Update and Releases ...
Projets de Firestone Ventures
24/04/2013Files Positive Preliminary Economic Assessment Technical Rep...
22/03/2012Announces Additional Results from La Luna Zn-Pb-Ag Property ...
16/01/2012to exhibit at Vancouver Resource Investment Conference: Jan....
13/09/2011Announces New "La Luna" Zinc-Lead-Silver Project in Guatemal...
28/07/2011Commences Drilling at Black Mountain Zinc-Lead-Silver Projec...
02/06/2011(Torlon Hill)on AmmLeach=AE Study for Firestone's Torlon Hill Zinc-Lead-S...
04/03/2011(Torlon Hill)Positive Test Results from First Round of Metallurgical Test...
21/07/2010(Antelope Project)Expands Antelope Zinc-Lead-Silver Property and Starts Fieldw...
18/05/2010Reports High-Grade Zinc-Lead-Silver Assays from Quetzal Proj...
09/09/2009(Torlon Hill)Announces Exploration Plans for Zinc Properties in Guatemala
16/07/2009(Torlon Hill)Defines new Zinc-Lead-Silver Soil Anomaly at Torlon Hill
13/01/2009(Torlon Hill)43-101 Technical Report on Torlon Hill Zinc-Lead Project
10/12/2008(Torlon Hill)Completes Additional Positive Metallurgical Testwork on the ...
18/11/2008(Torlon Hill)Announces Torlon Hill Zinc-Lead Resource Estimate
17/09/2008(Torlon Hill)Completes Positive First Round of Metallurgical Testwork on ...
25/07/2008(Torlon Hill) drills four m of 16.15% Zn at Torlon Hill
24/07/2008(Torlon Hill)Intersects 4.00 Metres of 16.15% Zinc and Expands Area of Hi...
02/06/2008(Torlon Hill)Intersects 6.63 Metres of 29.41% Zinc, 5.50% Lead at Torlon ...
28/05/2008(Torlon Hill)Project Update
15/04/2008(Torlon Hill)Intersects 19.81 Metres of 10.01% Zinc, 4.66% Lead at Torlon...
15/04/2008(Torlon Hill)Intersects 19.81 Metres of 10.01% Zinc, 4.66% Lead at Torlon...
19/03/2008Intersects 15.3 metres of 10.1% Zinc including 2.7 metres of...
03/03/2008(Sonora Gulch)Plans Spin-out of Canadian Properties and Signs Memorandum o...
28/02/2008(Alberta Sun) Reports New Uranium Targets at Alberta Sun Project
26/02/2008(Torlon Hill)Update on Firestone Ventures 2008 Drilling Program at Torlon...
01/02/2008Identifies New Drill Targets Adjacent to Torlon Hill
05/04/2006Intersects 33 metres grading 22% Zinc at Torlon Hill
Communiqués de Presse de Firestone Ventures
30/08/2013Melior Terminates Bridge Loan and Update on Proposed Transac...
05/07/2013Melior Resources and Firestone Ventures Announce Proposed Fr...
28/03/2013(Torlon Hill)Announces Consolidation of Torlon Hill Ownership through Ame...
28/01/2013Announces Private Placement Offering and Stock Option Grant
14/01/2013Announces Acquisition of Whale Cove Projects South of Northq...
17/10/2012Announces Mr. Ted Yates as Metal Advisor
24/09/2012Announces Business Alliance with Minero Mining to Advance To...
08/08/2012Guatemala Country Update
24/07/2012Provides Final Field Season Exploration Results
15/05/2012Provides Update on Zinc-Lead-Silver Reconnaissance Program
17/04/2012Announces Management Changes
25/02/2012to exhibit at Investors Exchange --PDAC Prospectors and Deve...
23/01/2012Announces Country Manager for Guatemala Operations
08/06/2011Spring 2011 Exploration Update
17/05/2011Finavera Wind Energy Signs Interconnection Agreements with B...
13/04/2011Positive Preliminary AmmLeach Amenability Testwork on Sample...
04/04/2011Finavera Wind Energy's Wildmare and Tumbler Ridge Wind Energ...
24/03/2011Announces Nevada Drill Plans and Provides Corporate Update
11/03/2011Finavera Wind Energy Inc. Prices Previously Announced Flow-T...
01/02/2010Results from Quetzal Zinc-Lead-Silver Project
12/01/2010Acquires Antelope Zinc-Lead-Silver Oxide Property, Nevada
13/04/2010Identifies Zinc-Lead-Silver Soil Anomalies
05/02/2009Reviews 2008 and Begins 2009 Field Season
08/12/2008Update for 2008/2009 Field Season
17/10/2008President's Letter To The Shareholders
10/09/2008Current Market Conditions
22/07/2008' Spin-out, Northern Tiger Resources, begins exploration in ...
23/06/2008Shareholders Approve Plan of Arrangement
14/06/2008Trading Halt Requested Pending Shareholder Meeting to Consid...
27/05/2008Corporate Update
21/01/2008Commences Drilling at Torlon Hill Zinc-Lead Project
05/12/2007Acquires 100% Interest in the Sonora Gold Project, Yukon
20/03/2006zinc rises to record levels: Bloomberg
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