| ||Thu Oct 13, 2005|
Firestone Ventures Expands Alberta Sun Uranium Project Area
| ||October 13/2005 - Firestone Ventures Inc. (FV: TSX-V) is pleased to announce its expansion of the Alberta Sun uranium project by more than 14,000 acres following completion of the first phase of prospecting, mapping and data evaluation. |
Two well-respected consultants, Dr. Douglas Underhill and Mr. Jim Letourneau, P. Geol. participated in the first phase of fieldwork, which involved an initial economic and exploration assessment of southwestern Alberta for sandstone-hosted uranium. Dr. Underhill has nearly 30 years of international experience with uranium project development and analysis, including service as a uranium specialist with the International Atomic Energy Agency in Vienna. Mr. Letourneau's expertise includes geochemistry and hydrogeology.
Firestone Ventures now has a 100% interest in more than 110,000 acres of land prospective for sandstone-hosted or "roll-front" uranium deposits in southwestern Alberta. Sandstone-hosted uranium deposits account for about 13% of global uranium production. These are potentially amenable to low-cost and low-impact injection-solution (ISL) uranium mining methods. Examples of successful ISL uranium mines include Cameco's Crow Butte mine in Nebraska and the Smith Ranch-Highland mine in Wyoming.
The sandstone-hosted uranium potential of southern Alberta was first suggested in Alberta Geological Survey Open File Report 1994-8, and later confirmed by results from Firestone Ventures initial field program (see previous news releases on www.firestoneventures.com).
"The price of uranium has increased further to $US 33.00/lb," says Lori Walton, President of Firestone Ventures. "We are closely monitoring the current trends, including the large uranium supply deficit, the decline of secondary sources of uranium, increase in nuclear power plant construction, and increased oil and gas prices."
The four new Alberta Metallic and Industrial Minerals Permits strategically expand the Company's Alberta Sun uranium exploration project area by approximately 14,180 acres (5,738 hectares), subject to permit approval by the Alberta Government.
An Alberta Sun uranium property map and a FAQ sheet on uranium are available at www.firestoneventures.com. Carl Schulze, PGeo, the Qualified Person for the project, has reviewed and approved the information in this news release.
Firestone Ventures Inc. has a portfolio of high quality uranium, zinc, copper and gold properties. For further information, please contact:
Lori Walton, P. Geol., President
Toll Free: 1-888-221-5588
Fax: (780) 428-3476
Trading Symbol: FV: TSX-V
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release
You can view the Next News Releases item: Fri Nov 4, 2005, Firestone Ventures Commences Exploration on Sonora Gold Project, Yukon
You can view the Previous News Releases item: Thu Oct 6, 2005, Firestone Ventures Retains Watts, Griffis and McOuat Limited
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