| ||Tue Dec 1, 2015|
Firestone Ventures - Guatemalan Court Repeals Increased Royalty Legislation
| ||Toronto, Ontario - December 1, 2015 - Firestone Ventures Inc. ("Firestone") announces that on September 17, 2015, the Guatemala Constitutionality Court ("the Court") struck down Decree 22-2014 (Law of Implementation of Fiscal Measures and Approval of the General Budget for 2015) passed by the Guatemalan Congress on 28 November 2014. The Court decided that the legislation covering budget process and approval does not permit taxes to be amended directly as they were in Decree 22-2014. Decree 22-2014 included, among other measures, amendments to the Mining Law of Guatemala that increased official mining royalty rates to 10% on almost all metals production, including zinc, from previous levels of 1-3%. The decision of the Court has effect as of the date of its publication in Numero 35, Diario de Centro América, 13 de noviembre.|
"We believe that such an increase would have had a serious impact to existing and any new foreign investment in Guatemala resource projects and are therefore heartened that the royalty regime has been returned to a reasonable level", said Dr. Keith Barron, Chairman of Firestone.
For further information please contact:
Dr. Keith Barron
Tel: 416 367-3200
F. Carson Noel
President and CEO
Tel: 416 367-3200
Neither 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. This News Release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments, including legislative changes in royalties instituted by the Republic of Guatemala and applicable municipalities; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
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