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Friday, January 08, 2010

Firestone Ventures (FV:TSX-V; F5V:FSE) Completes Phase One Exploration Program for Zinc-Lead in Guatemala

Firestone Ventures (FV:TSX-V; F5V:FSE) Completes Phase One Exploration Program for Zinc-Lead in Guatemala


Jan. 8, 2010 - Firestone Ventures Inc. (“Firestone” or the “Company”) (FV:TSX-V; F5V:FSE) is pleased to announce that the first phase of its 2009/2010 zinc-lead-silver regional mineral exploration program is now complete. Field crews collected a total of 149 rock samples, 26 stream sediment samples and 1,033 soil samples from the Company’s land holdings in western and central Guatemala. Results are expected in January, 2010 and targets for follow-up exploration and potential drilling will be prioritized. Field crews will remobilize in mid-January to continue with regional exploration mapping and sampling programs concurrent with targeted drilling.

In addition, consultants Watts, Griffis and McOuat Limited completed processing of Aster satellite data to map colour anomalies on the ground that compared favorably with areas of known zinc mineralization, such as the Torlon Hill zinc-lead-silver deposit. The spectral analysis resulted in the detection of anomalies along the carbonate belt, some of which have been selected for follow-up sampling on the ground.

“Field crews concentrated on the geological mapping and sampling of selected historic zinc occurrences,” says Lori Walton, President of Firestone Ventures Inc. “We are very excited about identifying new drill targets in Guatemala in addition to in-fill and expansion drilling at our Torlon Hill zinc-lead-silver deposit. The increase in the prices of zinc and lead since the economic collapse in late 2008 has been remarkable and Firestone is ideally positioned to benefit from strengthened demand for these metals.”

The price of zinc has increased from USD $0.55/lb (USD $1213/tonne) in early 2009 to the current price of over USD $1.15/lb (USD $2535/tonne). Global consumption of zinc has increased with economic recovery and massive construction and infrastructure programs introduced through economic stimulus programs in several countries.

Zinc's most important industrial use is to protect steel from corrosion (through alloying or galvanizing) to make it last longer. The average automobile contains over 40 pounds of zinc. Zinc is also used to make sheet metal roofing material, pails, garbage cans, door handles and batteries and is used in oxide form as a filler in rubber and as an additive in sunscreen. Zinc is an essential element in the human body and is vital for healthy growth in children.

Zinc Potential in Guatemala
A belt of Permian to Cretaceous carbonate rocks extending over 200 km across western and central Guatemala hosts numerous zinc occurrences and historic small-scale zinc oxide and sulphide mines. The district is virtually unexplored using modern exploration methods and its exploration and economic potential is considered excellent. On a global scale, a comparison of style and geological setting shows striking similarities of the zinc-lead district in Guatemala to economically significant zinc districts in Yemen, Iran and China.

Independent consultants Watts, Griffis and McOuat Limited state that it is “very likely” that additional non-sulphide zinc will be found through on-going systematic exploration of Firestone’s large land package totalling over 500 square kilometres in key areas of the historic zinc districts. In addition, the regional setting has considerable potential for conventional Mississippi Valley-Type (MVT) zinc-lead sulphide mineralization. MVT deposits typically occur in clusters or districts with multiple deposits over hundreds of square kilometers having similar geological settings.


About the Torlon Hill Zinc-Lead-Silver Deposit
The 100% owned road-accessible Torlon Hill zinc-lead-silver deposit is 22 km from the Pan-American Highway in western Guatemala. Firestone was the first company to drill the property. Torlon Hill is an intensely oxidized zinc-lead (plus silver) deposit hosted in Permian dolostone breccia and limestone. The carbonate unit has been tectonically thrust over a serpentinized basement sequence at the boundary between the North American Tectonic Plate and the Caribbean Plate. The “tectonic crush zone” is pervasively mineralized with thick zones returning in excess of 10% zinc and locally up to 40%. Smithsonite (ZnCO3) is the predominant ore mineral, occurring as a replacement to dolostone and limestone. Throughout the deposit, silver-rich galena veinlets cross-cut the pervasive zinc-replacement mineralization.

To date, a total of 8,400 metres in 101 holes has been drilled at the Torlon Hill zinc-lead deposit. The combined measured and indicated zinc-lead-silver oxide mineral resource totals 1,891,636 tonnes grading 7.32% zinc, 2.41% lead and 14.25 g/t silver (at a 3% zinc-equivalent cutoff). An additional 169,705 tonnes is classified as inferred resources grading 4.42% zinc, 1.96% lead and 12.53 g/t silver.

The Torlon deposit also contains a basal zone of unoxidized sulphide mineralization. The basal zone includes a combined measured and indicated sulphide resource totalling 76,054 tonnes averaging 3.23% zinc, 2.6% lead and 12.50 g/t silver and a further 36,291 tonnes classified as inferred resources averaging 2.79% zinc, 2.03% lead and 10.47 g/t silver (see news release Nov. 18, 2008). The deposit is open to expansion and high-grade zinc mineralization defined by the mineral resource is on or near surface.

The Company is continuing collaborative work with local communities on social-economic initiatives, upgrading existing access roads and stream crossings along with the coordination of local supplies and services.

The news release has been reviewed and approved by John Cleary, (CPG), Qualified Person for the Torlon Hill project and by Al Workman, P.Geo., Vice President of Watts, Griffis and McOuat Limited and the Independent Qualified Person for the project in accordance with regulations under National Instrument 43-101.

Lori Walton, P. Geol., President Toll Free: 1-888-221-5588 Fax: (780) 428-3476
info@firestoneventures.com http://www.firestoneventures.com/ Trading Symbol: FV:TSX-V;F5V: FSE

For Investor Relations please call: Contact Financial Inc. at (604) 689-7422

This news release may contain forward looking statements, being statements which are not historical facts, including, without limitation, statements regarding potential mineralization, exploration results, resource or reserve estimates, anticipated production or results, sales, revenues, costs, "best-efforts" financings or discussions of future plans and objectives. There can be no assurance that such statements will prove accurate. Such statements are necessarily based upon a number of estimates and assumptions that are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. Important factors that could cause actual results to differ materially from the Company's expectations are in Company documents filed from time to time with the TSX Venture Exchange and provincial securities regulators, most of which are available at www.sedar.com. The Company disclaims any intention or obligation to revise or update such statements. 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.

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