Firestone Ventures Inc.
TSX VENTURE : FV
FRANKFURT : F5V

Firestone Ventures Inc.

June 24, 2010 12:30 ET

Firestone Ventures Intersects 10 Metres Grading 20.0% Zinc, 1.2% Lead and 13.9 g/t Silver at Quetzal Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 24, 2010) - Firestone Ventures Inc. (TSX VENTURE:FV)(FRANKFURT:F5V) ("Firestone" or the "Company") announces results from 19 drill holes at the Company's Quetzal zinc-lead-silver project and results from four drill holes at the Company's Torlon Hill zinc-lead-silver deposit.

Quetzal Project - Guatemala

The road-accessible Quetzal project is located 100 km northeast of Guatemala City. Drill sites were selected based on results from earlier soil sampling, trenching, and mapping and sampling of historic underground workings and tunnels. A total of 1,297.01 metres in 19 holes were drilled to depths ranging from 36.0 metres to 110.3 metres.

Highlights include:

  Interval (m) Zinc (%) Lead (%) Silver (g/t)
Drill Hole QS10-01 1.5 21.66 0.51 3.2
  1.2 21.50 0.71 2.1
Drill Hole QS10-02 0.9 35.88 0.40 0.8
Drill Hole QS10-15 4.0 10.77 0.39 1.4
  4.0 17.29 0.86 1.0
Drill Hole QS10-16 10.0 20.00 1.20 13.9
Including 0.5 45.96 2.88 9.3
Including 1.6 38.35 5.82 51.9
Including 1.3 37.88 0.36 27.3
Drill Hole QS10-17 7.0 9.40 4.30 29.3
Including 1.9 25.10 15.08 95.3
  8.0 9.50 0.40 13.9
Including 2.0 34.10 1.12 48.6

A complete Table of Significant Drill Intersections, Drill Hole Specifications and a Drill Hole Location Map are available at www.firestoneventures.com.

Sixteen of the holes were drilled at angles between -50 to -70 degrees. Three of the holes were vertical. Core recovery was generally in the range of 70 to 100% with lower recoveries tending to occur in highly oxidized ferruginous rocks. Hole QS10-4 was terminated before reaching its target depth.

The best two holes, QS10-16 and QS10-17 were drilled to the east at -60 degrees and -70 degrees respectively, from the same platform to intersect high-grade mineralization exposed in underground workings. The zone has a true width of 8 to 10 meters with an average grade of 15% zinc in the area when averaged between holes 16 and 17 to a depth of about 40 metres. Hole QS10-17 also intersected a 7.0 metre blind mineralized zone with an average grade of 9.4% zinc, 4.3% lead, and 29.3 ppm silver.

Holes QS10-1, 2, and 3 were all drilled from the same platform at inclinations of -50, -70 and -90 respectively. The holes were designed to test and confirm the mineralization mapped in Trench 5 and Tunnels 12 and 13. The grades varied from 9.2% to 36% zinc over discontinuous zones of true thicknesses of 1 or 2 metres.

Mineralization at the Quetzal property consists of massive smithsonite (ZnCO3) with remnant galena (PbS), iron oxides and clay. Geometry of the mineralized zones is variable with both vein-type shapes adjacent to mapped faults and blind squashed-cylinder-shaped mantos. Mineralization seen to date at the Quetzal property may represent zinc that has been remobilized by acid solutions and precipitated higher in the stratigraphic section as a result of the buffering affects of the host limestone.

The Quetzal property is underlain by Permian limestone and dolostone (Chochal Formation) and is located in a historic zinc-lead-silver carbonate belt extending for 200 km across central Guatemala. The zinc belt is virtually unexplored using modern exploration methods despite the historic mining of surface deposits of oxide and sulphide zinc. The regional setting has considerable potential for conventional Mississippi Valley-Type (MVT) zinc-lead-silver sulphide mineralization. MVT deposits typically occur in clusters or districts with multiple deposits over hundreds of square kilometer having similar geological settings. Firestone Ventures owns 100% interest in the Quetzal property subject to a 2% NSR.

Firestone field crews are conducting on-going regional exploration targeted on known base metal occurrences and old mines. Several other zinc occurrences in the Quetzal area are under investigation for further work.

Torlon Hill – Guatemala

The Company's drill program at the Torlon Hill zinc-lead-silver deposit in western Guatemala was terminated early due to intense rainy weather conditions. Four vertical holes totalling 196.55 metres (of a planned 1,000 metre drill program) were drilled to depths of 21.33 metres to 86.86 metres. The program was designed to test soil geochemical anomalies east of Torlon Hill and to conduct expansion drilling of the main Torlon Hill orebody.

Holes TH10-102 and 103 were drilled in zinc and lead soil anomalies on an outlier of Permian dolomite rock east of Torlon Hill; the same Permian formation that hosts the Torlon Hill zinc-lead-silver deposit. Drill samples are anomalous in nickel and chromium reflecting the fact that the dolomites represent an allochthonous block underlain by serpentinite.

Holes TH10-104 and TH10-105 were designed to close off the Torlon Hill deposit at the north end. Drill Hole TH10-105 contained a zone of anomalous zinc up to 0.83% and lead up to 0.16%. The Company plans to move forward with continued drilling at Torlon Hill after the rainy season. Drill hole specifications and an updated drill hole location map are at www.firestoneventures.com.

Laboratory Analyses and Quality Control

Drill core from the Quetzal Project and Torlon Project was logged and cut, and samples placed in secure, sealed fabrene bags and transported by Firestone staff to the BSI Inspectorate facility in Guatemala City for preparation. Blanks and standards were inserted for quality control purposes. Sample splits from the Quetzal project were then sent by courier to the International Plasma Labs Ltd. facility in Vancouver, British Columbia, Canada for analysis using 30 element ICP and 30g FA/AAS. The rejects were retained in Guatemala City. Over-limit zinc and lead analyses were further analyzed by atomic absorption methods. The upper limit for zinc is 20%, and samples above this threshold were re-analyzed using titration. This multi-stage analytical procedure ensures that an appropriate lab method is used to produce reliable data at each lead or zinc concentration level. The lab also performs repeat analysis on lab duplicates to protect against gross analytical error. Torlon Hill drill core sample splits were shipped by courier directly to ALS Chemex, North Vancouver, British Columbia, Canada for analysis. Samples were subjected to a 4-acid digestion and are analyzed for 27 elements by ICP-AES.

This news release has been reviewed and approved by John Cleary, (CPG), Firestone's Vice President of Exploration and Qualified Person in accordance with National Instrument 43-101 and by Al Workman, P.Geo., Vice President of Watts, Griffis and McOuat Limited and an Independent Qualified Person as defined by NI 43-101.

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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