Firestone Ventures Inc.
TSX VENTURE : FV
FRANKFURT : F5V

Firestone Ventures Inc.

November 16, 2007 18:12 ET

New Gold Target Identified by Firestone Ventures from Final Drill Results on Sonora Project, Yukon

EDMONTON, ALBERTA--(Marketwire - Nov. 16, 2007) - Firestone Ventures Inc. (TSX VENTURE:FV)(FRANKFURT:F5V) has received and compiled all results from the 2007 diamond drilling program on the Company's Sonora gold-silver-copper property, located 110 km northwest of Carmacks, Yukon Territory, Canada. This program consisted of 2,024.9 metres of diamond drilling in 12 holes testing three major target areas. The Sonora property is located within 25 kilometres of a seasonal access road and within 40 kilometers of Sherwood Copper's Minto copper-gold mine project, now in production.

"We have expanded on the Amadeus Zone gold discovery from 2006 and identified a key new gold target on the property," says Lori Walton, President of Firestone Ventures Inc. "The big surprise at Sonora this year was the discovery of a large low-grade gold envelope around the higher-grade zone. With the data from the 2006/2007 drill programs, we feel confident that enough data has been provided to develop a zoning model. The model will be key to finding the gold-rich areas in this large mineralizing system."

Of the remaining five holes drilled in 2007, four targeted the "Jupiter" gold-copper soil anomaly and one targeted the "Ultramafic Horizon" to the northwest. Results for all drill holes from the 2007 program are given in Table 1 at the end of this news release and in previous news releases. Drill hole location maps are at www.firestoneventures.com.

Jupiter Anomaly

Two short holes, DDH SG-07-18 and 19 were both halted at depths of 53.3 metres and 46.4 metres respectively due to poor rock conditions. Two further holes, DDH SG-07-20 and 21, collared roughly 100 metres to the east were also stopped due to poor rock conditions at 24.3 metres and 25.9 metres respectively. No significant gold and silver grades were returned, although anomalous molybdenum values were returned throughout and the holes were all terminated far short of their target depths. The Jupiter Anomaly remains untested.

Ultramafic Horizon Target

Hole SG-07-22, targeting the "Ultramafic Horizon", intersected the target and was terminated in altered volcanic "footwall" country rock at a depth of 145.0 metres. Anomalous gold and silver values were returned from surface to the upper contact of the horizon, including a value of 0.66 grams/tonne gold with 6.5 grams/tonne silver across 2.0 metres, and another of 0.939 grams/tonne gold with 2.7 grams/tonne silver across 1.5 metres.

Firestone geologists believe that drill testing the ultramafic horizon has defined a significant new gold exploration target on the Sonora property, due to the length of the horizon and its strong magnetic signature. Samples of ultramafic material analyzed for platinum and palladium returned low to background values.

All samples were analyzed by 50 gram fire assay and 34 element ICP Analysis by ALS Chemex Laboratories of North Vancouver, British Columbia, Canada. Firestone incorporated numerous standard samples having known gold content, as well as blanks, to test for accuracy of analytical results. Firestone also submitted numerous duplicate samples to test for uniformity of grade and for "coarse gold effect".

This News Release has been reviewed and approved by Carl Schulze, BSc, PGeo, Qualified Person for the property, in accordance with regulations under National Instrument 43-101. A fact sheet on the Sonora property, property location map and previous news releases are available at www.firestoneventures.com. Firestone Ventures is earning in for an 80% interest in the Sonora property. Results from regional exploration carried out in 2007 outside the drilled area are pending.

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).



Table 1: Significant Intercepts, 2007 program, Sonora project

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Cop-
Sil- per Lead Zinc
Width Gold ver (%) (%) (%)
Hole Interval (m) (m) (g/t) (g/t) (i) (i) (i)
--------------------------------------------------------------------------
SG-07-11 11.05-27.0m 15.95 0.59 11.8
--------------------------------------------------------------------------
Includes: 13.0m-15.0m 2.0 1.64 14.2
--------------------------------------------------------------------------
53.0-55.0m 2.0 1.04 9.8
--------------------------------------------------------------------------
114.0-128.2m 14.2 0.54 4.0
--------------------------------------------------------------------------
SG-07-12 72.0-136.0m 64.0 1.00 6.9
--------------------------------------------------------------------------
Includes: 74.0-80.0m 6.0 1.91 30.7
--------------------------------------------------------------------------
And: 120.0-136.0m 16.0 2.10 10.9
--------------------------------------------------------------------------
In turn, 120.0-124.0m 4.0 5.22 8.3
includes:
--------------------------------------------------------------------------
205.0-219.0m 14.0 1.05 1.2
--------------------------------------------------------------------------
240.0-256.0m 16.0 0.48 3.8 0.065
--------------------------------------------------------------------------
270.0-272.5m (EOH) 2.5 0.25 162 0.162 0.249 0.334
--------------------------------------------------------------------------
SG-07-13 174.8-182.8m 8.0 0.343 24.2
--------------------------------------------------------------------------
Includes: 178.8-180.8m 2.0 0.575 82.7 0.447 1.06
--------------------------------------------------------------------------
214.8 - 220.8m 6.0 0.229 53.2 0.048
--------------------------------------------------------------------------
SG-07-14 188.2 - 203.1m 14.9 0.493 8.1
--------------------------------------------------------------------------
Includes: 197.1-199.1m 2.0 1.93 30.0 0.102
--------------------------------------------------------------------------
SG-07-15 132.7-142.7m 10.0 0.294 3.6
--------------------------------------------------------------------------
SG-07-16 91.5-99.5m 8.0 0.291 24.9
--------------------------------------------------------------------------
120.0-122.0m 2.0 1.12 817 0.371 1.58 0.302
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186.2-195.5m 9.3 0.355 14.7
--------------------------------------------------------------------------
235.9-241.9m 6.0 0.107 50.8
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Includes: 237.9-239.9m 2.0 0.079 97.0 0.151 0.202 0.172
--------------------------------------------------------------------------
SG-07-17 7.1-9.1m 2.0 0.464 91.7 0.112 0.933 0.095
--------------------------------------------------------------------------
SG-07-18
to 21 incl: No significant intercepts
--------------------------------------------------------------------------
SG-07-22 7.6-9.6m 2.0 0.660 6.5
--------------------------------------------------------------------------
13.0-14.5m 1.5 0.939 2.7
(ii)
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(i) Shown where significant
(ii) Separate analysis returned 1.125 g/t gold

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