Firestone Ventures Inc.
TSX VENTURE : FV

Firestone Ventures Inc.

November 17, 2005 09:00 ET

Firestone Ventures Advances Alberta Sun Uranium Project

EDMONTON, ALBERTA--(CCNMatthews - Nov. 16, 2005) - Firestone Ventures Inc. (TSX VENTURE:FV) is pleased to announce that it has retained the services of APEX Geoscience Ltd. to assist in planning a drill program on the Company's Alberta Sun and Redrock uranium exploration projects southwest of Lethbridge, Alberta, Canada. Firestone Ventures Inc. has a 100% interest in more than 110,000 acres of land prospective for sandstone-hosted, "roll-front" uranium deposits in southwestern Alberta.

Firestone Ventures recently completed a Phase One program of assessment of the economic and exploration potential of the Alberta properties. This program, which focused on stratigraphic interpretation through field examination, resulted in identification of favorable sites for hosting roll-front uranium deposits.

Apex Geoscience Ltd. is an Edmonton-based firm consisting of independent consulting geologists having expertise in all aspects of the mining industry. Mr. Michael Dufresne, one of the principals, is co-author of Alberta Geological Survey Open File Report 1994-8, the first to describe uranium potential within the present Alberta Sun project area.

"We are very excited to be planning a drill program for our Alberta Sun uranium project. Our Phase One exploration program and the results reported by other companies certainly validate the potential of southern Alberta for roll-front uranium," says Lori Walton, Firestone's President. "The long term outlook for uranium is very strong; the price of uranium has increased further to $US 33.95/lb."

An Alberta Sun property map and uranium FAQ sheet are available at www.firestoneventures.com.

In other news, the detailed surface geophysics program on the Company's Sonora gold property, 110 km northwest of Carmacks, Yukon Territory, Canada is advancing. The field crew is now working on the induced polarization surveying, to be followed by VLF-EM and ground magnetometer surveys. The program, conducted by Aurora Geosciences Ltd. of Whitehorse, Yukon, is designed to identify targets for a proposed diamond drilling program in 2006.

Detailed surface exploration during the summer 2005 program at the Amazing Grace gold project 15 km southeast of Castlegar, British Columbia, Canada led to the discovery of several "new" mineralized zones, including the "Aaron" and "Marilyn" gold zones. Soil sampling on the Aaron showing returned scattered anomalous gold values up to 195 ppb; however, most values were weakly anomalous to background. Silt sampling returned values to 67 ppb gold.

The "Marilyn" Zone, located about 150 metres south of the "Meister" showing re-discovered in May 2005, returned values from rock chip sampling ranging from background to 2.24 g/t gold across 3.2m. A weakly anomalous soil geochemical signature to 40 ppb gold is associated with the Marilyn Zone. Chip sampling at the Meister showing returned gold values from 0.01 g/t gold across 2.0m to 7.62 g/t across 2.0m. A single grab sample of narrow quartz veining returned 32.2 g/t gold.

Further molybdenum-tungsten mineralization was discovered near the previously discovered "Scheelite zone", and several shafts and adits not previously known to Firestone were located. Values to 3500 ppm (0.35%) molybdenum and 330 ppm tungsten were returned from separate grab samples in the Scheelite zone area; however most samples returned weakly anomalous to background molybdenum and tungsten values.

At the past producing Maud S prospect, chip sampling returned gold values of 0.546 g/t across 7.1m, 0.649 g/t across 4.4m, and 1.24 g/t across 3.9m. Composite grab sampling from talus located down slope of another previously unknown adit returned values of 2.24 g/t and 12.8 g/t gold respectively. Sampling was done of select higher-grade quartz vein and stringer zones within the Maud S area.

As reported in the News Release dated November 4, 2005, no viable drill targets suitable for Firestone Ventures' exploration mandate were identified on the Amazing Grace property. Firestone has chosen to focus its efforts on its other prospective gold properties.

This News Release has been reviewed by Carl Schulze, BSc, PGeo, Qualified Person for these properties, in accordance with regulations under National Instrument 43-101. Sample analysis for the Amazing Grace project was performed by ALS Chemex Laboratories of North Vancouver, B.C.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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