Firestone Ventures Inc.
TSX VENTURE : FV
FRANKFURT : F5V

Firestone Ventures Inc.

November 07, 2006 11:46 ET

Firestone Ventures Advances Alberta Sun Uranium Project

EDMONTON, ALBERTA--(CCNMatthews - Nov. 7, 2006) - Firestone Ventures Inc. (TSX VENTURE:FV)(FWB:F5V) is pleased to announce that results from the radon cup orientation survey indicate the technique has potential to assist exploration by defining radon anomalies on the Company's Alberta Sun uranium property. 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, Canada.

"We are very pleased that we have another exploration tool we can use to help define drill targets," says Lori Walton, President of Firestone Ventures. "With the spot price of uranium over $60/pound USD we are eager to advance the Alberta Sun exploration program."

The radon cup survey is designed to locate zones of uranium mineralization through detection and tracking of radon gas emissions from the breakdown of hidden uranium sources. The objective of this preliminary orientation survey was to determine its effectiveness at the Alberta Sun project area prior to committing to an extensive radon cup program. Results from 60 cups planted along three orientation grid lines show variations in the tracks per square millimeter (T/mm2) readings which suggests that a more extensive and systematic grid survey could delineate anomalous zones and help determine drill targets. The optimum time to conduct the survey is spring, 2007.

The Alberta Sun uranium property, located 30 km south of Fort Macleod, is characterized by excellent access. The area is underlain by Cretaceous and Tetiary marine and non-marine sandstones and tuffs. The geological target is sandstone-hosted ("roll-front") uranium similar to deposits in Wyoming, South Dakota, Colorado and Texas. The uranium potential of southern Alberta was first suggested in Alberta Geological Survey Open File Report 1994-8.

A Phase One program by Firestone Ventures Inc. assessed the economic and exploration potential of the Alberta Sun land package and focused on stratigraphic interpretation through field examination and compilation of historic data sets including oil, gas and water well data.

Results of initial fieldwork at the Company's property included scintillometer readings of up to 1250 cps (counts per second), visible alteration, shale beds and abundant hematite and carbonaceous material within the sandstone unit. Composite grab samples of isolated organic debris material returned up to 7640 ppm uranium (0.901% U3O8). Grab rock samples (sandstone) from a separate area 40 km southeast returned 57 to 150 ppm uranium. Elevated vanadium, molybdenum, arsenic, and lead values, important indicators of sandstone-hosted uranium, occur at both areas (see News Release dated May 3, 2005 for previous results).

This news release has been reviewed by Carl Schulze, BSc., P.Geo., Qualified Person for the project in accordance with regulations under National Instrument 43-101. Supply and analysis of the radon cups is provided by AlphaTrack Uranium Exploration Services (www.alphatrack.ca) of Vancouver, British Columbia. A property location map, project summary, photos and previous news releases pertaining to Alberta Sun are at www.firestoneventures.com.

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).


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

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