Firestone Ventures Inc.
TSX VENTURE : FV
FRANKFURT : F5V

Firestone Ventures Inc.

November 02, 2011 06:30 ET

Firestone Ventures Advances La Luna Zinc-Lead-Silver Property

EDMONTON, ALBERTA--(Marketwire - Nov. 2, 2011) - Firestone Ventures Inc. ("Firestone" or the "Company") (TSX VENTURE:FV)(FRANKFURT:F5V) is pleased to provide an update on its on-going regional exploration program targeting zinc-lead-silver mineralization in central Guatemala, including follow-up fieldwork on the La Luna property.

"Given the excellent initial results from the La Luna property, our field crew returned to fast-track the La Luna project to drill-ready status," says Lori Walton, President of Firestone Ventures Inc. "The uplift and weathering history in the Guatemala zinc carbonate belt has resulted in pervasive and deep oxidation and ideal circumstances for the formation of supergene zinc oxide deposits. In addition, the region 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."

Field crews returned to the road-accessible La Luna high-grade zinc-lead-silver project to conduct follow-up sampling, and geological mapping with the goal of defining drill targets. The La Luna property has historically been worked, on a small scale, for lead and silver, but Firestone is the first company to evaluate its zinc potential. Initial soil geochemistry, prospecting and sampling outlined a series of mineralized zones and anomalies possibly extending east-southeast for 3 km. In addition, Firestone field crews conducted extensive underground mapping and sampling of historical tunnels/adits. Chip samples from Tunnels #1, 2, 3, 4 and 11 returned significant high-grade zinc. Several individual chip samples over 2 metres from the tunnels returned over 25% zinc (see news release September 13, 2011). Mineralization consists of smithsonite/hemimorphite and galena.

The follow-up program at La Luna consisted of extending the existing soil grid and further examining the zinc-lead mineralization in the tunnels to determine size potential for zinc-lead-silver tonnage and drill-readiness.

The most extensive zinc-lead-silver mineralization at La Luna is exposed in Tunnel #11. A total of 30 chip samples were collected during the initial program. Individual chip samples returned up to 31.88% zinc, 5.96% lead and 44.5 ppm silver over 2 metres (see September 13, 2011 news release). Zinc-lead-silver mineralization at La Luna is hosted in brecciated limestone/dolomite within the lowest stratigraphic unit in a sequence of Jurassic to Cretaceous carbonate rocks. Follow-up detailed mapping and structural measurements of the Tunnel #11 mineralization indicates that the exposed high-grade zinc-lead mineralization is at least 11 metres wide by 51 metres thick and extends for at least 40 metres.

Tunnels #1 to #4 have also been examined in detail and although no preferred orientation for the zinc-lead-silver mineralization has yet been determined, there appears to be a strong structural control that can be drill-tested. Previously reported chip samples from the tunnels contain high-grade zinc and lead; several samples over 2 metres contained in excess of 25% zinc and greater than 10% lead. In addition, a silver rich zone was defined in Tunnel #2; a total of three continuous chip samples averaged 5.25% zinc, 11.8% lead and 138.73 ppm (4.02 oz/t) silver over 6 metres.

Field crews are also working on follow-up field exploration at the Quetzal project, also in central Guatemala. The Quetzal property was drilled for the first time in 2010 (see news release June 24, 2010). Drill results include 10 metres grading 20.0% zinc, 1.2% lead and 13.9 ppm silver. The current program consists of detailed property mapping, additional trenching with associated trench mapping and sampling. New interpretations regarding the mineralization are being developed based on these new observations. In addition, several other historical zinc-lead-silver occurrences in central Guatemala are being examined.

The technical information in this document has been reviewed and approved by Lori Walton, P. Geo., President of Firestone and a Qualified Person in accordance with 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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