Firestone Ventures Inc.
TSX VENTURE : FV
FRANKFURT : F5V

Firestone Ventures Inc.

March 24, 2011 06:30 ET

Firestone Ventures Announces Nevada Drill Plans and Provides Corporate Update

EDMONTON, ALBERTA--(Marketwire - March 24, 2011) - Firestone Ventures Inc. ("Firestone" or the "Company") (TSX VENTURE:FV)(FRANKFURT:F5V) is pleased to announce an update on planning for the diamond drill program at its Black Mountain zinc-lead-silver property, located 29 km northeast of Wells, Nevada, U.S.A. Firestone Ventures has an option to earn 100% interest in the Black Mountain project from Kinross Gold (see news release Nov. 29, 2010). Black Mountain has excellent road access and is in close proximity to power and railroad lines.

"We expect to start drilling in May, 2011 contingent on snow conditions," says Lori Walton, President of Firestone Ventures Inc. "We are excited to begin our first drill program in Nevada, which is timely considering the strong long-term outlook for zinc. In addition we have started the permitting process for our second drill program in Nevada at the Antelope zinc-lead-silver property southwest of Eureka."

The drill program at Black Mountain will consist of a minimum of 12 drill holes totalling 1,245 m targeting four areas identified from Firestone's surface exploration program (see news release Nov. 30, 2010). The drill holes are expected to range between 40 m to over 300 m depth. A map showing the zones is available at www.firestoneventures.com

Corporate Update – Advisor Appointed to Firestone Ventures Inc.

Firestone is pleased to announce the appointment of Jesse Duke, P.Geo. as Advisor to the Company. Mr. Duke is currently the principal of Ibex Valley Consulting. He was recently the Manager of an environmental consulting firm and Director of Mineral Development for the Government of the Yukon. His expertise involves managing complex multidisciplinary projects, government and First Nations relations, mineral policy and major mine project permitting and licensing. He has extensive experience dealing with public communications, dispute resolution, stakeholder consultations and community relations for major mining projects. Mr. Duke graduated from the University of Alaska with a B.Sc. in Geology. He is a professional geoscientist registered with the Association of Professional Engineers and Geoscientists of British Columbia.

In other news, Firestone is pleased to announce that the earn-in period stipulated in a formal option agreement to earn 100% interest in the Selegua and Saturno II concessions in Guatemala has been extended by two years. These concessions surround the Company's Torlon Hill zinc-lead-silver project and cover Permian carbonate formations which are considered to have excellent potential for zinc and lead mineralization. Under the original terms of the option agreement Firestone Ventures was to make a cash payment to the vendor of USD $5,000 and incur USD $250,000 in exploration expenditures by March 5, 2010 of which a total of USD $35,000 was to be spent by the end of the first year. The agreement has been amended so Firestone paid an additional USD $10,000 on March 5, 2011 and has until March 5, 2013 to incur a total of USD $325,000 in exploration expenditures. A 1.5% NSR is reserved for the vendor, of which 0.5% may be purchased anytime by Firestone for $1,000,000. An additional 2% NSR is reserved for an underlying vendor. The agreement was previously amended March 5, 2010.

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 unless required by law. 

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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