Firestone Ventures Inc.
TSX VENTURE : FV
FRANKFURT : F5V

Firestone Ventures Inc.

October 19, 2006 09:00 ET

Firestone Ventures Defines New High-Grade Zinc Zone at Torlon Hill Project

EDMONTON, ALBERTA--(CCNMatthews - Oct. 19, 2006) - Firestone Ventures Inc. (TSX VENTURE:FV)(FWB:F5V) is pleased to announce that sample results have confirmed a new zone of zinc, lead and silver mineralization on the Company's Torlon Hill high-grade zinc (oxide) property in Guatemala.

The zone was discovered when a Firestone Ventures field crew surveyed the extent of the previously unsampled Cinco Hermanos underground workings on Torlon Hill (see July 12, 2006 News Release). The entrance to the Cinco Hermanos workings is located 6 metres southwest of previous drill holes TH06-7 and 8. The Cinco Hermanos workings extend for 60 metres to the west and then turn 60 metres to the south; these workings cover the area 45 to 65 metres west and south of previously drilled holes TH06-9 and TH06-10 (see Drill Hole Location Map at www.firestoneventures.com).

Highlights from underground chip sampling of the new Cinco Hermanos ("Five Brothers") zone include:

- Sample CH06-6 returned 18.95% zinc, 24.1% lead and 90.0 grams/tonne silver across 0.9 m.

- Sample CH06-11 returned 18.34% zinc, 11.55% lead and 46.0 grams/tonne silver across 1.5 m.

- Sample CH06-1 returned 2.11% zinc, 34.75% lead and 540.4 grams/tonne silver across 2.0 m.

"Firestone Ventures is extremely encouraged by the present high zinc prices, as well as the forecasts for high prices in the future," says Lori Walton, President of Firestone Ventures. "These results show the new Cinco Hermanos zone is another compelling target for the 2006/2007 drill campaign. The underground mineralization indicates that the area west of previous drill holes TH06-9, TH06-10 and TH06-11 is highly prospective for zinc, lead and is also enriched in silver."

A total of 12 vertical rock chip samples across the mineralized zone were collected. Samples were spaced 5 to 20 metres apart within the workings. The mineralized zone observed underground, ranging from one to three metres in thickness, consists of galena, smithsonite, cerrusite and iron oxides, occurring along the footwall of a fault dipping 25 to 30 degrees to the south. Massive galena occurrences are up to one metre thick. The new zone is different in character from the "Bulge" area 50 metres to the east, which Firestone drilled during the Spring, 2006 campaign. Samples results are given below:



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Silver
Sample No. Description Zinc (%) Lead (%) (grams/tonne)
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CH06-1 2.0 m chip 2.11 34.75 540.4
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CH06-2 1.8 m chip 9.42 9.06 43.3
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CH06-3 1.3 m chip 1.25 35.16 86.0
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CH06-4 0.9 m chip 1.78 36.91 104.0
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CH06-5 1.0 m chip 0.76 57.38 111.0
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CH06-6 0.9 m chip 18.95 24.10 90.0
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CH06-7 1.4 m chip 1.61 26.30 113.0
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CH06-8 1.1 m chip 8.85 38.00 104.0
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CH06-9 1.4 m chip 1.52 25.20 147.0
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CH06-10 1.2 m chip 14.90 17.95 80.0
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CH06-11 1.5 m chip 18.35 11.55 46.0
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CH06-12 1.5 m chip 1.46 9.35 20.4
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Note: Zinc and lead results from ALS Chemex, Silver
results from Inspectorate


Firestone Ventures completed the first drill program at Torlon Hill in Spring, 2006. The Phase Two drill program is scheduled to begin in late Autumn, 2006 and run through March, 2007, focusing on expansion and in-fill drilling. Results from Phase One drilling included significant intersections of high-grade zinc, including from mineralized zones that are exposed on surface. Significant intercepts are described in previous news releases and include 33.0 m of 22% zinc, including a 17.1 m interval of 31.9% zinc (Hole TH06-2), 51.8 m of 10.2% zinc (Hole TH06-13) and 46.7 m of 12.5% zinc (Hole TH06-14). Drill hole specifications, a drill hole location map, photographs, and a long section sketch are available on www.firestoneventures.com.

The road-accessible Torlon Hill project is located 12 kilometres northwest of the city of Huehuetenango, located on the Pan American Highway in western Guatemala. Firestone has an option to earn a 100% interest in the 16 ha (39.5 acre) Torlon Hill property and has also acquired the surrounding 134 ha (331.1 acres) Orbita exploration concession.

This news release has been reviewed and approved by John Cleary, (CPG), Qualified Person for the Torlon Hill project in accordance with regulations under National Instrument 43-101. Rock samples collected were prepared by the BSI Inspectorate facility in Guatemala City. Following preparation, pulverised samples were sent to the Inspectorate America Corporation (Inspectorate) facility in Sparks, Nevada and to ALS Chemex, North Vancouver, British Columbia, Canada for analysis. Both labs are ISO 9002 registered facilities. At ALS Chemex samples are subject to a 4-acid digestion formulated for ore-grade material and then analyzed for 27 elements by ICP-AES. Over-limit zinc and lead analysis are further analyzed by atomic absorption methods. The upper limit is 30% lead and zinc. Samples which contain in excess of 30% lead are re-analyzed using titration. Samples at the Inspectorate facility were analyzed for 30 elements using ICP. Gold and silver determinations were done using fire assay methods with final metal determinations by gravimetric methods.

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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