Firestone Ventures Inc.
TSX VENTURE : FV

Firestone Ventures Inc.

August 11, 2005 14:45 ET

Firestone Ventures Exploration Update

EDMONTON, ALBERTA--(CCNMatthews - Aug. 11, 2005) - Firestone Ventures Inc. (TSX VENTURE:FV) is pleased to provide an update on current and planned exploration activities in Canada and Guatemala. Additional information including fact sheets on each of the projects, as well as previous news releases, NI 43-101 Technical Reports, photos and an updated corporate "PowerPoint" presentation are available at www.firestoneventures.com.

Alberta Sun and Redrock Uranium Properties - Alberta, Canada

Firestone Ventures began fieldwork in June in southern Alberta on its 100,000 acre Alberta Sun uranium project; however the program was terminated due to extensive flooding in the Ft. Macleod area. Compilation of historic data sets including oil, gas and water well data has resumed and a detailed program consisting of mapping, prospecting and sampling is under development. Firestone expects to start fieldwork on the property by the end of September. The goal of the compilation work and field program is to define targets for a Phase Two drill program.

Several other companies are active in the southwestern Alberta area, now considered to be a new district prospective for sandstone hosted or "roll-front" uranium deposits. Marum Resources Inc. and North American Gem Inc. have both announced the commencement of field programs and International Ranger Corp. has finalized the acquisition of a property directly south and east of Firestone's Alberta Sun property.

Amazing Grace Gold Property - British Columbia, Canada

The Amazing Grace property, located 15 km southeast of Castlegar in southern British Columbia is characterized by excellent accessibility and infrastructure and proximity to historical placer gold workings. Firestone's initial fieldwork (see news release dated Nov. 4, 2004) and data compilation confirmed the high-grade nature of the gold vein system at Amazing Grace and identified several new exploration targets including copper-gold-cobalt-bearing massive sulphide mineralization and tungsten-molybdenum skarns.

A brief surface sampling program this spring led to the re-discovery of the "Meister" showing, consisting of gold-silver bearing shear zones last worked in the early 1930s. This "re-discovery" suggests the Meister prospect is part of a larger mineralized system, including the Maud S prospect to the southwest, occurring along an interpreted structural corridor.

Results of four rock grab samples from a historic 33 m trench at the Meister showing range from 0.59 g/t gold with 13.3 g/t silver to 5.75 g/t gold with 4.3 g/t silver. Two grab samples from a second, 11 m trench exposing similar material returned values of 0.25 g/t gold with 0.4 g/t silver and 0.32 g/t gold with 2.0 g/t silver respectively.

A detailed surface exploration program consisting of prospecting, sampling and mapping is scheduled to begin by the end of August focused on identification of drill targets for a Phase Two program. Carl Schulze, PGeo, the Qualified Person for the project, has reviewed and approved the information in this news release concerning the Amazing Grace project.

Torlon Zinc Property - Guatemala

The Torlon high-grade zinc project is located in western Guatemala. The 16 hectare (39.5 acre) Torlon property and the surrounding Orbita property covering 134 hectares (331.1 acres) are well situated in terms of infrastructure and access to Pacific Region zinc markets.

Firestone completed a surface sampling and mapping program in May, 2005. Rock samples from the program returned high-grade zinc and lead values in addition to silver (see news release August 2, 2005). Analysis is underway of historical data in preparation for a drill program in winter, 2005-06.

Louise Lake Copper-Gold-Molybdenum-Silver Property - British Columbia

In 2004, Firestone Ventures joint ventured the 3,300 hectare Louise Lake copper-gold-molybdenum-silver property to North American Gem Inc. The property, located 35 km west of Smithers, British Columbia has excellent road access to major highway, rail and electrical power infrastructure based at Smithers.

In April, 2004, North American Gem reported on results of a seven-hole, 2407.3 m drill program. The "Main Zone" of copper-gold-molybdenum mineralization was expanded and the results indicated a further increase in potential deposit size and grade, both laterally and at depth (see FV news release April 1, 2005). A subsequent surface exploration program resulted in the identification of pyritic mineralization to the west, suggesting potential further extension of the Main Zone at depth (see North American Gem Inc. news release dated July 7, 2005).

Sonora Gold Project, Yukon

The Sonora property, located 110 km west of the town of Carmacks in southern Yukon Territory, has been explored for both porphyry copper and gold vein-style mineralization. A total of 26 drill holes in various programs through the 1970s and 1980s, mostly at shallow elevations, were completed. Placer gold mining has operated periodically on streams draining the Sonora property. The last significant exploration program on the Sonora property took place in 1985.

Firestone is seeking joint venture partners for the Sonora project. An NI 43-101-compliant Technical Report is available for viewing at www.firestoneventures.com.

Morris Gold-Silver-Antimony Property, B.C.

The Morris property is located 110 km southwest of Williams Lake, British Columbia. Gold-silver bearing quartz-stibnite veins have been explored intermittently over the past century; at least four veins have undergone underground exploration. The last significant work on the property was a diamond drill program completed in 1981, which included bulk sampling and metallurgical testing of the quartz vein system.

In 2004 Firestone Ventures conducted a surface exploration program that confirmed the high-grade nature of the veins and discovered a new gold-silver-antimony vein (see news release dated Oct. 20, 2004). Of 82 rock samples taken, ten returned greater than 1% antimony to a maximum of 32.7%. Three grab rock samples returned or exceeded 55.6 g/t gold and 260 g/t silver. A 1.1 chip sample across the No. 1 vein returned 15.2 g/t gold, 383 g/t silver, 13.55% antimony and 8240 ppm arsenic.

Firestone Ventures is seeking joint venture partners for the Morris property.

Other News

Firestone advises that the option agreement with True North Gems Inc. on the Finlayson properties in Yukon Territory, Canada has been terminated.

In corporate news, Firestone Ventures is pleased that the first tranche of its flow-through and common share private placements has closed (see news release dated July 22, 2005) for combined gross proceeds of $263,040. Firestone is seeking up to a maximum of $550,000 for operating expenses and financing of exploration work on the Company's gold and uranium properties in western Canada and its zinc project in Guatemala. For information on the financing please call the Company.

Firestone Ventues Inc. has a portfolio of high quality uranium, zinc, copper and gold properties.

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

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