Firestone Ventures Inc.

Firestone Ventures Inc.

March 04, 2005 08:05 ET

Firestone Ventures Signs Letter of Agreement to Purchase Alberta Sun Uranium Property


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: FIRESTONE VENTURES INC.

TSX VENTURE SYMBOL: FV

MARCH 4, 2005 - 08:05 ET

Firestone Ventures Signs Letter of Agreement to
Purchase Alberta Sun Uranium Property

EDMONTON, ALBERTA--(CCNMatthews - March 4, 2005) - Firestone Ventures
Inc. (TSX VENTURE:FV) is pleased to announce that it has signed a Letter
of Agreement to purchase a 100% interest in the 22,000 acre Alberta Sun
uranium prospect located in southwestern Alberta.

Upon signing of a Formal Agreement and subject to due diligence,
Firestone is to pay the vendor $10,000 for 100% interest in the
property, subject to a 2% net smelter royalty (NSR). Firestone will have
the option to purchase 1% of the NSR from the vendor under the following
conditions; 1) the payment of $25,000 if purchased within two years of
signing the Final Agreement; 2) the payment of $200,000 if purchased
within two to five years after signing the Final Agreement; and
$1,000,000 if purchased after the fifth year.

The Alberta Sun uranium property, located 30 km south of Fort Macleod,
is characterized by easy access across southern Alberta rangeland. The
area is underlain by Cretaceous to Tertiary marine and non-marine
sandstones and tuffs. The geological target is sediment-hosted uranium
similar to deposits in Wyoming, South Dakota, Colorado, Utah and New
Mexico. Sediment-hosted uranium deposits are an economically important
source of uranium production. The potential for uranium in the area
covered by the Alberta Sun uranium project is described in Alberta
Geological Survey Open File Report 1994-8:

"At one occurrence, anomalous radioactivity is up to 2,000 cps (SRAT
SPP2N), and a rock sample assays greater than 2,000 ppm uranium, 13 ppm
molybdenum, 78 ppm vanadium and 4 ppm selenium (anomaly 82H-23). Upriver
about 5 km there is a second occurrence with anomalous radioactivity up
to 900 cps and a rock sample that assays 85 ppm uranium (anomaly 82H-21;
Ibid). Follow-up work was recommended for this area, but was never done."

"Southern Alberta was explored for uranium in the 1960s to early 1980s,
but many promising areas, like the Alberta Sun project area, were never
advanced by follow-up work or drilling," said Lori Walton, Firestone's
President. "Most of the attention has been on the Athabasca basin in
northeastern Alberta. It is exciting for us to add this intriguing new
uranium prospect to our company portfolio."

This news release has been reviewed by Glenn Hartley, P. Geol.,
Qualified Person for the property, in accordance with regulations under
National Instrument 43-101. It should be noted that Firestone Ventures
is commencing due diligence work and has not verified any of the results
reported in this press release.

Firestone Ventures Inc. is a public company listed on the TSX Venture
Exchange. The company's mandate is the acquisition and exploration of a
diverse portfolio of high quality precious metal, base metal and
gemstone properties.


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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Firestone Ventures Inc.
    Lori Walton
    President
    Toll Free: 1-888-221-5588
    (780) 428-3476 (FAX)
    info@firestoneventures.com
    www.firestoneventures.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.