Firestone Ventures Inc.

Firestone Ventures Inc.

March 01, 2005 19:23 ET

New Exploration Targets Identified on Firestone Ventures Amazing Grace Property


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: FIRESTONE VENTURES INC.

TSX VENTURE SYMBOL: FV

MARCH 1, 2005 - 19:23 ET

New Exploration Targets Identified on Firestone
Ventures Amazing Grace Property

EDMONTON, ALBERTA--(CCNMatthews - March 1, 2005) - Firestone Ventures
Inc. (TSX VENTURE:FV) is pleased to announce completion of its data set
analysis for the Amazing Grace property in southern British Columbia.
Several new exploration targets were identified in addition to the
existing gold-silver vein systems and the "Cordierite Showing"
copper-gold-cobalt prospect described in Firestone's November 4th press
release.

The Amazing Grace property is 15 km southeast of Castlegar, British
Columbia, Canada and only 35 km from the TeckCominco smelter at Trail.
The property has excellent access to road, rail and electrical
facilities. During the period 1936 to 1941, a total of 330 oz (10,265
grams) gold was produced from narrow quartz veins containing visible
gold (B.C. Minfile, 2004). Amazing Grace is situated between the
Rossland gold mining camp which produced 86 million grams gold and the
Nelson mining camp, which produced more than 16,000 kilograms of gold
(B.C. Minfile, 2004).

Field work by Firestone Ventures in 2004 resulted in verification of the
high-grade nature of the gold vein system, and confirmed the existence
of at least two styles of mineralization; native gold in quartz veins
("High Grade and Maud S. prospects") and polymetallic mineralization at
the "Cordierite Showing" (Nov. 4, 2005 press release).

Of particular interest to Firestone is a 700 m by 300 m gold-in-soil
anomaly centered 500 m west of the High Grade gold prospect, with values
ranging from background to 621 ppb gold, including abundant values
exceeding 100 ppb gold. A 2004 rock grab sample of float within this
area returned 54.5 g/t gold with 28 g/t silver; ice directions indicate
a separate source from the High Grade prospect.

The expanded Amazing Grace property now hosts a third style of
mineralization, massive pyrrhotite skarn, previously identified by the
vendor. At the "Scheelite Zone", 2.5 km northwest of the High Grade
prospect two rock samples previously collected of skarn material
returned values of 0.115% and 0.86% tungsten respectively. A third
sample returned 0.162% tungsten with 0.142% molybdenum. Two grab samples
of quartz veins in the Scheelite Zone area returned values of 0.162 opt
and 0.234 opt gold respectively.

This News Release has been reviewed by Carl Schulze, BSc, PGeo,
Qualified Person for the property, in accordance with regulations under
National Instrument 43-101. Analysis of all 2004 samples was performed
by ALS Chemex Laboratories of North Vancouver, B.C. The historic
production figures have not been audited or verified by Firestone
Ventures, and should not be relied upon. A Technical Report on the
Amazing Grace property, written by Carl Schulze in compliance with
regulations under National Instrument 43-101, is complete and will be
submitted shortly to the British Columbia Securities Commission.

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
    V.P. Exploration and Business Development
    (780) 428-3465 or Toll Free: 1-800-221-5588
    (780) 428-3476 (FAX)
    www.firestoneventures.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of the content of this news
    release.