Vancouver, BC / ACCESSWIRE / July 2 2014 /
FIRESTEEL RESOURCES INC. (TSX-V: FTR)
("Firesteel" or
the "Company")
announced today that the Board of
Directors has adopted a new general By-Law No. 1-A
("2014 By-Law")
which includes an advance notice policy (the "Advance Notice Provisions")
requiring advance notice to the Company in circumstances where
nominations of persons for election to the Board of Directors are
made by shareholders of the Company other than pursuant to: (i) the
requisition of a shareholders'meeting, or (ii) a shareholder
proposal, both made pursuant to the provisions of the
Alberta Business Corporations Act (the
"Act").
Among other things, the
Advance Notice Provisions fix a deadline by which holders of record
or beneficial holders of common shares of the Company must submit
director nominations to the Company prior to any annual or special
meeting of shareholders and set forth the information that a
shareholder must include in the notice to the Company. In the case
of an annual meeting of shareholders, notice to the Company must be
provided not less than 30 days nor more than 65 days prior to the
date of the annual meeting.
In the case of a special
meeting of shareholders (which is not also an annual meeting),
notice to the Company must be provided no later than the close of
business on the 15th day following the day on which the first
public announcement of the date of the special meeting was
made.
The by-law amendment is
effective immediately and will be placed before shareholders for
ratification and confirmation at the next annual and special
meeting of shareholders of the Company to be held in September
2014. A copy of the by-law amendment has been filed under the
Company's SEDAR profile at www.sedar.com.
About the Company
Firesteel is an
exploration-stage junior mining company engaged in the acquisition
and exploration of prospective precious and base metal properties
in Canada and stable jurisdictions around the world.
Firesteel currently has two highly
prospective properties in British Colombia.
The ROK Coyote property
is currently under option to OZ Exploration, a wholly owned
subsidiary of OZ Minerals (ASX:OZE). OZ Exploration has the right
to acquire up to 80% of the property in return for spending
$13,000,000 in exploration expenditures and payment of $1,500,000
in cash to Firesteel.
Highlights of the ROK Coyote property
include:
-6,900 Ha of highly prospective large
tonnage targets with known Cu-Au results
-Historical drilling highlights -
38.37 m @ 1.32% Cu, 1.54 g/t Au
-Adjacent to Red Chris Mine
development with P&P Reserves of 302 Mt at 0.365 Cu and 0.27
g/t Au (a 28 year mine life at 30,000 tpd) Imperial
Metals
The Sheslay property is
currently under option to Prosper Gold. (TSX-V: PGX). Under the
terms of this agreement, Prosper has the right to acquire up to 80%
of the property in return for spending $5,000,000 on exploration
and payment of $1,000,000 in cash and 1,000,000 Prosper Gold shares
to Firesteel.
Highlights of the Sheslay property
include:
-6,700 Ha property hosts five
significant Cu-Au targets within close proximity with large
tonnage, high grade potential.
-Star Target - 2013 drilling - 6 holes
totaling 2339.74 m, showing mineralization:
-SO24 - 312.16 m intersection showing
0.37% Cu, 0.24 g/t Au and 0.69 g/t Ag
-SO25 - 269 m intersection showing
0.42% Cu, 0.198 g/t Au and 0.61 g/t Ag
-SO26 - 263 m intersection showing
0.35% Cu, 0.15 g/t Au and 0.63 g/t Ag
-SO27: - 260 m intersection showing
0.39 % Cu, 0.12 g/t Au, 0.93 g/t Ag
-SO28: - 60 m intersection showing
0.63 % Cu, 0.3 g/t Au,0.91 g/t Ag
-SO29: - 59 m intersection showing
0.53 % Cu, 0.31 g/t Au, 0.94 g/t Ag
-Final hole, shows mineralization from
surface to 598 m
-Largest of the targets is 1,800 m by
750 m.
The Company's management and board
of directors have extensive experience in exploration, operations,
business and corporate finance.
The Company's objective is to
enhance shareholder value as a prospect generator by identifying
and securing early-stage exploration opportunities and developing
them to more advanced stages with the help of joint venture
partners.
For further information, please contact:
Firesteel Resources Inc.
Michael Hepworth
President and Chief Executive Officer
(647) 725-3793
mhepworth@firesteelresources.com
www.firesteelresources.com
For up to the minute news, industry analysis and feedback
follow us on Facebook,
LinkedIn
and Twitter.
Neither the 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
Advisory Regarding Forward Looking
Statements
This news release
contains forward-looking statements. Users of forward-looking
statements are cautioned that actual results may vary from
forward-looking statements contained herein. Forward-looking
statements include, but are not limited to: expectations, opinions,
forecasts, projections and other similar statements concerning
anticipated future events, conditions or results that are not
historical facts. In certain cases, forward-looking statements can
be identified by the use of words such as "plans", "expects" or
"does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases
or statements that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved". While the Company has based these forward-looking
statements on its expectations about future events as at the date
those statements were prepared, the statements are not a guarantee
of the Company's future performance. Although the Company believes
that the expectations reflected in such forward-looking statements
are reasonable, it cannot give any assurance that such expectations
will prove to be correct.
The Company's
forward-looking statements are expressly qualified in their
entirety by this cautionary statement and are made as of the date
of this new release. Unless otherwise required by applicable
securities laws, the Company does not intend nor does it undertake
any obligation to update or review any forward-looking statements
to reflect subsequent information, events, results or circumstances
or otherwise.
SOURCE: Firesteel Resources Inc.
Firesteel Resources Inc. (TSXV:FTR)
Historical Stock Chart
From Aug 2024 to Sep 2024
Firesteel Resources Inc. (TSXV:FTR)
Historical Stock Chart
From Sep 2023 to Sep 2024