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FSE
FSE
FSE - Firestone Energy Limited - December 2008 quarterly activities report
FIRESTONE ENERGY LIMITED
(formerly Centralian Minerals Limited)
(Registration number: ABN 058 436 794)
(SA company registration number: 200/023973/10
Share code on the JSE: FSE
Share code on the ASX: FSE
ISIN: AU000000FSE6
("FSE" or "the Company")
DECEMBER 2008 QUARTERLY ACTIVITIES REPORT
Waterberg Coal Field - South Africa
Olieboomsfontein 220LQ
A single Reverse Circulation (RC) bore hole was drilled on the farm prior to the
December break. The borehole was the most northerly of four holes to be drilled
to determine the position and possible vertical displacement of a number of
interpreted east-west orientated intra-basin faults. It is now
planned to drill an east-west line of four RC bore holes to determine the
position of a major north-south orientated fault which downthrows the coal
stratigraphy on the east side of the farm. Thereafter follow-up diamond drilling
will target that portion of the farm where coal zones 5-11 lie close to ground
surface.
Vetleegte 304LQ
In the reporting period our joint venture partner, Sekoko Resources (Pty) Ltd,
completed the drilling of a 22 diamond bore hole programme on the farm. A full
review of the drilling will be undertaken in the next reporting period when all
outstanding data issues have been resolved and coal quality data from the
laboratory is available.
Northern Territory - Australia
The two exploration licenses (ELs 7810 and 10166) near Tennant Creek in the
Northern Territory continue to be explored by Emmerson Resources Ltd, on behalf
of the Company, for Tennant Creek style iron oxide copper-gold deposits.
Corporate
During the quarter all regulatory approvals were received for the coal joint
venture with Sekoko Resources from the Reserve Bank of South Africa and the
Johannesburg Stock Exchange (JSE).
Firestone Energy`s securities were dual listed on the JSE with effect from 30
October 2008. As a result of the joint venture, Sekoko Resources has become a
substantial shareholder in the Company and Timothy Tebeila and Amanda Matthee
have been appointed to the Board as non-executive Directors.
During November 2008, the Company announced the appointment of Mr. Garth Higgo
to the position of Chief Executive Officer. Mr. Higgo brings extensive executive
experience in both South Africa and Australia to the Company. Mr. Higgo also has
significant experience in managing joint ventures involving Black Economic
Empowerment.
Chief Executive Officer
Firestone Energy is an independent Australian exploration company focused on
developing coal and copper-gold projects in South Africa and Australia. The
company is currently exploring the richly endowed Waterberg coal field in the
Limpopo Province of South Africa.
The Company is committed to value-added growth through becoming an independent
coal and energy producer at its projects in South Africa. Drilling and assay
test work is underway on its two tenements, Vetleegte 304 LQ and
Olieboomsfontein 220 LQ in the Waterberg coal field.
The Company has entered into a joint venture with Sekoko Resources, a South
African black empowerment company (BEE) and Sekoko has two directors on the
Board of Firestone Energy.
Corporate Details
ASX: FSE
JSE: FSE
1,278.0M Ordinary Shares
Substantial Shareholders:
Sekoko Resources (Pty) Ltd
Colbern Fiduciary Nominees Ltd
Directors and Officers
Non Executive Directors:
Lee Boyd
Daryl Henthorn
Amanda Matthee
Malcolm Smartt
Timothy Tebeila
Chief Executive Officer
Garth Higgo
For further information please contact:
Tel: +61 (0)8 9381 2755 Garth Higgo (CEO)
Pretoria
25 February 2009
Sponsor
River Group
Date: 25/02/2009 10:39:01 Produced by the JSE SENS Department.
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