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FSE
FSE
FSE - Firestone Energy Limited - Firestone`s second JV Agreement with Sekoko now
effective
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")
FIRESTONE`S SECOND JV AGREEMENT WITH SEKOKO NOW EFFECTIVE
Highlight
Firestone assumes management control of JV and will achieve 42% earn-in to
project.
Perth-based mining company Firestone Energy Limited (ASX:FSE / JSE:FSE)
("Firestone" or "the Company") is pleased to announce that the second Joint
Venture agreement with Sekoko Coal Limited ("Sekoko") announced on 3 July 2009
is now fully effective.
All conditions precedent have now been fulfilled and following payments to
Sekoko (to be made within 5 days), Firestone will earn-in to 42%1 of the project
which covers four properties in the strategic Waterberg coal region of South
Africa. The properties (Smitspan 306LQ, Hooikraal 315LQ, Minnasvlakte 258LQ,
and Massenberg 305LQ) have a combined coal resource tonnage of 2.9Bt (1,122.8Bt
of saleable coal after washing).
As a result of the Joint Venture becoming effective, Firestone assumes
management control and the immediate priority of the Joint Venture will be to
progress the Bankable Feasibility Study over the four properties following the
recent successful $25 million capital raising.
Note 1 - upon reimbursement of the agreed costs of ZAR19.5 million (approx
A$3.04 million) in relation to the bankable feasibility study to Sekoko Coal,
the participation interest of Firestone increases from 30% to approximately 42%.
For more information please contact:
Garth Higgo
Chief Executive Officer
+61 (08) 9381-2755
www.firestoneenergy.com.au
Pretoria
25 September 2009
Sponsor and Corporate Advisor
River Group
Date: 25/09/2009 09:53:01 Produced by the JSE SENS Department.
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