| Fri 20 Nov 2009, 7:59 | | FSE - Firestone Energy Limited - Firestone/Sekoko Joint Venture Acquires Surface |
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FSE
FSE
FSE - Firestone Energy Limited - Firestone/Sekoko Joint Venture Acquires Surface
Rights on Smitspan Farm
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/SEKOKO JOINT VENTURE ACQUIRES SURFACE RIGHTS ON SMITSPAN FARM
The Firestone Energy Ltd (FSE)/Sekoko Resources Joint Venture (JV) has entered
into an irrevocable agreement with the owner of Smitspan to acquire the surface
rights of the Smitspan farm, which includes a total area of 1,166 Hectares
located within the Waterberg Coal Region in the Limpopo province in the northern
region of South Africa.
The Smitspan property 306LQ contains the majority of the continuous coal
sequence contained under all the 6 farms in the Waterberg coal region under the
FSE/Sekoko Joint Venture, previously announced to the market on the 3rd July
2009.
The JV has successfully intersected coal sequence in all of the 85 exploration
drill holes on this property alone, of which the JV will shortly release a
resource update from the last completed drilling program.
Also, the focus of the JV`s soon to be completed PFS has been primarily focused
and prioritised on our Smitspan property and the highlights from the PFS will be
announced shortly to the market.
The Smitspan farm is centrally located to all the farm properties and is 15km
west of Exxaro`s coal operations, the Grootegeluk massive open pit operation
which hosts the largest beneficiation/washing plant in the world. Also, Smitspan
is located within 14km from the main rail infrastructure and 15km from the
second regional Medupi Power Station, currently under construction.
Firestone`s Chairman, Mr John Dreyer today stated "The FSE/Sekoko Joint Venture
is absolutely focussed on the evaluation and subsequent development of a major
open pit coal mine on the rights controlled by our JV in the Waterberg.
Furthermore, the acquisition of the surface rights on Smitspan is a major step
forward in enabling the JV to proceed in due course with the establishment of
the commencement of this new coal mine."
Please note, approximately 50% of South Africa`s known remaining coal reserves
are located in the large Waterberg Coal Region.
For more information please contact:
John Dreyer
Non Executive Chairman
+61 (08) 9381-2755
www.firestoneenergy.com.au
Pretoria
20 November 2009
Sponsor and Corporate Advisor
River Group
Date: 20/11/2009 07:59:03 Produced by the JSE SENS Department.
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