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FSE
FSE
FSE - Firestone Energy - Firestone/Sekoko JV Agree on third transaction
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 JV AGREE ON THIRD TRANSACTION
Firestone Energy Limited (ASX /JSE Code: FSE) is pleased to announce that FSE
and Sekoko have entered into non binding Heads of Agreement to include two
further properties.
It is envisaged that a binding agreement will be concluded presently in terms of
where FSE, through its wholly owned subsidiary Lexshell, will acquire an
interest in the prospecting rights held by Sekoko over the farms Swanepoelpan
and Duikerfontein.
Swanepoelspan shares a common boundary with the farm Smitspan where the
FSE/Sekoko jv has just acquired the surface rights and is completing a bankable
feasibility study for the establishment of an open cast coal mine. Duikerfontein
is immediately adjacent to Swanepoelspan
It is envisaged FSE will, (against the payment of certain amounts to Sekoko and
the issue to Sekoko of certain additional shares in FSE), acquire a 60% interest
in the rights relating to the above two farms, with Sekoko having a 40% interest
therein on terms similar to the second joint venture. The binding agreement (if
concluded) will be subject to regulatory and other approvals including the
approval of the FSE shareholders.
"This agreement has the potential to add significant resources to the FSE/Sekoko
JV and could also realise material synergies by increasing both the production
scale and `life of mine` options" said John Wallington FSE`s managing director.
For Information please contact:
John Wallington Simon Storm
Managing Director Company Secretary
Telephone: +61 8 9381 2755 Telephone: +61 8 9381 2755
Registered Office
63 Hay Street
Subiaco 6008
Western Australia
Telephone: +61 8 9381 2755
Facsimile: +61 8 6380 1278
www.firestoneenergy.com.au
Pretoria
25 November 2009
Sponsor
River Group
Date: 25/11/2009 08:50:07 Produced by the JSE SENS Department.
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