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FSE
FSE
FSE - Firestone Energy Limited - Response to ASX Correspondence of 29 April 2010
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")
Response to ASX Correspondence of 29 April 2010
Further to the ASX letter dated 29 April 2010 we confirm the Following:
The Company will continue to expend funds in line with its forecast as
stipulated in item 4 of the recently released March Quarterly Report. These
funds will be predominantly used to progress the Company`s exploration and
evaluation programme and to increase the level of confidence in the orebody and
progress the Bankable Feasibility Study (BFS) for the Waterberg project.
As announced to the market on 11 September 2009, the Company has successfully
raised A$25 million by way of a convertible note drawdown facility. This
facility will be used by the Company to fund a full scale BFS for the Waterberg
coal project. Currently the Company has a further A$12million to drawdown on
this facility.
The Company will continue to expend funds for the purpose of exploration and
evaluation and progression of the BFS and therefore the expectation is that
there will be negative operating cashflows in the future. In order to fund this
commitment the Company has in place the convertible note drawdown facility
mentioned above.
As mentioned above, in the short term, the Company will meet the costs of its
BFS and exploration programme via drawdown of its convertible note facility.
The Board is aware that in order to progress the project past a BFS stage and
into an operational phase further project financing will be required. To this
end, and as communicated to the market on 27 April 2010 in the Shareholder
Update, the Company is seeking a cornerstone investor to develop its Waterberg
projects.
The Company can confirm that it is in compliance with the listing rules and in
particular with listing rule 3.1.
Given the responses above, the Company can confirm that it is in compliance with
listing rule 12.2, and that the Company`s financial position warrants continued
quotation of its securities on the ASX.
Yours faithfully
Jerry Monzu
Company Secretary
+61 8 9381 2755
www.firestoneenergy.com.au
Pretoria
4 May 2010
Sponsor and Corporate Advisor
River Group
Date: 04/05/2010 08:03:03 Produced by the JSE SENS Department.
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