| Wed 13 Oct 2010, 9:27 | | FSE - Firestone Energy Limited - Final definitive feasibility study completed |
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FSE
FSE
FSE - Firestone Energy Limited - Final definitive feasibility study completed
FIRESTONE ENERGY LIMITED
(formerly: Centralian Minerals Limited)
(Incorporated in Australia)
(Registration number ABN 058 436 794)
Share code on the JSE Limited: FSE Share code on the ASX: FSE
ISIN: AU000000FSE6
(SA company registration number 2008/023973/10)
("FSE" or "the Company")
FINAL DEFINITIVE FEASIBILITY STUDY COMPLETED
Firestone Energy Limited (ASX/JSE: FSE), and Joint Venture Partner
Sekoko Coal, are pleased to announce that the final Definitive Feasible
Study "DFS" document has been completed by independent consultants,
Parsons Brinckerhoff (PB).
This document confirms the viability (as previously indicated) of a
robust open cast operation for 21 years with capital and operating
cost tolerances of +/- 10% for the complete first phase mine life.
More importantly, only 8% of the total resource is modelled to be
mined and treated in the first 21 years as per the current DFS.
FSE and Sekoko are committed to release the upgraded Bankable
Feasibility Study "BFS" document when the significant Off-Take
Agreement, which is at the final stages of negotiation, is signed.
PB can confirm that their resource model, prepared by Wardell Armstrong
(UK) is very close to and within 3% of the total resource quoted by
another independent geological company, Venmyn Rand (Pty) Ltd
which was released to the ASX on 12th August 2010 and included
5.173 Billion Tonnes of Coal Zones and 1.881 Billion Tonnes of
Coal Gross Tonnes In-situ (GTIS), identified and compliant in
accordance with SAMREC and JORC Codes.
Also, PB has confirmed that the first stage open cast has
saleable coal reserves of 120 Million tonnes under the Smitspan farm,
of which 51 Million tonnes are Proven and 69 Million tonnes are
in the Probable category.
Further information can be obtained by contacting the persons below on
+61 (08) 9381-2755.
John Dreyer Jerry Monzu
Chairman Company Secretary
www.firestoneenergy.com.au
Competent Persons Statements
Information in this report that relates to exploration results and
coal resources on the property Smitspan 306LQ is based on information
compiled by Mr Paul S Norman who is employed by Wardell Armstrong LLP
and is a Fellow of the Geological Society of London, a Fellow of
the Institution of Materials, Minerals and Mining, a Fellow of the Energy
Institute, a Chartered Geologist and Chartered Engineer.
Mr Norman has sufficient
experience which is relevant to the style of mineralisation and type
of deposit under consideration and to the activity he is undertaking
to qualify as a Competent Person as defined by the South African Code
of the Reporting of Exploration Results, Mineral Resources and Mineral
Reserves (The SAMREC Code) 2007 edition and the Australasian Code
for reporting of Exploration Results, Mineral Resources and Ore Reserves
(The JORC Code). Mr Norman consents to the inclusion in the report of
the matters based on his information in the form and context in which
it appears.
The information in this report that relates to coal reserve estimation
is based on work completed by Mr Peter I Watkinson who is an employee
of Parsons Brinckerhoff and a Member of the Institute of Materials,
Minerals and Mining, a Member of the Minerals Engineering Society and a
Chartered Engineer. Mr Watkinson has sufficient experience which is relevant
to the style of mineralisation and type of deposit under consideration
and to the activity which he is undertaking to qualify as a Competent Person
as defined by the South African Code of the Reporting of Exploration Results,
Mineral Resources and Mineral Reserves (The SAMREC Code) 2007 edition and the
Australasian Code for reporting of Exploration Results, Mineral Resources
and Ore Reserves (The JORC Code). Mr Watkinson consents to the inclusion
in the report of the matters based on his information in the form and
context in which it appears.
Additional comment in this report that relates to coal resource
estimation is made by Mr James A Johnson who is an employee of
Sekoko Resources and a Fellow of the South African Institute of Mining
and Metallurgy, and a Professional Engineer. Mr Johnson has sufficient
experience which is relevant to the style of mineralisation and type
of deposit under consideration and to the activity which he is undertaking
to qualify as a Competent Person as defined in the Edition of the Australian
Code for the Reporting of Exploration Results, Mineral Resources and Ore
Reserves
(The JORC Code). Mr Johnson consents to the inclusion in the report of
the matters based on his information in the form and context in which
it appears.
About Firestone Energy
Firestone Energy is an independent Australian exploration company focused on
developing coal projects in South Africa. The company is currently exploring the
richly endowed Waterberg coal field in Limpopo Province of South Africa.
The Company is committed to value-added growth through becoming an independent
coal and energy produces at its projects in South Africa.
The Company has entered into three joint ventures 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
Issued Capital:
2,331 million ordinary shares
Major Sharholders:
Sekoko Resources (Pty) Ltd
Colbern Fiduciary Nominees Ltd
Bell Potter Nominees Ltd
Directors and Officers:
John Dreyer (Chairman)
Timothy Tebeila (Deputy Chairman)
Colin McIntyre
John Wallington
Company Secretary
Jerry Monzu
Contact:
Level1, 63 Hay Street Subiaco, Western Australia 6008
Tel: +61 (0)8 9381 2755
Web: www.firestoneenergy.com.au
Pretoria
13 October 2010
Sponsor and Corporate Advisor
River Group
Date: 13/10/2010 09:27:01 Produced by the JSE SENS Department.
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