| Thu 15 Sep 2011, 8:29 | | FSE - Firestone Energy Limited - Negotiation of Significant Agreement |
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FSE
FSE
FSE - Firestone Energy Limited - Negotiation of Significant Agreement
FIRESTONE ENERGY 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")
NEGOTIATION OF SIGNIFICANT AGREEMENT
Firestone Energy Limited (ASX/JSE: FSE) wishes to announce that its joint
venture with Sekoko Resources (Pty) Ltd has entered into exclusive negotiations
with a major, multinational listed power company in relation to a potential
transaction which, if successfully concluded, could result in that company
becoming an important cornerstone investor in the Waterberg Coal Joint Venture
Project.
The negotiations include a very significant off take agreement for the purchase
of coal from the joint venture for the life of the mine.
The negotiations are at an early stage and a further announcement will be made
in due course.
Firestone Energy Limited
David Perkins
Chairman
www.firestoneenergy.com.au
About Sekoko Resources
Sekoko Resources (Pty) Ltd is a South African-based black-owned energy and
minerals company developing the coal, magnetite iron ore and PGMs Projects in
the Limpopo Province of South Africa. This includes a significant exploration
program and development of the Waterberg Coal Joint Venture Project based on
significant Coal Zone Resources. Sekoko is targeting to commence operations in
2012, thus forming the basis for developing a global coal business.
About Firestone Energy
Firestone Energy Limited is an independent, Australian exploration and
development company listed on the Australian Stock Exchange Ltd (ASX) and the
Johannesburg Stock Exchange (JSE). Firestone Energy has entered into a Joint
Venture with Sekoko Resources (Pty) Ltd through which Firestone Energy has
acquired the right to 60% participation interests in the Waterberg Coal Project
located in Lephalale area, Limpopo Province, South Africa.
The first stage of the project is to develop the Smitspan mine which has a
substantial measured thermal coal resource and to develop the Vetleegte mine
which is a substantial metallurgical coal deposit.
Firestone Energy is committed to becoming a profitable independent coal and
energy producer at its projects in South Africa, thereby making a substantial
contribution to the social and economic development of the Lephalale area and
South Africa.
Corporate Details
ASX: FSE
JSE: FSE
Issued Capital:
2,808 million ordinary shares
Major Shareholders:
Sekoko Resources (Pty) Ltd
BBY Nominees Ltd
Colbern Fiduciary Nominees Ltd
Bell Potter Nominees Ltd
Directors and Officers
Non Executive Directors:
David Perkins (Chairman)
Dr Pius Kasolo
Colin McIntyre
Executive Directors:
Sizwe Nkosi
Company Secretary:
Jerry Monzu
Contact:
Suite B9, 431 Roberts Road
Subiaco, Western Australia 6008
Tel: +61 (0)8 9287 4600
Pretoria
15 September
Sponsor
River Group
Date: 15/09/2011 08:29:28 Produced by the JSE SENS Department.
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