| Wed 7 Dec 2011, 8:43 | | FSE - Firestone Energy Limited - Correction of Allegations Made in a Recent |
|
FSE
FSE
FSE - Firestone Energy Limited - Correction of Allegations Made in a Recent
Media Article
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"
Correction of Allegations Made in a Recent Media Article
Firestone Energy Limited (ASX / JSE : FSE)("Firestone" or the "Company") is
aware of a media article contained in South Africa`s "Business Day" newspaper of
6 December 2011 regarding the Company. The article contains numerous incorrect
assertions, including that:
* the Industrial Development Corporation ("IDC") has withdrawn its funding of
Sekoko Resources (Pty) Ltd ("Sekoko"), Firestone`s joint venture partner
for its Waterberg project;
* the IDC is currently the owner of a large portion of Firestone`s shares in
contravention of the Australian Corporations Act; and
* Eskom has not entered into a memorandum of understanding of with either
Sekoko or Firestone.
The Company wishes to advise shareholders that contrary to the alleged factual
statements made in the press article:
* Sekoko has today confirmed to Firestone that the IDC has not withdrawn its
funding arrangement with Sekoko and that Sekoko is not aware of any actual
or threatened action by the IDC to withdraw its funding arrangement;
* the IDC is not currently the owner of any shares in Firestone and has not
breached the Australian Corporations Act; and
* as previously announced by the Company, Sekoko had entered into a
memorandum of understanding with Eskom, the terms of which are in the
process of being renegotiated.
Given the speculative nature of the media article, shareholders are urged not to
take any action based on its contents.
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 Industrial Development Corporation of South Africa "IDC"
IDC is a self financing, state owned, developmental financial institution which
was established in 1940. The IDC has approved funding deals in excess of
ZAR9billion (approx A$1.3 billion) in 2010 and has invested over ZAR6billion
(approx A$857million) in mining and energy related projects over the last two
years. The IDC is a significant shareholder in Sasol Limited, Mittal Steel
South Africa, Exxaro and Foskor. IDC has funded numerous successful green-field
and brown-field projects over the past 70 years.
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:
2,958 million ordinary shares
Major Shareholders:
Sekoko Resources (Pty) Ltd
Linc Energy Ltd
BBY Nominees Ltd
Bell Potter Nominees Ltd
Directors and Officers
Non Executive Directors:
David Perkins (Chairman)
Tim Tebeila
Dr Pius Kasolo
Mr Colin McIntyre
Mr Ben Mphahlele
Mr KobusTerblanche
Company Secretary:
Jerry Monzu
Contact:
Suite B9, 431 Roberts Road
Subiaco, Western Australia 6008
Tel: +61 (0)8 9287 4600
Pretoria
07 December 2011
Sponsor
River Group
Date: 07/12/2011 08:43:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
