Stocks & Investing
Stocks and Investing
Stocks and Investing
Tue, October 26, 2010
Mon, October 25, 2010 
Trading Symbol: FTR- TSX: V
VANCOUVER, Oct. 25 /CNW/ - Firesteel Resources Inc. (TSXV:FTR) ("Firesteel" or the "Company") is pleased to announce that the Company has reached an agreement with Brett Resources Inc. ("Brett") for dismissal of the lawsuit initiated by Brett in The Supreme Court of British Columbia (the "Court") on February 1, 2010. The statement of claim for the Court action was launched with respect to a letter of intent entered into with Brett for the grant of an option on the ROK-Coyote mineral property (the "ROK Property"). (News release dated February 22, 2010)
The terms of the settlement agreement consist of the following principal points:
- Firesteel will reimburse Brett approximately $119,000 for an exploration work program conducted by Brett on the ROK Property, plus additional legal costs for dismissal of the lawsuit;
- Brett will provide Firesteel with details of the exploration program undertaken and the technical assessment report explaining the results of this program; and
- Brett will make the necessary application to the Court dismissing the lawsuit.
Firesteel is a junior minerals exploration company which explores for and develops quality precious and base metal prospects in the resource rich Stikine Arch area of British Columbia, and in the NWT and Mexico. The Company has been exploring its Copper Creek and ROK - Coyote discovery properties in northern British Columbia with strong showings of copper and gold mineralization. Firesteel maintains its interests in the oil and gas business through its 16 percent shareholding in Blacksteel Energy Inc. (TSXV:BEY).
ON BEHALF OF THE BOARD OF DIRECTORS OF
FIRESTEEL RESOURCES INC.
"Walter Wakula"
__________________________________
Walter Wakula, Chairman of the Board
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Advisory Regarding Forward Looking Statements
This press release contains forward-looking statements which include, but are not limited to: evaluations, opinions, forecasts, projections, guidance, expectations about future activities and performance of the Company, dismissal of a Court action, reimbursement for exploration work, receipt of a technical report on the ROK Property and other statements that are not statements of fact. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurance that such expectations will prove to be correct. The matters contained in this news release may be affected by a variety of variables and risks, as a consequence, actual results could differ materially from those anticipated or implied in the forward-looking statements.
The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement and are made as of the date of this new release. Unless otherwise required by applicable securities laws, the Company does not intend nor does it undertake any obligation to update or review any forward-looking statements to reflect subsequent information, event, results or circumstances or otherwise.
