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FSE - Firestone Energy Limited - December 2008 quarterly activities report

Release Date: 25/02/2009 10:39
Code(s): FSE
Wrap Text

FSE - Firestone Energy Limited - December 2008 quarterly activities report 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") DECEMBER 2008 QUARTERLY ACTIVITIES REPORT Waterberg Coal Field - South Africa Olieboomsfontein 220LQ A single Reverse Circulation (RC) bore hole was drilled on the farm prior to the December break. The borehole was the most northerly of four holes to be drilled to determine the position and possible vertical displacement of a number of interpreted east-west orientated intra-basin faults. It is now planned to drill an east-west line of four RC bore holes to determine the position of a major north-south orientated fault which downthrows the coal stratigraphy on the east side of the farm. Thereafter follow-up diamond drilling will target that portion of the farm where coal zones 5-11 lie close to ground surface. Vetleegte 304LQ In the reporting period our joint venture partner, Sekoko Resources (Pty) Ltd, completed the drilling of a 22 diamond bore hole programme on the farm. A full review of the drilling will be undertaken in the next reporting period when all outstanding data issues have been resolved and coal quality data from the laboratory is available. Northern Territory - Australia The two exploration licenses (ELs 7810 and 10166) near Tennant Creek in the Northern Territory continue to be explored by Emmerson Resources Ltd, on behalf of the Company, for Tennant Creek style iron oxide copper-gold deposits. Corporate During the quarter all regulatory approvals were received for the coal joint venture with Sekoko Resources from the Reserve Bank of South Africa and the Johannesburg Stock Exchange (JSE). Firestone Energy`s securities were dual listed on the JSE with effect from 30 October 2008. As a result of the joint venture, Sekoko Resources has become a substantial shareholder in the Company and Timothy Tebeila and Amanda Matthee have been appointed to the Board as non-executive Directors. During November 2008, the Company announced the appointment of Mr. Garth Higgo to the position of Chief Executive Officer. Mr. Higgo brings extensive executive experience in both South Africa and Australia to the Company. Mr. Higgo also has significant experience in managing joint ventures involving Black Economic Empowerment. Chief Executive Officer Firestone Energy is an independent Australian exploration company focused on developing coal and copper-gold projects in South Africa and Australia. The company is currently exploring the richly endowed Waterberg coal field in the Limpopo Province of South Africa. The Company is committed to value-added growth through becoming an independent coal and energy producer at its projects in South Africa. Drilling and assay test work is underway on its two tenements, Vetleegte 304 LQ and Olieboomsfontein 220 LQ in the Waterberg coal field. The Company has entered into a joint venture 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 JSE: FSE 1,278.0M Ordinary Shares Substantial Shareholders: Sekoko Resources (Pty) Ltd Colbern Fiduciary Nominees Ltd Directors and Officers Non Executive Directors: Lee Boyd Daryl Henthorn Amanda Matthee Malcolm Smartt Timothy Tebeila Chief Executive Officer Garth Higgo For further information please contact: Tel: +61 (0)8 9381 2755 Garth Higgo (CEO) Pretoria 25 February 2009 Sponsor River Group Date: 25/02/2009 10:39:01 Supplied by www.sharenet.co.za 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.

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