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FSE - Firestone Energy Limited - Quarterly Activities Report For The Period To 31 December 2009 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") QUARTERLY ACTIVITIES REPORT FOR THE PERIOD TO 31 DECEMBER 2009 The Board of Firestone Energy Limited (ASX: FSE) are pleased to provide shareholders with its Quarterly Activities Report for the 3 month period ended 31 December 2009. HIGHLIGHTS OPERATIONAL The Pre-Feasibility Study Report was received in late December 2009. The review of this report will be finalized in early February 2010, with the aim of prioritizing activities required for the Bankable Feasibility Study. The study has identified the first phase mining project area, which is being estimated to produce just over 100mt over 20 years at low stripping ratios. Further details of this project will be announced during February 2010. Participated fully in the Eskom RFP process (Pre-qualification process for potential future coal supply agreements). EXPLORATION Updated resource statement includes 97mt of measured, 500mt of indicated and 734mt of inferred resources on the Smitspan property which encompasses the entire Phase 1 project area referred to above. The next phase of drilling includes large diameter (123mm and 165mm) holes for geotechnical, hydro-geological and coal processing testwork. Upon completion the additional information will allow for the objectives of the BFS to be met with regard to increased confidence levels and reduced tolerances on Capex/Opex estimations etc. Finalisation of the social and labour plan studies as part of finalising the environmental management plan documentation. Firestone Energy aims to lodge a mining right application with the Department of Mineral Resources during the first quarter of 2010. CORPORATE The purchase of the Smitspan farm was concluded during the period Mr John Wallington appointed as Managing Director Mr Rance Dorrington appointed as Company Secretary OVERVIEW Pre-Feasibility Study During the quarter, the Preliminary Feasibility Study ("PFS") report on the Waterberg Coal JV Project report was completed, the results of which will be announced in the forthcoming first quarter of 2010. FSE will continue with specific Phase IV drilling activities to improve the confidence and technical understanding of the Waterberg Coal JV resource estimate. The Bankable Feasibility Study ("BFS") activities are being prioritized with the objective of meeting the required confidence levels. Continued progress has been made with the potential development of the "mini pit", the development of which is subject to appropriate off-take agreements being concluded. Environmental and Socio-Economic Impact Assessment During the quarter, Firestone Energy continued with the finalisation of its drafts of Environmental Management Plan and Social and Labour Plan Impact Assessment ("SEIA") documentation in accordance with Department of Mineral Resources regulations. During the first quarter of 2010, stakeholder meetings to discuss and receive questions on the SEIA will be held at the Lephalale Local Municipality and Waterberg District Municipality. Mining Right Application Firestone Energy is now in the process of finalising the Environmental and Social Management Plan and the associated Social and Labour Plan. Firestone Energy aims to lodge an application for a Mining Right for the Waterberg Project during the first quarter of 2010. Business Development During the quarter FSE engaged in extensive market study and business development activities with the objective of identifying and communicating with potential customers of the products anticipated from the afore mentioned project. The company is participating in working committees with potential key strategic alliance partners, including emerging miners, to explore synergies and address constraints of accessing competitively priced rail and port infrastructure. Corporate During the quarter the Company secured the services of Mr John Wallington as Managing Director with effect from 1 November 2009. Additionally the Company appointed Mr Rance Dorrington as Company Secretary effective from 1 December 2009. 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 coalfield 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. The Company has entered into two 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 JSE: FSE Issued Capital: 2,331 million ordinary shares Major Shareholders: Sekoko Resources (Pty) Ltd Colbern Fiduciary Nominees Ltd Bell Potter Nominees Ltd Directors and Officers: Non Executive Directors: John Dreyer (Chairman) Timothy Tebeila Amanda Matthee Colin McIntyre Managing Director John Wallington Company Secretary Rance Dorrington Contact: Level 1, 63 Hay Street Subiaco, Western Australia 6008 Tel: +61 (0) 8 9381 2755 Web: www.firestoneenergy.com.au For further information please contact: Mr. John Dreyer Chairman Tel: +61 8 9381 2755 Fax: +61 8 9381 4799 www.firestoneenergy.com.au Information in this report that relates to exploration results and coal resources is based on information compiled by Ms Catherine Teller who is employed by Venmyn Rand (Pty)Ltd and is a member of The Australian Institute of Mining and Metallurgy and the South African Institute of Mining and Metallurgy. Ms Telfer has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which she is undertaking to qualify as a Competent Person as defined in the SAMREC and JORC Codes. Ms Telfer consents to the inclusion in the report of the matters based on her information in the form and context in which it appears. Pretoria 29 January 2010 Sponsor River Group Date: 29/01/2010 11:34:01 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.
