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FSE - Firestone Energy Limited - Response to ASX Correspondence of 29 April 2010 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") Response to ASX Correspondence of 29 April 2010 Further to the ASX letter dated 29 April 2010 we confirm the Following: The Company will continue to expend funds in line with its forecast as stipulated in item 4 of the recently released March Quarterly Report. These funds will be predominantly used to progress the Company`s exploration and evaluation programme and to increase the level of confidence in the orebody and progress the Bankable Feasibility Study (BFS) for the Waterberg project. As announced to the market on 11 September 2009, the Company has successfully raised A$25 million by way of a convertible note drawdown facility. This facility will be used by the Company to fund a full scale BFS for the Waterberg coal project. Currently the Company has a further A$12million to drawdown on this facility. The Company will continue to expend funds for the purpose of exploration and evaluation and progression of the BFS and therefore the expectation is that there will be negative operating cashflows in the future. In order to fund this commitment the Company has in place the convertible note drawdown facility mentioned above. As mentioned above, in the short term, the Company will meet the costs of its BFS and exploration programme via drawdown of its convertible note facility. The Board is aware that in order to progress the project past a BFS stage and into an operational phase further project financing will be required. To this end, and as communicated to the market on 27 April 2010 in the Shareholder Update, the Company is seeking a cornerstone investor to develop its Waterberg projects. The Company can confirm that it is in compliance with the listing rules and in particular with listing rule 3.1. Given the responses above, the Company can confirm that it is in compliance with listing rule 12.2, and that the Company`s financial position warrants continued quotation of its securities on the ASX. Yours faithfully Jerry Monzu Company Secretary +61 8 9381 2755 www.firestoneenergy.com.au Pretoria 4 May 2010 Sponsor and Corporate Advisor River Group Date: 04/05/2010 08:03:03 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.
