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FSE - Firestone Energy Limited - Firestone bolsters property portfolio in SA`s Waterberg Coalfield 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") Firestone Bolsters Property Portfolio in SA`s Waterberg Coalfield Johannesburg and Perth: Monday 3 May 2010. Firestone Energy Limited (ASX/JSE: FSE) today announced the purchase of an additional property in South Africa`s highly prospective Waterberg coal district. The Hooikraal farm covers a surface area of 955.3 hectares, and represents the second property in the portfolio of eight properties in this area over which Firestone Energy has purchased surface rights. This acquisition represents a further land acquisition in one of Firestone`s three identified areas of activity. Hooikraal is favourably situated in the coalfield, and is one of two farms in the portfolio which is immediately adjacent to an established paved provincial road and within 5 kilometres of the Transnet freight rail line (Transnet is the national railway company). The North West portion of the property has the potential for a small open pit mine with easy access to the lower, high quality coal seams (zones 3, 2 and 1). Once again the situation is ideal for product stockpiles, a laboratory, weighbridges and other surface infrastructure including a conveyor transfer point en route to power stations. This is a particularly important consideration, in view of the Medupi power station being only 8 kilometres away. Firestone Managing Director John Wallington commented today that the month of May would see the start of drilling between six and ten boreholes on the Vetleegte and Hooikraal farms to confirm the existence of the "graben" structure, a geological feature which would support the view that the lower three coal seams, zones 1 through 3, are present at depths conducive to open pit mining. These seams have shown attractive metallurgical coal qualities both with low ash and low phosphorous values. "In the SAMREC compliant resources held by the company, Hooikraal accounts for 7.3 million tons (coal gross tons in situ) in the indicated category, and 155.5 million tons (coal gross tons in situ) in the inferred category," Wallington said. Further information can be obtained by contacting Mr John Wallington. John Wallington Managing Director +61 (08) 9381-2755 www.firestoneenergy.com.au Information in this announcement that relates to exploration results, coal resources or reserves on the properties Smitspan 306LQ, Hooikraal 315LQ, Minnasvlakte 258LQ and Massenberg 305LQ is based on information compiled by Ms Catherine Telfer 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 2004 Edition of the "Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves". 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 About Firestone Energy 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 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. The Company has entered into three 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 (Deputy Chairman) 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 Date: 4 May 2010 Company secretary Print name: Rance Dorrington Pretoria 4 May 2010 Sponsor and Corporate Advisor River Group Date: 04/05/2010 08:24:01 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`). 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