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FSE - Firestone Energy Limited - Approval of Acquisition of Properties and Jindal MOU FIRESTONE ENERGY LIMITED (Incorporated in Australia) (Registration number ABN 058 436 794) Share code on the JSE Limited: FSE Share code on the ASX: FSE ISIN: AU000000FSE6 (SA company registration number 2008/023973/10) ("FSE" or "the Company") Approval of Acquisition of Properties and Jindal MOU Firestone Energy Limited, "Firestone" (ASX/JSE: FSE), wishes to announce that its Joint Venture partner, Sekoko Resources, has approved in a General Meeting the transfer of properties (T3 Properties) to the Joint Venture. This is the transfer of the T3 Properties which was approved by FSE shareholders on 4 January 2011. As contemplated, 200 million shares in the company have been issued to Sekoko. FSE is pleased to announce a related transaction pursuant to which the FSE/Sekoko joint venture has entered into a non-binding Memorandum of Understanding (MOU) with Jindal Steel & Power Limited "Jindal". The MOU establishes a framework for Jindal to negotiate a definitive agreement to undertake an exploration and drilling program on the T3 Properties without cost to FSE. At Jindal`s election it may require FSE and Sekoko to enter into a joint venture to develop a mine on the T3 properties. If Jindal elects to proceed with the development of a mine there will be an adjustment in the ownership interests in the T3 properties. Jindal Steel & Power Limited "JSPL" forms part of the Jindal Group. JSPL is a leading player in Steel, Power, Mining, Oil and Gas and Infrastructure. In terms of tonnage, they are the third largest steel producer in India. Further details will be provided when a definitive agreement is entered into. David J Perkins Chairman Corporate Details ASX: FSE JSE: FSE Issued Capital: 2,427 million ordinary shares Major Shareholders: Sekoko Resources (Pty) Ltd Colbern Fiduciary Nominees Ltd Bell Potter Nominees Ltd Directors and Officers: Non Executive Directors: David Perkins (Chairman) Dr Pius Kasolo Colin McIntyre Sizwe Nkosi Peter Tshisevhe Company Secretary Jerry Monzu Contact: Suite B9, 431 Roberts Road Subiaco, Western Australia 6008 Tel: +61 (0) 8 9287 4600 Web: www.firestoneenergy.com.au Enquiries: Firestone Energy Limited +61 8 9287 4600. David J Perkins Chairman Jerry Monzu Company Secretary Johannesburg 4 February 2011 Sponsor and Corporate Advisor River Group Date: 04/02/2011 08:01:01 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.
