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FSE - Firestone Energy Limited - Firestone & Sekoko Sign Shareholders "Joint

Release Date: 28/02/2011 08:10
Code(s): FSE
Wrap Text

FSE - Firestone Energy Limited - Firestone & Sekoko Sign Shareholders "Joint Venture" Agreement FIRESTONE ENERGY LIMITED (formerly: Centralian Minerals 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") Firestone & Sekoko Sign Shareholders "Joint Venture" Agreement Firestone Energy Limited (ASX/JSE : FSE) is pleased to advise that it has signed a Shareholders JV Agreement "The Agreement" between the Company and its JV partner, Sekoko Coal (Proprietary) Limited. The shareholders to the Agreement have agreed to proceed with the establishment of a coal mine based on the Waterberg Properties and on the economic robustness of the Bankable Feasibility Study. All eight farms in the Waterberg Coal Project are covered by the Agreement and the Agreement specifies the operational, financing and cashflow aspects of the JV in accordance with the ownership interests of the participants, Firestone 60% and Sekoko 40%. The Agreement was signed in Johannesburg on Thursday the 24th February and paves the way for Firestone to embark on its next milestone of securing funding for the development of the Waterberg coal mine. The Company will now focus on conducting a road show to secure future funding. The Agreement is in effect immediately, and is subject to the following conditions precedent: The parties to the Agreement shall receive the written unconditional approval of the South African Competition Tribunal; and That the South African Minister for Mineral Resources gives written approval in terms of Section 11 of the Mineral and Petroleum Resources Development Act. The Chairman of Firestone Mr David Perkins said, "He was delighted that Firestone and Sekoko have managed to sign such an important agreement and that this now opens the door for the Company to seek funding for the development of its Waterberg Coal project and push ahead with the commencement of the mine". Mr Tim Tebeila, the Chairman of Sekoko Coal said, "This is significant step for the Sekoko / Firestone JV and it demonstrates the cooperation and good faith that exists within the JV partners. Sekoko looks forward to the development of the Waterberg Coal project and the benefits that will be derived for both Companies and their Shareholders". David J Perkins Chairman www.firestoneenergy.com.au 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: 2,627 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.direstoneenergy.com.au 28 February 2010 Pretoria Sponsor and Corporate Advisor River Group Date: 28/02/2011 08:10:02 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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