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FSE - Firestone Energy Limited - Sekoko Coal Sign Agreements with IDC FIRESTONE ENERGY 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") Sekoko Coal Sign Agreements with IDC Firestone Energy Ltd (ASX/JSE : FSE) has been informed by Sekoko Coal, its Joint Venture Partner in the Waterberg Project, that it has signed definitive agreements with the Industrial Development Corporation of South Africa (IDC) to inject funding through backing Sekoko Coal for its portion of the Capital Expenditure of construction of the mine and rail siding. The agreements are conditional on regulatory approvals from Australia. These exchange control regulations are required by the Australian authorities to be observed by any 100% owned state agency that holds shares in an Australian company. The approvals are expected within 30 days from today where after funds are expected to flow into the project. IDC will own shares in Firestone Energy through a Special Purpose Vehicle (SPV). "We are delighted of this positive news for the Waterberg Project because this evidences support, commitment and backing by the South African Government to start mining operations in the Waterberg Project"; said Mr David Perkins the Chairman of Firestone Energy. IDC is a self financing state owned developmental financial institution which was established in 1940. IDC approved funding deals in excess of ZAR9billion in 2010 and has invested over ZAR6billion in mining and energy related projects over the last two years. IDC is a significant shareholder in Sasol Limited, Mittal Steel South Africa, Exxaro and Foskor. IDC has funded numerous successful green-field and brown-field projects over the past 70 years. 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 BBY Nominees 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 Pretoria 18 April 2011 Sponsor River Group Date: 18/04/2011 07:05:24 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.
