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FSE - Firestone Energy Limited - Firestone Joint Venture reports Progress with

Release Date: 09/06/2011 08:11
Code(s): FSE
Wrap Text

FSE - Firestone Energy Limited - Firestone Joint Venture reports Progress with Mining Rights Application for Waterberg Coal Project 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 Joint Venture reports Progress with Mining Rights Application for Waterberg Coal Project Firestone Energy Limited (Firestone) (ASX/JSE: FSE) has been informed that the application for mining rights made by its Joint Venture with Sekoko Resources has been approved at the regional level by the Department of Mineral Resources and has been transferred to the South African national office for the final stages of approval. Firestone`s Chairman David Perkins commented "The Firestone/Sekoko JV remains on track to begin coal production in 2012. As previously announced to the market, we expect the mining rights to be granted this month which will be a significant milestone. Progress is also being made in obtaining debt financing for the project with a major South African financial institution conducting a site visit this week. These events are significant and, with the continuing development of our relationship with Eskom, represent the successful execution of plans previously announced to the market and the shareholders. Our management team has developed sound and cooperative relationships with our regulatory and commercial stakeholders and look forward to updating the market on our achievements as they are accomplished." Firestone would like to remind shareholders that the Share Purchase Plan (SPP) closes at 5pm Wednesday 15 June 2011. Shareholders are being offered the opportunity to purchase up to A$15,000 worth of shares at A$0.02 per share with a free 3 year attaching option exercisable at A$0.04 per share for every 2 shares subscribed for under the SPP. Mr Perkins said "I again encourage all shareholders to get behind our SPP. The SPP is an ideal opportunity for existing shareholders to share in Firestone`s promising future as an emerging coal producer." If you have any queries concerning the SPP, please contact the SPP information line on 1800 505 206 (within Australia) or +61 2 8256 3354 (outside Australia) or Computershare Investor Services Pty Limited on 1300 850 505 (within Australia) or +6194154 000 (outside of Australia). David Perkins Chairman 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: 2,696 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 9 June 2011 Sponsor and Designated Advisor River Group Date: 09/06/2011 08:11:00 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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