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FSE - Firestone Energy Limited - Proposal from Sekoko 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") Proposal from Sekoko Firestone Energy Limited (ASX/JSE: FSE) ("Firestone" or the "Company") is pleased to announce that it has received a proposal from its major shareholder Sekoko Resources (Pty) Limited, which if implemented, would more closely align the management and economic interests of the two organisations. The advantages outlined in the proposal include streamlining management, simplifying the joint venture structure and providing a more easily understood investment vehicle for both the equity and debt markets. Firestone Energy welcomes the proposal. The board will meet with representatives from Sekoko Resources on 2 December 2011 to further consider and discuss the proposal and at that time will provide further information to shareholders about the proposal. Should the board decide to recommend implementation of the proposal, the approval of unassociated shareholders, and all necessary regulatory approvals, will be sought. Until the board has had the opportunity to fully consider the proposal, Firestone Energy has undertaken to Sekoko Resources that it will not issue any new securities. As an initial step it is intended to invite Mr Tim Tebeila, Executive Chairman of Sekoko Resources, to join the Board. Yours sincerely Firestone Energy Limited David Perkins Chairman www.firestoneenergy.com.au About Firestone Energy Firestone Energy Limited is an independent, Australian exploration and development company listed on the Australian Stock Exchange Ltd (ASX) and the Johannesburg Stock Exchange (JSE). Firestone Energy has entered into a Joint Venture with Sekoko Resources (Pty) Ltd through which Firestone Energy has acquired the right to 60% participation interests in the Waterberg Coal Project located in Lephalale area, Limpopo Province, South Africa. The first stage of the project is to develop the Smitspan mine which has a substantial measured thermal coal resource and to develop the Vetleegte mine which is a substantial metallurgical coal deposit. Firestone Energy is committed to becoming a profitable independent coal and energy producer at its projects in South Africa, thereby making a substantial contribution to the social and economic development of the Lephalale area and South Africa. Corporate Details ASX: FSE JSE: FSE Issued Capital: 2,958 million ordinary shares Major Shareholders: Sekoko Resources (Pty) Ltd Linc Energy Ltd BBY Nominees Ltd Bell Potter Nominees Ltd Directors and Officers Non Executive Directors: David Perkins (Chairman) Dr Pius Kasolo Mr Colin McIntyre Mr Ben Mphahlele Mr Kobus Terblanche Sizwe Nkosi Company Secretary: Jerry Monzu Contact: Suite B9, 431 Roberts Road Subiaco, Western Australia 6008 Tel: +61 (0) 8 9287 4600 About Sekoko Resources Sekoko Resources (Pty) Ltd is a South African-based black-owned energy and minerals company developing the coal, magnetite iron ore and PGMs Projects in the Limpopo Province of South Africa. This includes a significant exploration program and development of the Waterberg Coal Joint Venture Project based on significant Coal Zone Resources. Sekoko is targeting to commence operations in 2012, thus forming the basis for developing a global coal business. Pretoria 25 November 2011 Sponsor River Group Date: 25/11/2011 09:27:48 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.
