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FSE - Firestone Energy Limited - Correction of Allegations Made in a Recent

Release Date: 07/12/2011 08:43
Code(s): FSE
Wrap Text

FSE - Firestone Energy Limited - Correction of Allegations Made in a Recent Media Article 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" Correction of Allegations Made in a Recent Media Article Firestone Energy Limited (ASX / JSE : FSE)("Firestone" or the "Company") is aware of a media article contained in South Africa`s "Business Day" newspaper of 6 December 2011 regarding the Company. The article contains numerous incorrect assertions, including that: * the Industrial Development Corporation ("IDC") has withdrawn its funding of Sekoko Resources (Pty) Ltd ("Sekoko"), Firestone`s joint venture partner for its Waterberg project; * the IDC is currently the owner of a large portion of Firestone`s shares in contravention of the Australian Corporations Act; and * Eskom has not entered into a memorandum of understanding of with either Sekoko or Firestone. The Company wishes to advise shareholders that contrary to the alleged factual statements made in the press article: * Sekoko has today confirmed to Firestone that the IDC has not withdrawn its funding arrangement with Sekoko and that Sekoko is not aware of any actual or threatened action by the IDC to withdraw its funding arrangement; * the IDC is not currently the owner of any shares in Firestone and has not breached the Australian Corporations Act; and * as previously announced by the Company, Sekoko had entered into a memorandum of understanding with Eskom, the terms of which are in the process of being renegotiated. Given the speculative nature of the media article, shareholders are urged not to take any action based on its contents. Firestone Energy Limited David Perkins Chairman www.firestoneenergy.com.au 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. About Industrial Development Corporation of South Africa "IDC" IDC is a self financing, state owned, developmental financial institution which was established in 1940. The IDC has approved funding deals in excess of ZAR9billion (approx A$1.3 billion) in 2010 and has invested over ZAR6billion (approx A$857million) in mining and energy related projects over the last two years. The 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. 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) Tim Tebeila Dr Pius Kasolo Mr Colin McIntyre Mr Ben Mphahlele Mr KobusTerblanche Company Secretary: Jerry Monzu Contact: Suite B9, 431 Roberts Road Subiaco, Western Australia 6008 Tel: +61 (0)8 9287 4600 Pretoria 07 December 2011 Sponsor River Group Date: 07/12/2011 08:43:01 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.

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