Wrap Text
Interim resource statement, project timeline and BFS update
FIRESTONE ENERGY 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")
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).
INTERIM RESOURCE STATEMENT, PROJECT TIMELINE and Firestone Energy has entered into a Joint
BFS UPDATE Venture with Sekoko Resources (Pty) Ltd
through which Firestone Energy has
acquired the right to 60% participation
Firestone Energy Limited (ASX/JSE: FSE) (“Firestone” or the interests in the Waterberg Coal Project
“Company”), wishes to advise that following a period of extensive located in Lephalale area, Limpopo Province,
drilling activity, the Company is pleased to report the results of an South Africa.
interim Resource Statement as prepared by SRK Consulting.
The first stage of the project is to develop the
Smitspan mine which has a substantial
Interim Resource Statement measured thermal coal resource and to
develop the Vetleegte mine which is a
The interim Resource Statement covers only two properties of the substantial metallurgical coal deposit.
four farms held by Sekoko Coal (a subsidiary of Sekoko Resources
Firestone Energy is committed to becoming a
(Pty) Ltd) under a Mining Licence in the Waterberg being, profitable independent coal and energy
Smitspan and Massenberg, and states the Gross Tons Insitu (GTIS) producer at its projects in South Africa,
tonnage as equal to 1090.88 Mt at Measured and the combined thereby making a substantial contribution to
Indicated and Inferred Resources being 92.31 Mt. the social and economic development of the
Lephalale area and South Africa.
This latest Resource Statement reflects the considerably increased
Corporate Details
borehole database that has increased the geological ASX: FSE
confidence categories from the previously issued Resource JSE: FSE
Statements (Venmyn August 2010). The August 2010 Venmyn Issued Capital:
report covered all seven farms initially held under Prospecting 3,549 million ordinary shares
Licence that stated the GTIS at 1,882.46 Mt, equal to 239.89 Mt at Major Shareholders:
Measured, and the balance 1,642.57 Mt as being predominately Waterberg Coal Company
Indicated or Inferred. Sekoko Resources (Pty) Ltd
Linc Energy Ltd
BBY Nominees Pty Ltd
Furthermore, the balance of the resources on the farms held
under Mining Licence and Prospecting Licences, are not included Directors and Officers
in this estimate and reflect further potential. Non Executive Directors:
Mr Tim Tebeila (Chairman)
The coal qualities, reflected in the GTIS Resource Statement, are David Perkins (Deputy Chairman)
Dr Pius Kasolo
those for Raw Insitu Coal and do not represent the washed coal Ben Mphahlele
qualities. The beneficiated tonnages will be reported in the Kobus Terblanche
Oren Zohar
completed BFS. Jack James
Project Timeline and BFS Update Officers:
Mr David Knox CEO
Ms Amanda Matthee CFO
The Technical Team have confirmed that the Bankable Feasibility Mr Jerry Monzu Company Secretary
Study ("BFS") is currently scheduled to be completed by the end
of June 2013. The delivery of the BFS is one of the key Conditions Contact:
Precedent ("CP") in the process of converting the current Eskom Suite B9, 431 Roberts Road
Subiaco, Western Australia 6008
MoU, to supply 10 million tonnes per annum, to a Coal Supply Tel: +61 (08) 9287 4600
Agreement ("CSA").
The finalising of a CSA would include several CP's to be met, including that;
1. Eskom are satisfied with the quality of the coal; and
2. An agreement is finalised on the price of the coal to be supplied and
purchased. The coal price negotiations are expected to commence during
2nd Half 2013 and Eskom have indicated that they may embark on a bulk
sample burn test to confirm the coal qualities, the results of which may be
available in 1st half 2014.
Based on the current timetable, production is expected to commence during 2nd
Half 2015, between 12 to 18 months after the completion of the CSA and the
confirmed drawdown of project financing facilities.
Yours sincerely,
David Knox
Chief Executive Officer
www.firestoneenergy.com.au
Tel: Australia (+61 08 9287 4600)
South Africa (+27 11 706 3548)
Competent Persons Statement
Information in this announcement that relates to exploration results, coal resources or reserves on the properties
Smitspan 306LQ and Massenburg 305LQ is based on information compiled by Mr Sello Nzama. Mr Nzama who is
employed by SRK Consulting (Pty) Ltd is a member of the South African Council for Natural Scientific Professions.
Mr Nzama has sufficient experience which is relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004
Edition of the “Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves”
(The JORC Code). Mr Nzama consents to the inclusion in the announcement of the matters based on his
information in the form and context in which it appears.
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.
23 March 2013
Johannesurg
Sponsor
River Group
Date: 23/05/2013 09:20:00 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.
Sharenet Sites 
