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Extracting wealth from "them
thar hills": Firestone Ventures
by Glenn Wilkins - AllPennyStocks.com News Reporter
June 22, 2005 (AllPennyStocks.com Media, Inc.) - The vast
riches of the earth still hold much promise for ambitious
prospectors and investors alike. The trick involves not only
knowing where to look for your quarry, but to have the guts to
follow through when, inevitably, things look most
discouraging. Just as during Klondike Days, mining is a risky
field, and the ones who succeed in it are those that can treat
triumph and disaster just the same, and can share that same
success with their financial backers.
Edmonton-based Firestone Ventures (TSX Venture:
FV) Incorporated provides exposure for investors to
uranium, gold, zinc and copper, aggressively exploring and
upgrading its property portfolio to add value. Firestone
Ventures is poised to strike it rich in an emerging uranium
district in Alberta, besides excellent gold, copper, zinc,
silver and gemstone properties in Western Canada and Central
America.
Last year, with the world in a less volatile state than it
is now gold could have been had for the bargain price of $400
U.S., and it was then that more momentum began to build among
junior mining companies to raise serious production money.
Firestone was a great beneficiary of this momentum. Three of
the properties by which Firestone expects to prosper are
located in British Columbia, specifically Louise Lake noted
for a mineralized zone open from three directions, Amazing
Grace - where exploration potential is vast for wider veins,
and Morris, the last of which turned up high-grade multi-ounce
veins.
The amazing thing about Amazing Grace is that it hosts two
historic high-grade gold prospects, "Maude S" and
appropriately enough, "High Grade". The gold veins were
literally "lost" for years until re-discovered by local
prospectors about 15 kilometres southeast of Castlegar,
British Columbia. Firestone Ventures is of the opinion that
the potential for these two properties to host much larger,
more consistent gold deposits than has been already shown is
vast.
Not to put all its golden eggs in one basket, Firestone has
been busy exploring vast quantities of uranium and zinc. In
March of this year, the company acquired 95,000 acres of a
prime uranium prospect in Southern Alberta known as the
Alberta Sun, and the Torlon Hill zinc deposit in Guatemala is
due for drilling sometime this year. It's here that a
75,000-square-metre area known as the Santa Rosa Corridor is
host to a high grade of zinc mineralization, and just in time,
too; prices for zinc are rising, and kept high by encouraging
economic growth in China and other Asian resources, where
there is a high demand for the product. Furthermore, new
processing technologies may enable the zinc to be processed
on-site, without a smelter, thus lowering the costs.
In the Yukon, the gold obviously did not dry up after the
Klondike rush, and Firestone has benefited from what remains
about 100 kilometres southwest of the town of Carmacks, named
for the man credited with first finding Klondike gold. The
Sonora property is said to be swimming not only with gold
veins but silver, copper and other metals.
To make a long story short, Firestone Ventures is busy, and
much of this momentum has just gathered steam in recent years.
Most recently - in late May - the Company bought a 100-percent
interest in the Redrock uranium property in Southwestern
Alberta, about 25 kilometres southeast of Cardston, with
mapping, sampling and prospecting soon to get underway.
The urgency with which Firestone Ventures has entered to this
great variety of projects has meant a significant cash outlay.
As a result, the Company has been operating in a loss
position. The last quarter for which information is available
(ending December 31, 2004) shows a loss of $128,864 or a penny
per share (all figures being in Canadian funds unless
specified otherwise).
The stock, which trades on the TSX Venture under the symbol
FV, has done so in a fairly narrow 52-week range between 8.5
and 21 cents. With gold and zinc prices exploding out of the
blocks, and prices for other metals like uranium also strong,
Firestone Ventures may find itself in the middle of yet
another gold rush.
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