Firesteel Resources Inc. Appoints General Manager and Chief Operating Officer

FIRESTEEL RESOURCES INC. (TSXV:FTR) (“Firesteel”) today announced that it has appointed Joe Ranford as Chief Operating Officer for Firesteel. Mr. Ranford will also assume the position of General Manager of the Laiva Mine. Mr Ranford will be resident in Finland.

Joe Ranford has a Bachelor of Engineering from the University of South Australia and an MBA from the University of Adelaide. He has a wealth of experience mining various commodities; including gold, copper, platinum, lead, zinc and iron ore. His diverse management experience includes operations, business and project development and stakeholder engagement. While working on three continents, Joe has held various leadership roles with companies such as Crocodile Gold Corp., Mount Gibson Iron Limited, Goldcorp Inc., Brandrill Limited and Normandy Mining Limited.

Prior to joining Firesteel Resources, Joe was General Manager and Chief Technical Officer of Terramin Australia Limited. He managed the Angas Zinc mine, led a team that reopened the high value Bird-in-Hand Gold mine in South Australia and guided a company through the approvals process for the Tala Hamza Zinc project in Algeria in northern Africa.

Joe is a Non-Executive Director of Resources and Engineering Skills Alliance (RESA) and a founding board member of RESA Australia. Joe has sat on the advisory council of the South Australian Chamber of Mines and Energy and currently sits on its Mining & Extractives and Legislation & Regulation Committees.

The Laiva Mine is expected to start production in the third quarter of 2018. Joe’s more than 25 years of extensive international mining engineering, consulting and operating experience will ensure that the mine returns to production as quickly as possible. He will also ensure that the approach to mining the deposit and processing the ore is driven by sound engineering and mining science.

About the Company

Firesteel is an exploration-stage junior mining company engaged in the acquisition and exploration of prospective precious and base metal properties in Canada and stable jurisdictions around the world. Firesteel is currently working to evolve from an exploration company to becoming a junior producer.

On April 7, 2017, Firesteel first announced the signing of heads of agreement with Nordic Mines AB to form a joint venture to operate and eventually acquire 100% of Nordic Mines Marknad, a wholly owned subsidiary of Nordic Mines AB. Nordic Mines Marknad owns 100% of Nordic Mines OY, the operator of the fully permitted and past producing Laiva Mine near Raahe in Finland.

Firesteel recently completed an updated Resource Estimate prepared in accordance with NI 43-101 guidelines and CIM standards (Firesteel Press release dated August 21, 2017). The results of that study include:

Laiva Open Pit Constrained Mineral Resource Estimate

The mineral resources presented here were estimated using a block model with a block size of 9 m by 9 m by 9 m sub-blocked to a minimum of 3 m by 3 m by 3 m using ID3 methods for grade estimation. All mineral resources are reported using a pit constrained gold cut-off of 0.40 g/t Au.

Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental permitting, legal, title, socio-political, marketing, metals prices or other relevant issues.

• – Nordic Mines OY
  • – Historical expenditures estimated at over EUR200,000,000

    – 250 tonne per hour autogenous Outotec mill

    – Cyanide leaching circuit

    – First dore cast in 2011

    – Conventional open pit mine

    – Excellent local infrastructure

  – 2 additional early stage gold properties in Finland.

Disclosure: Companies typically rely on comprehensive feasibility reports on mineral reserve estimates to reduce the risks and uncertainties associated with a production decision. The Company has not completed a feasibility study on, nor has the Company completed a mineral reserve estimate at the Laiva Mine and as such the financial and technical viability is deemed to have higher risk than if this work had been completed. Based on historical engineering and geological reports, historical production data and current engineering work completed or in process by Firesteel, the Company intends to move forward with the development of this asset.

The Company further cautions that it is not basing any production decision on a feasibility study of mineral reserves demonstrating economic and technical viability, and therefore there is a much greater risk of failure associated with its production decision. In addition, readers are cautioned that inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves.

Firesteel currently has one highly prospective property in British Colombia.

The Star property is currently operated under a Joint Venture agreement between Firesteel (49%) and Prosper Gold. (TSX-V: PGX) (51%).

About Pandion Mine Finance, LP

Pandion is an affiliate of PFL Raahe Holdings LP and is a mining-focused investment firm backed by MKS PAMP Group and Ospraie Management, LLC that provides flexible financing solutions to developing mining companies.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by Paul Sarjeant, P.Geo., a Qualified Person under National Instrument 43-101 and a director of the Company.

For a detailed overview of Firesteel Resources Inc. please visit:

www.FiresteelResources.com

For further information, please contact:

Michael Hepworth

President and Chief Executive Officer

(416) 419 5192

mhepworth@firesteelresources.com

www.firesteelresources.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

Advisory Regarding Forward Looking Statements

This news release contains forward-looking statements. Users of forward-looking statements are cautioned that actual results may vary from forward-looking statements contained herein. Forward-looking statements include, but are not limited to: expectations, opinions, forecasts, projections and other similar statements concerning anticipated future events, conditions or results that are not historical facts. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. While the Company has based these forward-looking statements on its expectations about future events as at the date those statements were prepared, the statements are not a guarantee of the Company’s future performance. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurance that such expectations will prove to be correct.

The Company’s forward-looking statements are expressly qualified in their entirety by this cautionary statement and are made as of the date of this new release. Unless otherwise required by applicable securities laws, the Company does not intend nor does it undertake any obligation to update or review any forward-looking statements to reflect subsequent information, events, results or circumstances or otherwise.

Source: www.thenewswire.com