FIRESTEEL ANNOUNCES CLOSING OF ITS PRIVATE PLACEMENT OFFERING WITH PROCEEDS OF $414,545

VANCOUVER, Nov. 1 /CNW/ - Firesteel Resources Inc. (TSXV:FTR) ("Firesteel" or the "Company") is pleased to announce that the Company has closed its non-brokered private placement offering of common shares of the Company in two tranches (the "Offering") with gross proceeds of $414,545.

In response to investor demand Firesteel had amended the number of common shares available in the Offering previously announced by the Company in its news release dated September 20, 2010. All other terms of the Offering remained the same.

Under the amended Offering up to 1,500,000 (previously 5,000,000) common shares of the Company (the "FT Shares") were offered on a flow-through basis (the "FT Offering") and up to 5,000,000 (previously 3,000,000) non flow-through units (the "NFT Units") were offered with each NFT Unit consisting of one (1) common share and one (1) common share purchase warrant (the "NFT Warrant") (together, the "NFT Offering"). Each NFT Warrant entitles the holder to acquire a further common share of the Company at a price of $0.12 per common share until the earlier of: (i) October 29, 2012; and (ii) in the event that the closing price of the common shares on the TSX Venture Exchange (the "TSXV") is at least $0.18 for ten (10) consecutive trading days, and the 10th trading day (the "Final Trading Day") is no earlier than March 2, 2011, the date which is thirty (30) days from the Final Trading Day. This transaction is subject to the approval of the TSXV who conditionally accepted the Company's amended private placement offering on October 27, 2010.

Firesteel has now completed the sale of 775,000 FT Shares priced at $0.085 per FT Share for gross proceeds of $65,875. The FT Offering is now closed. A cash finder's fee of $6,587.50 was paid and 77,500 finder's warrants were issued with respect to the FT Offering. Each finder's warrant entitles the holder to acquire a common share of the Company at an exercise price of $0.07 per common share and expires on October 29, 2011 (the "Finder's Warrant"). The Finder's Warrants may not be exercised prior to March 2, 2011.

Firesteel also completed the sale of 4,981,000 NFT Units priced at $0.07 per NFT Unit for gross proceeds of $348,670. The NFT Offering is also now closed. A cash finder's fee of $34,867.00 was paid and 498,100 Finder's Warrants were issued with respect to the NFT Offering.

All securities issued by Firesteel in connection with this Offering have been legended with the following endorsement:

"Without prior written approval of the TSX Venture Exchange and compliance with all applicable securities legislation, the securities represented by this certificate may not be sold, transferred, hypothecated or otherwise traded on or through the facilities of the TSX Venture Exchange or otherwise in Canada or to or for the benefit of a Canadian resident until March 2, 2011."

The issued and outstanding capital of the Company following the issuance of shares under this Offering is 51,833,739 common shares.

Proceeds from the Offering will be used for general corporate purposes and to undertake the planning for and execution of the initial next stage of an exploration program on Firesteel's Copper Creek Property as described in the Company's October 8, 2010 news release. Firesteel has engaged a technical team to undertake a project on this property and the findings of this project work will be disclosed when the technical report has been completed within the next two weeks.

In announcing the closing of this Offering Walter Wakula, Chair of Firesteel, stated: "The response to this offering exceeded our expectations and we are grateful for the confidence expressed by investors during the marketing process. As well, we are very pleased to have raised sufficient funds to continue the Company's exploration work on its excellent properties."

Firesteel is a junior minerals exploration company which explores for and develops quality precious and base metal prospects in the resource rich Stikine Arch area of British Columbia, and in the NWT and Mexico. The Company has been exploring its Copper Creek and ROK - Coyote discovery properties in northern British Columbia with strong showings of copper and gold mineralization. Firesteel maintains its interests in the oil and gas business through its 16 percent shareholding in Blacksteel Energy Inc. (TSXV:BEY)

ON BEHALF OF THE BOARD OF DIRECTORS OF
FIRESTEEL RESOURCES INC.

"Walter Wakula"

__________________________________

Walter Wakula, Chairman of the Board

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Readers of this news release are cautioned not to put undue reliance on such forward-looking statements.

Neither 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.

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FIRESTEEL ANNOUNCES CLOSING OF ITS PRIVATE PLACEMENT OFFERING WITH PROCEEDS OF $414,545