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Firesteel appoints new directors and Interim CEO and grants stock options

^{Published on 2011-07-12 10:31:59 - Market Wire}
 

Trading Symbol: FTR- TSX: V

VANCOUVER, July 12, 2011 /CNW/ - Firesteel Resources Inc. (TSXV: FTR) ("Firesteel" or the "Company") is pleased to announce the appointment of Mr. Michael Hepworth and Mr. Paul Sarjeant to the Board of Directors of the Company and announces the award of stock options.  The Company also announces that Mr. Jacques Soroka has resigned as Interim CEO and as a director of the Company and that Board Chairman Mr. Walter Wakula will assume the added role of Interim CEO.

Mr. Hepworth is an accomplished entrepreneur and business leader with more than 30 years of diverse international experience: setting strategic direction, achieving sales and business development goals, developing and implementing marketing strategy, corporate development, acquisitions and raising finance. Michael is currently Vice President Corporate Development at G4G Resources Ltd. (TSX-V: GXG), an iron sands and minerals company, and is also responsible for corporate development at Northern Iron Corporation, a mineral exploration company focused on iron.

Mr. Sarjeant is a Professional Geologist who has been involved in mineral exploration and development in North and South America and throughout Africa, Asia and Europe for more than 25 years.  He spent over 13 years with Echo Bay Mines, lastly as Senior Geologist, International Exploration Group responsible for project evaluations.  Most recently he serves as President & CEO of Grandview Gold Inc.(TSX:GVX), a gold exploration company.  Mr. Sarjeant holds a Bachelor of Science (Honours) degree in geological sciences from Queen's University in Kingston, Ontario and is a member of the Association of Professional Geoscientists of Ontario.  Mr. Sarjeant also serves as a director/consultant to a number of private and public mining companies.

In announcing the Board and Management changes, Firesteel's Chairman Walter Wakula stated: "We have been trying to round out the skill sets of the Board with top notch international geo-science, senior management and business development expertise. I am thrilled that we have been able to appoint Michael and Paul to fill these roles and complete this process. I am sad that Jacques Soroka is leaving us. He has completed on many pressing management issues that needed his particular skills to solve and has worked hard with us on the Board on corporate governance matters. We thank him wholeheartedly for his service and wish him the best of luck going forward."

The Company also announces that it has granted stock options under its incentive stock option plan to its newly appointed directors and to its Chief Financial Officer. The stock options granted are to purchase up to 450,000 common shares of the Company, have an exercise price of $0.10 per common share and expire on July 11, 2016.

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 15 percent shareholding in Blacksteel Energy Inc.

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

"Walter Wakula"
_______________________________________________
Walter Wakula, Interim CEO and Chairman of the Board

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 no forward-looking statements.