Firebird Resources Inc. Provides Corporate Update
VANCOUVER, British Columbia, Canada /June 27, 2011/ - Firebird Resources Inc. (the "Company" or "Firebird") wishes to provide a corporate update on its operations and its previously announced plan of arrangement.
Plan of Arrangement
Further to Firebird's news release dated June 14, 2011 in respect of a previously announced plan of arrangement (the "Arrangement") with its wholly-owned subsidiary GTO Resources Inc. ("GTO"), Firebird reports that it is in the process of completing customary closing conditions, including obtaining final approval from the TSX Venture Exchange (the "Exchange") for the listing of the common shares of GTO (the "GTO Shares") on the Exchange. Firebird and GTO expect to close the Arrangement on or about July 15, 2011, after all such conditions to completion of the Arrangement are satisfied or waived. The effective date of the Arrangement will be announced by Firebird in a subsequent communication.
The Company also reports that it has contracted Boart Longyear, a leading provider of mineral exploration drilling services, to conduct a drill program on its gold exploration projects in South Carolina. Pursuant to the drill program, drilling was initiated on the Buzzard Project, which is located on the Haile-Brewer Gold Trend, where Romarco recently completed a positive feasibility study for its Haile Mine. The drill program is then planned to extend further along the trend to the Jefferson Project. Drill holes are also planned in the Belk area on a parallel trend. Full details on the program size have not yet been finalized, however the initial focus comprises approximately 10 holes for up to 2,000 metres. Initial results of the drill program are expected in July.
John F. Cook
President and Chief Executive Officer
Tel: (416) 637-3523
This news release may contain certain forward-looking statements, which relate to future events or future performance and reflect management of the Company's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, commodity prices, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. 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" or the negative of these terms or comparable terminology. In particular, this news release contains forward-looking statements relating to the completion of the Arrangement, the listing of the GTO Shares on the Exchange and the progress and completion of the Company's drill program. Investors are cautioned that any such forward-looking statements are not guarantees and may involve risks and uncertainties, and that actual results may differ from those in the forward-looking statements as a result of various factors, such as general economic and business conditions, including changes in interest rates, prices and other economic conditions; actions by competitors; natural phenomena; actions by government authorities, including changes in government regulation; uncertainties associated with legal proceedings; technological development; future decisions by management in response to changing conditions; the ability to execute prospective business plans; and misjudgments in the course of preparing forward-looking statements. These risks, as well as others, could cause actual results and events to vary significantly. The Company does not undertake any obligation to release publicly any revision for updating any voluntary 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.