Firebird Resources Inc. Provides Corporate Update
VANCOUVER, British Columbia/August 8, 2011/ - Firebird Resources Inc. ("Firebird" or the "Company") provided today the following corporate update on its exploration activities and its previously announced option agreement (the "Option Agreement") with Pageland Minerals Ltd. ("Pageland").
Firebird reports that it has entered into an amendment to the Option Agreement. Pursuant to the terms of the amendment, the date by which Firebird is required to make its requisite exploration expenditures in respect of the Buzzard-Jefferson-Belk Property (the "Property") has been extended to August 31, 2011. Upon completion of the required exploration expenditures, Firebird shall be entitled to exercise in full its first option to acquire a 70% interest in certain mineral leases covering the Property (the "First Option"). In accordance with the terms of the Option Agreement, Firebird previously completed its share commitment by issuing an aggregate of 9,056,603 common shares to Pageland and making a cash payment to Pageland in the aggregate amount of $700,000. In accordance with the terms of the Option Agreement, the common shares issued to Pageland will be held in escrow until such time as Firebird exercises the First Option in full. The amendment remains subject to final TSX Venture Exchange approval.
The first three diamond drill holes, in the program previously announced on June 27th, have been completed on the Buzzard Project. The holes have been logged and the split core from the first two holes has been sampled and sent for assay. The drilling rig has now been set up on the first hole of the four hole program of the Jefferson Project.
For further information, please contact:
John F. Cook, Chief Executive Officer
Firebird is a mineral exploration company whose long term objective is to build a diversified company focused on the acquisition, exploration and development of mineral properties.
This news release contains certain forward-looking statements that reflect the current views and/or expectations of management with respect to performance, business and future events, including but not limited to express or implied statements and assumptions regarding the Company's intention to exercise the option referred to herein and the receipt of necessary regulatory approvals. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which the Company operates. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, that the Company will choose not exercise the option and those risks relating to changes in the market, potential downturns in economic conditions, fluctuations in the price and supply of raw materials, equipment and skilled labour, fluctuations in the market price of minerals, foreign exchange fluctuations, regulatory requirements and changes thereto, competition, and other risk factors listed from time to time in the Company's public filings. These risks, as well as others, could cause actual results and events to vary significantly. Accordingly, readers should not place undue reliance on forward-looking statements and information, which are qualified in their entirety by this cautionary statement. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.
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.