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this is a Canadian company that can also be followed in the Zinc - mining Threads. --------------------------------------------------------------- Firestone has declared a business plan to have revenue generation and a producing mine on one of its properties by 2010. --------------------------------------------------------------- the following Article resulted from the first release of independent results on the property in Guatemala - ZINC - URANIAM - GOLD (edited) firestoneventures.com Paul Marck, The Edmonton Journal Published: Thursday, March 30, 2006 EDMONTON - Firestone Ventures had its best day ever Wednesday, the junior miner's share price shooting up nearly 62 per cent, closing at 67 cents on the day. There was heavy trading of more than 5.7 million shares -- over 10 times the daily average -- on the TSX Venture Exchange, on news of favourable test results from the Edmonton mineral exploration firm's Guatemalan zinc property. Six test holes on the company's Torlon Hill zinc project, near the northwest city of Huehuetenango have shown test results grading 22-per-cent zinc content. Firestone shares (TSXV:FV) rose from a low of 41 cents on the day to a high of 80 cents before drifting back a bit. The company's previous 52-week high was 43 cents and its low 10.5 cents. "It's been building. It's paying off," said Lori Walton, Firestone's president. "I've been getting calls from all the top analysts and funds." World prices for base metals have exploded over the last year and a half to the point that analysts can't keep up. The price of zinc, trading on the London Metal Exchange, skyrocketed to a record high $1.18 US a pound this week and closed Wednesday at $1.171/2. "The supply-demand fundamentals for zinc are unbelievable right now," Walton said. Zinc prices have more than doubled since Firestone took an interest in Torlon Hills earlier this decade. Zinc is considered the third-most important nonferrous metal after aluminum and copper. It is widely used as galvanized coating to protect iron and steel from corrosion and as an alloy to make bronze and brass. "It is a good time to be in zinc," said Scotiabank vice-president and commodities specialist Patricia Mohr. She said the worldwide shortage is largely being driven by demand in China and elsewhere overseas, where heavy manufacturing is ramping up, compared to North American demand, which is actually slowing. No new zinc discoveries are expected to come into mine production until at least 2008, which puts great demand on existing mines and smelters, Mohr said in an interview. "You have reached a situation where the demand around the world is exceeding the supplies, and the inventory is coming down." "It's a very compelling story." For its part, Firestone Ventures will finish drilling a total of 20 to 22 test holes over the next couple of weeks. After that, Firestone will do a resource estimate, based on findings and a mini-bulk sample so metallurgical work can get underway. Results from those are expected by summer. They in turn will determine the feasibility of establishing a mine. The positive zinc results are just the latest in a string of good news for Firestone. It has also reported favourable results for uranium discovery in southern Alberta in the last year. Spot uranium prices reached a milestone of $40 US a pound in mid March and currently stand at $40.50, up from only $22 a year ago. The company has a diverse mix of six exploration properties, five in Western Canada covering uranium and precious metals, along with gold and silver interests in the Yukon and B.C., in addition to Guatemala. Firestone has declared a business plan to have revenue generation and a producing mine on one of its properties by 2010. | ||||||||||||||
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