News

June 08, 2009

Firestone Ventures Starts To Benefit From The Way In Which It Anticipated The Problems Of 2008

By Charles Wyatt

Timing is the name of the game for junior mining stocks and Firestone Ventures certainly seems to have got its timing right during the market collapse at the end of last year. Chief executive Lori Walton foresaw problems when the asset backed commercial paper scam first hit North America back in 2007 and the zinc price appeared to be going nowhere. It was then that she decided to spin- off her company’s Canadian assets, as they appeared to contribute no value to Firestone’s share rating, and cut back on expensive drilling and any other non-essential expense. She certainly did not go to sleep as the land position in Guatemala was increased last December around the 100 per cent owned Torlon Hill zinc-lead silver project and it includes a zinc-copper-gold skarn prospect which Lori believes has potential for porphyry copper-type mineralization at depth.

The Canadian assets had been  spun off earlier in 2008, but not in a simple way as Sherwood Copper, now Capstone Mining, also threw some assets into the pot and acquired shares in the new company as a result. Lori Walton was in London last week with Greg Hayes, who is not only financial director of Firestone Ventures but chief executive of the relatively new company which was christened Northern Tiger Resources. In another article in the next day or two we will take a close look at...