April 16, 1997

TRADING SYMBOL: ASE.FTR

Firesteel Resources Inc. is pleased to announce the complete assay results for Fence #2 of the recent Mosher Lake Drilling Program. This second fence was drilled approximately 50 metres north of Fence #1 and includes assays from four holes. The first three holes (M97-4, M97-5 and M97-6) all tested the shear zone at 50, 100 and 150 metres respectively below the surface. The remaining drill hole (M97-16) was drilled at an acute angle (20 degrees) to the plane of shearing and indicates that the mineralized shear/vein likely plunges steeply to the north. This last hole was specifically designed to investigate the plunge potential of the mineralized shear zone.

The complete shear zone in each hole was split and fire assayed. Upon receipt of all 506 assays for the entire seventeen holes of this project, the Company will commence another set of assays utilizing a "tabling, technique". Firesteel's geologists believe that the tabled assays will more accurately include the "coarse gold" historically associated with this property and provide a more precise grade analysis that the current assay program which involves screening and often excludes this coarse (nugget) gold. The significant assays from the four holes of Fence #2 are tabulated below.

These highly encouraging assays from the Second Drill fence further compliment the excellent results from the First Drill Fence. Drill intercepts from the holes on both fences have significant intersections exceeding 3.0 g/t over widths greater than 1.5 metres proving that the mineralized shear/vein zone exhibits substantial gold content. As previously reported most of the better gold intercepts continue to be concentrated in a "lower zone"

The Alberta Stock Exchange has neither approved nor disapproved the information contain herein.

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