Firesteel Resources Inc. announces preliminary assay results from the drilling of its first three holes on the Mosher Lake Gold Property in the N.W.T. Initially, in order to guide the rapidly progressing drill program, selected quartz-rich samples were submitted to the laboratory for high priority assaying. These split core samples were crushed, ground, pulverized and tabled prior to fire assay. The significant assay results from the first three holes are tabulated below:

Now that the drill program is well underway, the entire mineralized sections will be split, assayed and reported as they become available.

The first two holes stopped short due to technical difficulties before entirely intersecting the full width of the mineralized stockwork/shear zone. A "scissors" hole was drilled to test the western part of the zone that was not intersected by holes 97-1 and 97-2, and has now been completed. Hole 97-1 was drilled in the immediate vicinity of 1974 Hole 74#l (Seaforth Mines) while Holes 97-2 and 97-3 intersected the mineralized zone at 50 metre intervals down the dip. The stockwork/shear zone varies in width from 30-40 metres and appear to be very similar to the rocks described in the old holes.

In addition to the results presented from holes one through three herein, two additional three-hole fences have been completed at 50 metre intervals along the shear stockwork zone to the north. The remainder of this phase involves:

1. testing the stockwork/shear zone over a 400 metre length to the south of the first fence,
2. evaluating the downward plunge potential by drilling a hole within, and parallel to, the zone,
3. evaluating the lengthy magnetic anomalies on the faulted extension of the stockwork/shear zone 2 kilometres to the north of the known zone at Gold Island by drilling one final hole.

Fourteen holes have been completed of the 16 hole drill program. It is important to note that 13 of the completed holes have intersected the stockwork/shear zone, giving it a total length of 650 metres. Both ends of the shear zone and the down dip extension remain open.

John J. Barclay, Director

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

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