Firesteel Resources Inc. (the "Company") is pleased to announce that the first phase of the drilling program at the Mosher Lake Gold Property has been completed. Throughout the past month, seventeen holes were drilled totaling 2600 meters. With the close of this phase of the 1997 drilling program, Firesteel's geological team will replace the early short-core sampling, which they used to assist with ongoing drill placement, with complete splitting and assaying of the entire, thick (30-40 metres) stockwork/shear zone. It is anticipated that the first of the total assays for the fences drilled will become available for release in late March.

The Company is pleased to report that the mineralized shear zone has now been traced over an extended length of 1,200 meters while remaining open both along strike and at depth. On the north side of the major Mosher Lake Fault, the last hole drilled (hole 97-17) encountered a 100 meter thick, well-mineralized shear zone. This intersection is at the southern extremity of a strong, one kilometre long magnetic anomaly. All of the holes drilled in this initial 1997 program intersected the mineralized stockwork/shear zone except for hole 97-10. (This single step-out hole unsuccessfully tested an isolated magnetic anomaly 100 meters to the east of the established shear zone.)

To date, core logging has shown that the footwall of the shear zone intersects volcanic rocks at depth. This highly prospective confluence will be the central focus of further testing in 1997, as it is highly analogous to the geological setting of the Con and Giant Gold Deposits. The Mosher Lake Gold Property is in close proximity to the Yellowknife Greenstone Belt which hosts the Con and Giant mines. Both mines have operated from two short sections of the seventeen kilometre long Campbell Shear Zone. The Con and Giant mines have produced more than thirteen million ounces of gold.


Jeffrey Arnold, Director


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

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