EXTENDED FLOW TEST RESULTS FROM SUNDANCE WELL

December 4, 2001                                Trading Symbol: CDNX-FTR

Firesteel Resources Inc. is pleased to announce the results of the production-testing program on the 12-3-54-21 W5M well in the Sundance area – near Edson, Alberta. The well is on lands, which are part of the Company’s 6-section land package in the area.

This well was drilled to a depth of 2366 meters and encountered the fault-repeated Cardium Sandstone - the primary target in the Sundance and Ansell gas fields.  Fracturing associated with the low-angle thrust faulting significantly enhances the permeability and porosity of the Cardium sandstone reservoir.

Both Cardium zones were perforated, fraced and subjected to a 40 day extended production test in order to assess the reservoir parameters. The results indicate that the initial production capability is 5 million cubic feet of gas per day. This well will be tied-in and producing by mid-December. The initial flow rate will be restricted to 1-1.5 million cubic feet of gas per day because of plant and pipeline constraints. This production rate will likely be increased when modifications to the 7-9 plant (7.5% Firesteel interest) are completed during the summer of 2002. In order to follow-up on this significant discovery, Firesteel anticipates that additional wells will be drilled on its lands during 2002.

 ON BEHALF OF THE BOARD OF DIRECTORS OF

 FIRESTEEL RESOURCES INC.

 “David DuPre”

_________________________

David DuPre, President

The Canadian Venture Exchange has neither approved nor disapproved the information contained herein.