April 22, 1997 TRADING SYMBOL: ASE.FTR

Firesteel Resources is pleased to announce the results from Drill Fence #3 at its Mosher Lake Gold Property near Yellowknife, NWT. Three holes (M97-7, M97-8 and M97-9) tested the thick mineralized shear zone respectively at 50, 100 and 150 metres below the surface. This third fence is located 50 metres to the north of Fence #2.

The complete shear zone in each hole was split and fire assayed. In the future, selected samples will be assayed using "tabling technique" to more accurately determine the gold grade of the samples by including the coarse (nugget) gold. The significant assays from the three holes are summarized below:

Drill Hole
(#)
From
(m)
To
(m)
Interval
(m)
Gold
(g/t)
M97-7 63.4 65.4 2.0 6.00
M97-8 115.9 117.6 1.7 1.04
M97-9 219.2 220.4 1.2 4.78

The geological setting of this fence is similar to that of Fence #1 and Fence #2. The high grade gold values occur at the footwall of the shear zone near the contact with the volcanic unit.

It is very important to note that all of the holes that completely cut the mineralized shear zone in the three fences resumed significant gold results. Firesteel's geologists believe that the results returned to date are highly encouraging. A midsummer exploration program is designed to expand the mineralized zone along strike and down dip.

The geological setting is very similar to that of file Con and Giant Mines at Yellowknife that have produced more than 13 million ounces of gold.



ON BEHALF OF THE BOARD OF DIRECTORS OF
FIRESTEEL RESOURCES INC.

David G. Dupré, President

 

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

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