Firestone Closes Private Placement and Extends Expiry Date of Outstanding Warrants

EDMONTON, ALBERTA -- (Marketwire) -- 02/15/12 -- Firestone Ventures Inc. (TSX VENTURE: FV)(FRANKFURT: F5V) is pleased to announced the closing of its non-brokered private placement (announced on November 29, 2011). The second tranche consisted of 2,760,000 units ('Units') at a price of $0.05 per Unit for gross proceeds of CD$147,000. The first tranche for 10,340,000 Units for gross proceeds of CD$517,000 closed on December 21, 2011. Each Unit consisted of one common share and one common share purchase warrant ('Warrant'). Each Warrant entitles the holder to purchase one common share for a price of $0.10 per share at any time within 12 months of issuance.

The Units were sold to qualified purchasers in reliance upon exemptions from the prospectus and registration requirements of applicable securities legislation. The proceeds from the sale of the Units will be used for exploration on existing properties and for general working capital. The securities issued are subject to a four month resale restriction which expires on June 10, 2012. In connection with the second closing, Firestone paid arm's-length parties an aggregate of $1,890 and issued 37,800 finder's warrants pursuant to TSX Venture Exchange Policy. Closing of the placement is subject to the acceptance by the TSX Venture Exchange.

Firestone Ventures is pleased to announce it has extended the expiry date of 6,250,000 common share purchase warrants from March 5, 2012 to March 5, 2013. The share purchase warrants were originally issued in March 2010 in conjunction with a private placement. The TSX Venture Exchange as accepted notice of the extension of the expiry dates of the warrants subject to the issuance of this news release.

Firestone Ventures Inc. is a Canadian-based resource exploration and development company with zinc-lead-silver projects in Central America and Nevada, U.S.A. The common shares of the Company are currently listed on the TSX Venture Exchange (symbol FV) and the Frankfurt Stock Exchange (symbol F5V).

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:

Firestone Ventures Inc.

Lori Walton, P. Geol.

President

Toll Free: 1-888-221-5588

(780) 428-3476 (FAX)
info@firestoneventures.com
www.firestoneventures.com