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Firesteel Resources Inc. (FTR.V) reports that Lions Gate Metals Inc. (LGM.V) has given notice of termination of its option agreement dated January 5, 2011 with the Corporation with respect to the ROK Coyote property.

Lions Gate had failed to incur any of its mandatory 2012 expenditures on the Property or its required 2012 payments to the Corporation as necessary under the Agreement to maintain it in good standing. As a result, Lions Gate has earned no interest in the Property.

Firesteel had also received a number of proposals from Lions Gate to acquire a 100% interest in the Property, but had rejected all of the offers as being wholly inadequate. Michael Hepworth, Firesteel Interim President and CEO commented that "With the return of the ROK Coyote property to the Corporation, Firesteel is of the view that it has a portfolio of compelling mineral exploration properties which it will seek to exploit and further explore over the next twelve to eighteen months".

Lions Gate is unchanged at 9 cents.

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