New CEO for Firestone Energy

Independent Australian exploration and development company Firestone Energy (FSE) on Thursday, 4 July 2013, announced the appointment of Stephen Miller as the company's new CEO. Miller succeeds David Knox who has retired with immediate effect.

Firestone Energy said Miller had significant experience in the financing and development of large scale project developments of this nature; which experience would be drawn upon as the Waterberg Coal Project Joint Venture progressed towards the completion of the Definitive Feasibility Study (DFS)‚ the project financing and expected project start up in Q4‚ 2013.

Knox had been CEO of the company since September 2011 and had overseen the recent reorganisation of the company and the Definitive Feasibility Study on the company's main undertaking‚ its Joint Venture "interest" in the Waterberg Coal Project in the Limpopo Province.

The DFS for the project is expected for completion at the end of July 2013. It is anticipated that the DFS will confirm the economic viability for developing the significant Waterberg Coal Project.

The Waterberg Coal Project Joint Venture has a Memorandum of Understanding with Eskom Holdings Limited‚ the South African electricity generation and supply company to provide 10 mtpa of coal from the project. It is expected that the project will commence delivery of coal to Eskom in Q1‚ 2015.

During Knox's tenure as CEO‚ the company has made significant progress towards its objective of becoming a significant coal producer in The Waterberg coal district. Knox will continue in his capacity as a non-executive director of the company.