ARE THEY STILL CHEAP TO BUY NOW OR SHOULD WE HANG ON A BIT LONGER POSS 2004

According to Firestone Diamonds broker Bell Lawrie White FDI are on a prospective 2005 P/E of 9!!

If so these are due a massive re-rating.

Any views??

Dave

I have been in and out of Firestone Diamonds over the past two years and the research I have done in that time has stood me in good stead. The company is now, I believe, on the verge of coming good.

I wont try and sell you the story just provide links to the research and Fools can make their own minds up.

First here is the FDI website:

http://www.firestonediamonds.com/

Next up is Minesite.com where a very usefull amount of mining info can be researched:

http://www.minesite.com/index.php

Take a look at the recent presentation on Minesite by the Firestone CEO:

http://www.minesite.com/forums/180404/Firestone%20Diamonds%20Minesite%2018%20May%202004.pdf

Still interested - read this from Yahoo Finance today:

http://sg.biz.yahoo.com/040607/15/3kvqn.html

Also this from Tacy Ltd, a diamond consultant:

http://www.tacyltd.com/Research_Materials_Full.asp?id=53752

Add to this a few bullish broker notes:

http://www.namakwa.com.au/PDFS/Six%20Diamonds%20Juniors.pdf

Check ot the companys 2003 results and 2004 interims:

http://www.firestonediamonds.com/anreport/FirestoneAnnualReport2003.pdf

http://www.firestonediamonds.com/anreport/FirestoneIntReport2004.pdf


Any comments greatly appreciated - I thinf FDI is POTENTIALY very undervalued but VERY POSITIVE news flow IS JUST AROUND THE CORNER imho!

Dave

I have been following this bunch for a while now. Whilst the company has excellent potential along with a very capable management team, the biggest problem in the past has been the lack of information / press releases made by the company. Recently however, the market has feasted on the positive news and I note that on Bloomberg there is story from the Dow Jones Newswire about Firestone being 'likely' to sign an agreement with BHP Billiton or De Beers this month to develop its Mopipi gem exploration project in Botswana, and that talks are at an 'advanced stage'.

Firestone is capitalised at only around 19m, so therefore, considering all its exploration projects with the big boys looking over their shoulder, together with its current profitable mining activities, the share look very attractive.

Cut and paste this link into your browser for the latest update on FDI by WH Ireland:

http://www.wh-ireland.co.uk/downloads/investmentBulletins/WHIInvestmentBulletinJuly2004.pdf


Cheers

Dave

Wow, up 5p!

No news as of yet, something must be up for such a quick jump?

This is beginning to look sexy - a institutional placing announced today of 2.188m shares at 64p ..... and the shares leap to 74p. Defies logic but who cares !!

hobbst,

I don't!

It looksas though Firestone is being re-rated now, at long last!

I expect the price to continue to increase!