Firestone Diamonds plc is a UK-based international diamond mining and exploration company with operations in the Namaqualand region of South Africa and Botswana. Namaqualand, which is located on the west coast of South Africa, has been one of the world's largest alluvial diamond producing regions for the past 60 years, with total production to date estimated to be worth more than $3 billion. Botswana is the world's largest producer of diamonds by value, with annual production of over 20 million carats worth over $1.6 billion.

Firestones strategy has been to build a portfolio comprising advanced development and production projects to provide sustainable cash flow to fund ongoing exploration programmes and to provide an early return on investment, together with large scale exploration projects which have the potential to yield significant reserves of gem quality diamonds.

The company operates the Avontuur Mine and the Oena Mine of Namaqualand, which produces high quality alluvial diamonds, and has a growing portfolio of advanced and early stage exploration projects in known diamond producing areas in Namaqualand and Botswana.



Since 1996 the company has increased reserves and resources more than thirty two times from 34,000 carats to over 1.1 million carats at present, with an estimated gross value of approximately 260 million. Firestone is debt free and well funded and has a highly qualified management team with extensive experience in the financing and development of diamond and other natural resource projects. Firestone is quoted on the Alternative Investment Market (AIM) of the London Stock Exchange and trades under the symbol FDI.L.

Firestone also has an exploration project in the USA.



Main Mining Pit, Avontuur Mine, Namaqualand, South Africa.






For FDI Corporate information : http://www.firestonediamonds.com/frcorporate.htm

For FDI homepage : http://www.firestonediamonds.com/index.htm

Firestone Dimaonds shares in issue: 65m 20p Ords

Firestone Diamonds PLC - Major Shareholders

Major Shareholders ---- Amount --- % Holding
Elfin Trust Company Ltd 7,200,000 16.68
Aurora Investment Trust 7,200,000 16.68
Gartmore Investment Mgt 5,418,116 12.56

TFC,

Your memory is excellent, Harry Redknapp (but not BB) did indeed start his management career down here in Bournemouth!

In fact he was manager in 1984 when we knocked a certain northern big city team out of the FA Cup!

WTE is a good play on SEY, and my shareclub are in for that reason alone.

FDI interims are due next week, perm any day from Tuesday to Thursday!

Have a good Easter!

Andy, you got me! I do support a northern big city team and I remember listening to that particular game on the radio and not being able to believe what I was hearing! Still, it's what keeps football so magical...

Re the FDI interims, are you expecting much sp reaction or do you feel that any good news is already priced into the rises seen in 2005?

queen1,

To be honest, UNLESS they announce some news, I expect the interims to be in line with expectations, as FDI stated in the recent RNS, and already in the price.

Cheers Andy, happy Easter to you.

queen1

Thanks, You too Queen1.

This rumour is being posted on all the AFD threads over the road, nobody has identified the source yet, so no way of knowing if this is genuine or not.

I did suggest to a friend the other week that it wouldn't surpris me if FDI and AFD got together, under FDi's management team of course!

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'Teeling's ice is being stalked

Last week this column noted that African Diamonds now has five rigs working at its Boteti joint venture in Botswana.

Over the course of the week, the company's share price rose by over 15 per cent. And the latest rumour is that the Irish diamond explorer is about to be the subject of a takeover approach, but not from De Beers.

On March 15, the company announced that following comments in the press, De Beers had confirmed that it is not currently seeking to buy out either African Diamonds or its 49 per cent interest in the Boteti joint venture.

But with Firestone Diamonds also engaged with De Beers in joint ventures in Botswana's Orapa area, it may have more potential as the mystery acquirer. Earlier this month Firestone acquired an 81 per cent interest in Daily City Ventures, which holds a prospecting licence in the same Orapa area of Botswana'.

Interesting....Good news for FDI?

queen1,

well I guess so, but it would certainly introduce some new factors to take into account.

For example, would such a deal be paper only, or would FDI raise new capital?

And if AFD are selling their exploration prospects, they must have a decent idea of their value, so will want top dollar for them, so hard to see how beneficial this would be for FDI, to enhance shareholder value.

Only a rumour so far, but something has driven up the AFD shareprice in the last week.

Someone has said the report was in the Irish Sunday Independent newspaper, but I can't find it yet.

Queen1,

look out for Firestone's interim results today!

They are due for release during the day, not necessarily at 07:00 I understand.

edit.

BTW I don't believe FDI are the party interested in AFD, that rumour seems to have died now.

Andy

Are you sure interim results out today? as not shown on Money am forward diary.

Themaster,

Yes, AIM companies do not have to announce in advance.

Thanks Andy, I'ii look out for the RNS, maybe news on AFD tie up?

TheMaster,

No I doubt that now, I now don't think FDI were in for AFD.

To be honest, I think FDI have enough on their plate already, and any deal with AFD would muddy the waters, so I would prefer it not to happen.

I do believe JT has not endeared himself to De Beers, whereas Firestone are always professional, so DB may have an interest in seeing a tie up.

TheMaster,

Quite a drop now, and results still not out, not too sure what to make of this.

Andy

Looks to me if the MM's lowing the SP on low volumn(tree shake)pending the release of the RNS.

Andy

Results just released, check it out

theMaster,

Yes thanks, just read them.

Not too much new information there to be honest, but I do follow FDI closely, so may be more in touch with the company than some.

Some points I have noted after briefly reading the results were;

After tax profits UP 11%

Drilling commenced on Groen River HL deposit.

FDI is now the dominant landholder in the Groen River area.

First Bonte Koe diamonds produced and sold for 2.5% per carat MORE than expected. (Bonte Koe production will increase significantly for the ANNUAL results as BKL had only been producing for up to two months for the interims).

FDI are currently evaluating "other opportunities" on the Buffels River, Bonte Koe area.

Avontuur production DECREASED 9% due to equipment transfer to Bonte Koe.

Oena mine expansion underway.

FD has aquired considerable new exploration land in Botswana.

De beers are carrying out exploration work in Botswana, and initial drilling targets are currently being drilled.

Results of the company's USA drilling "should be known shortly", which is a nice surprise!

Staff costs increased 50%, this would be accounted for by the Bonte Koe new employees I presume.

All in line with expectations IMHO, although possibility of news from the USA was a surprise.

Nothing here to justify the price fall today IMHO (albeit on low volume), so hopeful of a recovery in the next few weeks, as news is possible at any time.

All,

It looks as though we may be heading down to the placing price of 150p, which often happens after a placing, but I have to admit I didn't think would happen with FDI.

Today's price action is disappointing, given some solid results, and excellent near future prospects of news IMHO.

Volume was low, so we MAY see a rise tomorrow once the interims and accompanying notes have been digested.

I longed again today.

Stop is tight.

FDI looks v.good. Be urprised if we dont go up from here.next 3 months 2+ IMO

Big Al,

Good luck, held up well today IMHO, and a couple of larger buys to soak up the smaller sells is a nice way to end the week.


Nowayaprofit,

That would be nice, and not out of the question either, if the right news comes along!