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

This smells like a tree shake - low volume and the buys outweigh the sales. Unless there are some delayed trades to go thru, it could be some market shenanigans in advance of some news. Its not really Firestone's style to leak info.

FDI is certainly for the brave in the current volatile times !

hobst,

I totally agree, FDI has never bean a 'leaky' company, management integrity is one reason I hold them.

We are due Groen River news, and have been for some time, although now may not be the best time to bring out anything but outstanding news.

I believe that De Beers are involved in the news release process, so FDI may have to wait for DEB to sanction any news via RNS before releasing.

Any decent news from the Groen should have a major impact on the shareprice at this low level.

Another poor week for FDI pricewise IMO.

We need news, and it's long overdue, but I have a feeling we won't wait much longer, and it wouldn't surprise me if we hear something in the next couple of weeks.

The Groen River is what we are waiting for, and nothing else will do IMO, although any other good news would be welcome too, of course!

Hopefully the current troubles in the middle east will subside over the weekend, and we will have a calmer market to release news into next week, if we have some!

Bit of a plunge today, down 6p on what looks like a 30k sale.

Price recovered 3p afterwards proving there is support at this level, but PK needs to release some news to maintain the interest here IMO.

News due in February is a long time in coming, even allowing for the inevitable delays suffered by mining companies.

We recovered a tad more at the end, so plenty of support around 100p it would seem.

Andy,

I can't believe that we are now into August with no news yet on Groen River, after all we were told at the AGM! I added some more when the SP went below 110 expecting to get news any day. Surely, if the results were poor they would have been obliged to tell the market by now so I am still optimistic! Perhaps De B have more of a say than PK on the release.

RAy A,

I believe that is the case, and may explain some of the delay.

I believe the water encountered has also slowed down the bulk sampling process, so there may well be valid reasons for the delay.

Morning all. It seems that a few of these small resources companies are drifting on lack of news. Jubilee Platinum and Ridge Mining are also dropping in spite of things looking promising. I put it down partly to the upset in May plus a bit of a lacklustre summer, but you're welcome to disagree.

On the bright side, at least it means one can add to one's holding on the cheap.

WDIK, PDYOR etc.

I'm in FDI, JLP & MNA at present so it's not been a great summer! Still very much believe there's long-term value in all three though.

Soul, queen1,

I agree, the summer has been poor for small caps, and the newsflow slow, so AIM prices seem to have drifted somewhat.

Funds have suffered from redemptions, which has probably caused some of the drift.

My broker seems to think FDI will have news soon.

Andy,

good info re the fund redemptions. Amazing to think that I've worked in the industry and I didn't think of it - mind you it has been two years since I graced the office with my presence on a regular basis!

Now that sounds like my kind of job soul traders!

Read my profile and you may change your mind.

In an ideal world I'd be sitting at home writing novels and screenplays. As it is, I'm just sitting at home.

Fair enough. I don't tend to take much notice of the profile as they're mostly fantasy but I guess not in your case.

Indeed.

Andy,

Still here and awaiting good news - just around the corner? From SP drift this week we are among the few. However, had one piece of good news yesterday regarding my car accident, other party's insurer accepts 100% liability. Good news comes in threes like the buses, I feel sure FDI will be one of the other two for me. We will see!

Ray A,

Pleased for you re your accident insurance, it's rare that the other party admits full liability these days I believe.

Re FDI, the price has again drifted, and suggests that if news is imminent, it may not be as good as we hope, IMO.

However, even if that is the case, we are profitable, have a market cap of under 60 million, and cash and AFD shares worth over 17 million in the bank.

Buffels River is expected to return around 2.5 million approx in a full years production, with bonuses possible, and Avontuur and Oena mines will contribute around 1 million in their current status, more when their refurbishment is completed, and JV's started.


Add to this the marine gravel project, Daly City Venture bulk sampling, Botswana and USA exploration, and we have a pretty vibrant company, well funded, and with superb potential IMO.

Andy,

Yes, news rarely meets all the hopes but as you point out FDI is moving forward on many fronts and whatever we hear, downside must be limited in the mdium term. Re accident insurance, I was fortunate as police report did not give the other party much option!

Chart looks sickening....next stop must be 75 pence.

Leaila25,

Yummy, love to add some at that price!