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

Leaila25,

Yummy, love to add some at that price!

Don't worry it may get to 50 pence as well...........chart says it all.

yum yum!

I'll wait for that then, i will be able to buy so many more,

yep u do that so mean time these are a strong sell.

laila25,

Only if you take a short term view, long term these are undervalued IMO.

Just like DMR then.

laila25,

No I wouldn't say that at all!

But disagreement is what makes a market!

yes I would say no as well coz DMR is a ten bagger from currrent levels unlike FDI.

You're not Welsh by any chance are you Laila25, and prone to hanging out on the YOO threads?

queen1,

LOL!

Today's trades don't suggest a success at the Groen River is about to be announced to me.

We shall have to wait and see, but at least they should have other news to balance any setback at the Groen IMO, as we are expecting news from Botswana, Daly City, Buffels River, Oena, and Avontuur, plus the long awaited marine gravel project at Hondeklip Bay.

At least FDI found support after the early selloff.

I hope I'm wrong, but the vibes aren't good,

Down again today.........what a dog of a share....good job most stayed away when this thread woz started.

I tend to agree Andy and I find it quite perplexing. So much promise.....

Andy, call me old fashioned but why start posting on a thread of a share that you think is so bad? Do you think Eric Clapton's favourite knows something that we don't?!

Laila25 / Sue Helen,

NOT so!

Take a peek at the chart below, anyone buying in January 2005 whan I started this thread had a near 100% gain at one point!

Anyone selling on the way down using a sensible stop loss would have locked in decent profits, which is surely the name of the game?

And narrow spreads too!

Just for your convenience, the chart below compares the performances of FDI and DMR over the last two years.



Just in case you have any doubts, DMR is the orange line!

Splendid. Just a shame the sp is languishing at present. Still, there's always tomorrow...

queen1,

Yes, I feel news is near, but whatever comes out, I am convinced that FDI are a good long term bet, with so many exploration projects, increasing production, revenue, and now profit.

Rights issue at 50 pence???

Laila 25 / Sue Helen,

LOL!

We have UK 8 million cash in the bank, and nearly 9 million pounds worth of AFD shares, so a total of 17 million pounds, and a market cap of only 48 million!

With probable income of 5 million this year, the current valuation hardly looks challenging, in fact it's already undervalued IMO.

Apologies in advance, but I can't resist saying this as it's about the fourth time this has arisen in recent weeks:

When will the doom and gloom merchants get the point that small companies just don't do rights issues when they need to raise cash?

Placings are the usual method of fundraising, and it's part of the risk one takes on when buying shares in emerging companies.

Rant over. Thank you!

Soul traders,

I agree, but some don't seem to understand.

Anyway, as I said before, FDI have around 17 million in liquid assets, and with current expenditure, they have sufficient cash for several years with no income!

And they should have 4 million revenue this year at least, IMO, as the Buffels River project has commenced, and that has guarantees given by De Beers, with bonus levels if a certain tonnage is processed.

I thought the price drop indicated news was coming, maybe they will release during market hours?

Soul,

Interesting rise at the finish, news must be close I feel.