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

Soul,

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

Andy,

RNS just out, no diamonds yet from Groen! However, Buffels looks promising! Just up and not time to digest yet but interesting to see how SP opens at 8.00

Ray A,

Yes some positives and negatives there, to save me typing it again, here is a copy of the post I have just posted over the road.


After some PC problems I have only just read through the RNS, and whilst clearly it's disappointing that the initial bulk sample is negative, it has to be put into perspective, the Groen is a massive area, and this has only been done on an area of 133 square metres!

IMO it's encouraging they have already completed pit sampling, and September is marked in for their processing, indicating IMO that they expect a better result this time around.

There were clearly come positives, one being the strong cash position, and the other the anticipated 3.2 million annual profit from the Buffels River JV.

Botswanan exploration continues apace, and the De beers zeppelin overflying FDI land is an enormously exciting prospect in my opinion, as this offers FDI a world class exploration system!

The curren tprice of 87p, giving a market cap of round 52 million, with 15 million in the bank, and profits of at least 4 million in the next financial year, FDI looks too cheap at this price to me, effectively any future exploration success is in for free!

Today's sellers may have cause to rue their decision in the not too distant future IMO.

RAy A,

It's interesting that the small amount of initial selling seems to have already dried up!

Andy,

Yes, bought few more at 87.66!

RAy A,

Well done!

Selling has dried up for the moment at least, touchwood, so hardly a rout in the end.

FDI have strong institutional support and a small free float, which helps.

Andy,

I wonder how many sellers today had read the RNS first? Apart from Groen it paints a very progressive picture and Groen is only at preliminary stage as you pointed out re 133 sq m!

90 pence reached....not long now until 50-75 pence....so far so gud and pretty right about prediction.

laila25,

LOL!

Ray A,

yes the RNS was actually a good read once you read past the disappointing first paragraph, and there is clearly quite a few projects entering interesting stages.

I particularly liked the fact that they have already completed a second bulk sample at the Groen, from a FDI chosen spot, 10 times larger then before! And are ready to process it already, result by the end of September.

Sveral of the Botswanan projects seem on the cusp, and the new kimberlite BK56 terminated 200 metres down in kimberlite. We just have to hope it turns out to be diamondiferous!

I was encouraged by the way the price held up after the intial flurry of small sells, but I guess it may drift a little as I have no expectation of further news for the next few weeks.

Drifting again this morning on low volume but the whole market is a bit poor.

Down again Andy.

takahe, Laila25

Absolutley, most AIM mining stocks dropped today.

Something stinks about Firestone Diamonds at the moment.

laila25,

No it doesn't, they are clean and sparkling!

I was thinking today how many PROFITABLE AIM listed diamond miners there are.

BDI Mining
Petra Diamonds
Firestone Diamonds.

CAn you think of any more than produce and make money on an annualised basis?

There are, of course, many listed explorers, that have no production and plenty of blue sky.

A 25,000 BUY went through just before the bell today, a good omen?

Still a dog of a share.

Laila25

But what a pedigree!

RAy A

Nice one!

I saw that protected trade at the end of the day, a good sign IMO.

Andy,

Another 25,000 BUY late in the day - presume "T" means protected?