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

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?

Ray A,

Yes, I like to see those at the end of the day, providing they're buys of course!

A steady trickle of blue today left the SP unchanged. We should have Groen River update within next week - I hope! FDI stated "Results from first pit are due in September". I do hope we are not kept waiting again. Any views?

Ray A,

I'm not sure Groen River news is due yet, but they have a few projects on the go so they could report on any of them at any time now IMO.

I feel we will hear something in the next couple of weeks or so, but that's just a guess, not based on any known fact.

PK must be aware that the Sp needs a bosst, and only positive news will do that IMO.

Even FDI's AFD stake is dropping in value as AFD is retracing now.