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

Do you know, I am enjoying this!

A wee trading long last week at 163p. See no reason to lob just yet.

queen1,

Me too!

Still no news, decent volume today though!

And another 5% today Andy. I know I should be lying back and enjoying the ride (which I am to an extent) but keep wondering a) why the continual northerly direction on no fresh news and b) when it's all going to come to a shuddering halt. Can't be this good surely?!

queen1,

Good question!

FWIW I believe we are due more news soon, and this MAY account for the recent rise, which I have to agree, seems strange without some news to back it up.

I still think the recent mine visit hosted by FDI before the Indaba mining conference in Cape Town has resulted in additional analyst / broker interest in FDI, and may well account for some of the recent rise.

Since the last RNS, we have been driling in Botswana at the rate of one hole per two days, so that in itself may result in a positive RNS, as could Groen River.

Even with low volume the price ticks up.

Thanks Andy - any more whispers on the positive brokers notes that may (or may not) be issued?

maybe a large buy being worked through???

thats my guess anyway, stock is tightly held so will take some time to complete a large order...

i bought last week, nice profit already!!!

queen1,

sadly no, but another positive day, 3p up, although fairly low volume.



Aim,

Possibly a buy being worked through, and yes this stock is VERY tightly held, so it will take time to accumulate a large order IMHO.

Aprroaching the 200p level, I think we may need some decent news to go through this.

Bit of a shake today, couple of early sells, and the price dipped down 15p!

Mostly private investor size sell trades, and just now a 10,000 BUY rollover.

At the moment we are back to 182 MID, so 6p recovered already.

FDI are (briefly/positively) mentioned in Shares mag today, and there's no bad news that I can find, so am not concerned, after all, the recent rise has been spectacular, so was expecting a retracement at some point.

11p down in the end today, and the price was firm after 12:30, so hopefully this shake is over.


FDI is a very tightly held stock, so unless there is a seller, they may well have shaken out enough, as nearly all the sells were retail investor size.

Lobbed 2 days ago at 188p, bought back again today at 180p.

Al,

well traded!

Glad to see it's stabilised today.

Lobbed -2. Not bounced! Back to watching.

Perhaps I was a little premature - down another 2p so far.

What's going on guys, this seems to be more than just a little profit taking?

queen1,

good question, volume is low, and most trades are private investor level rather then institution sized.

Obviously disappointing to lose some of the recent gains, but it did run up very fast, without any obvious reason, so maybe a retracement was on the cards?

Bit of decent news would be nice!

Andy, I think Monday will be interesting. If it continues to fall I would begin to get worried. However, if it levels off or, even better, begins to climb I feel that would be very positive as opinion that it has been oversold could come into play.

queen1,

yes I wouldn't want to see much more of a fall, although no real volume on the sells does make you wonder why the price is falling so fast.

Maybe they ran it up and are now dropping it to shake out a few of the longer term holders?

Maybe a rumour was the basis of the rise, and now those that bought are selling due to the absense of news?