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

Queen1,

Can't blame you for being cnynical, they need to restore credibility now, and if you check out the numbers for BK11/16, (even the conservative numbers used), it does look it will be a mine, IMO.

Somehow they managed to wrap up an upbeat news release and make it read like it was negative, and that must not happen again.

Agreed Andy. I just hope when positive newsflow does arrive the SP will head north as fast as it tumbled south.

I am sceptical about the share price performance prior to the issue of additional shares at 85p. Looks to me that someone was in the know. Would be interesting to know what institutions sold the shares and who was allocated under the placing. Been away on holiday for 2 weeks and was surprised to see the sp back down well below 100p. If they wanted more cash, it is a pity that all shareholders do not get a look in, particularly when there are many that have been holding shares for sometime. I for one am not pleased with the management over this as they may well have got the issue away well above 100p and not diluted existing shareholding so much.

Gus,

yes a poor show here, intersting thoughts about the institutions, although the sell off volume was light.

Well can we fall any further?

A new article discusses the recent news, CLICK HERE

Down to 27p. This is just absolutely stupid.

Agree. This is a real head banger. I only had two small miners, FDI and JLP which were both going well. Fortunately, I sold JLP at 110p a while back but, decided to keep FDI which I thought would go higher. Definitely egg on face now but, with these being so bombed out and with sentiment like it is, it may be an idea to average down.

It's not egg on face Guscavalier - we're all in the same boat. The price of FDI is a travesty now and will definitely go higher (although, of course, I don't know when!).

queen1,

This is absolutely stupid now!

Not sure whether we had a seller or a shorter yesterday, but the 5K trades were what caused the drop, as the Mm's simply dropped the price as the selling continued until it stopped.

We now have a MC of 17m, and an annual profit of around 2.5m!

I personally feel this is an opportunity.

I agree Andy, it is but with my portfolio showing losses across the board and no spare cash it's one I won't be able to exploit :-(

Well I've jumped in with you guys this morning....had to sell others at a dreadful loss though !.....perhaps better luck with this one....does seem so undervalued, but so do so many others !.

Great timing Rf..... really great !....oh ! thanks very much....you're welcome !.

Bless you - we're all in it up to our necks. It's just such a shame that on some threads there are persistent gloaters as people's financial hopes crash down around their ears.

A few years ago...30p or so would have been unthinkable for a stock of this quality queen1....by the way Tom Winnifrith says keep buying up to a pound or so...yes a pound...that's 3 times and more the sp price now !, if I'm not mistaken he values FDI at above 2.....may the gods hear him !.

Well we were at 2 not so long ago required field so you never know.....!

queen1,

One good result from the MK1 bulk sample would move this price fairly substantially IMO!

BK11 bulk samplig results due anytime, and then there are other Tsabong bulk samples due before EOY.

I picked up some more at this price, and feel that there is more potential upside than downside from this level.

GLTA

I sincerely hope you're right Andy.

queen1,

So do I!

Bonte koe profits virtually underpin the current SP, particularly at these low levels, but are often forgotten as the bigger picture has so much potential.

Nice rise today !.

Andy, queen1,

At last something to be cheerful about. Nursing some substantial loss at recent level, I doubled