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

and yes queen was that not the case in the last 5-6 days? plz check my advfn posts.
i do this for a living and been doing it for 6 yrs so i belive i know what i am talking about .

Does that mean I'll be charged a fee for the advice?

Al,

yes nice to see a blue day with decent volume!


Queen1,

LOL!

I personally think the price got ahead of itself, and I hope that the correction is now over. Healthy volume on a blue day.

FDI have so much potential in both S.Africa and Botswana, and the chance of an update in March / April must surely be on the cards?

Andy, I think so too which is why I've stuck for the moment, breaking my own rules when it fell through my sell limit. I have a feeling about it which I know is totally unscientific. Good job I don't do this for a living, heh?

they say women make better investors than men......amongst other things I'm sure

Excuse me?

a compliment, queen1

yeah right lol.

mm,s want your shares!!! bid right up to mid!!
hold!!!

i'm out now locking in profits good luck to holders and buyer alike.

sirshagalot,

Thanks, good luck to you too!

Nice finish to the week today, and reasonable volume too.

Interims approaching, maybe an opportunity for FDI to update the market on any further progress at Groen River, or the drilling campaign in Botswana!

Miserable start to the week anyone know why? The ups and downs of this share are turning into a real mystery ride.

What on earth is going on with FDI. I'm really quite surprised by its yo-yo-like tendancies. Andy, any thoughts?

queen1,

No not sure what to make of the current volatility.

Looking at today's trades, there were two bursts of selling, 08:00 and 10:20, where mostly small trades sells were made in quick sucession, and resulted in a drop in price.

Volume was lower today.

The strange thing is, these small trades, or are these small trades being traded by one or more big players and are being filtered onto the market by they brokers.

aldwick,

I had thought of that, but dismissed the idea as unlikely, as it seems like a lot of trouble to go through when a large seller could put through one or two protected sells via their broker.

To be honest, I think yeserday's trades look like a small bear raid, with two groups of (smallish) sells all bunched together within a few minutes of each other, one at 08:00, and the other at 10:21.

Surely if a large seller was drip feeding into the market he would be more discreet?


Directors and management own over 33% of these, and two large holders take the total of tightly held stock over 50% of the company, so only around 20 million shares ibn the float, and most of that seems to be long term holders IMHO.

Maybe someone has placed an order at a lower level, and MM's are trying to fill?

Thanks guys. I guess my question though is why would anyone want to sell at present. Please pardon the pun but most indicators point to a sparkling future for FDI.

could this have anything todo with African Diamonds?news today re: Debeers not wanting to buy there Co.
just a thought

queen1,

Well I'm not selling!

I may well add if we fall a bit further, I believe, like you, that FDI has a 'sparkling' future.



Parkin,

No I think not personally, our sudden rise, and fall occurred before the AFD rumour.

You may be right that the AFD rumour seemingly being quashed today may have had a small adverse effect on the junior diamond sector, but only to a small degree IMHO.

Usually a rumour of a buy will help the SP to rise, if you read the notice it says that AFD are playing down the rumour, thats what probably knocked the SP.
As for FDI, look at the chart for the past year or so and you will notice that the SP has bounced off the 50 DMA, maybe it will come down to this, but going on its past it shoulf then bounce at this point, I think around the 150 mark, a good buying opportunity............IMHO