Firestone Diamonds plc – Results of first diamond sales

Firestone Diamonds plc – Results of first diamond sales

Firestone Diamonds plc, the AIM-quoted diamond mining and exploration company, is pleased to announce the successful completion of its first diamond tender held at the Company’s new sales office at Diamond Technology Park in Gaborone, Botswana.

HIGHLIGHTS

  • First diamond sale completed
    14,673 carats sold by tender in Botswana, for gross proceeds of approximately $1.6 million
    Tender attended by more than 30 local and international buyers
  • Liqhobong
    12,510 carats from the Main Pipe sold at average price of $98/carat
    Price achieved is 14% higher than previous valuation of $86/carat
    Diamond prices in excess of $100/carat expected in 2011
  • BK11
    2,162 carats sold at average price of $177/carat
    Price achieved is in line with previous valuation of $175/carat
    Higher diamond prices expected in 2011 as mining progresses into higher grade kimberlite
  • Future diamond sales
    Nine diamond tenders planned in 2011

Philip Kenny, CEO of Firestone Diamonds, commented: “The successful completion of our first tender is a major milestone for Firestone and marks the completion of our transition into one of only three listed junior kimberlite producers worldwide.  We are very pleased that the prices achieved for both Liqhobong and BK11 production were higher than expected, and we believe that further price increases will be achieved for production from both of these mines in 2011.”
 
The Company has completed the first sale of diamonds from the Company’s BK11 Mine in Botswana and Liqhobong Mine in Lesotho.  A total of 14,673 carats were sold by tender at the Company’s sales office at Diamond Technology Park in Gaborone, Botswana, for gross proceeds of $1,611,817.  The tender ran from 29 November to 9 December 2010, and was attended by more than 30 diamond buyers from Belgium, Israel, India, Russia and Southern Africa.

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