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Firestone Diamonds PLC : Results of Diamond Tenders

05/07/2013 | 03:28am US/Eastern

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Firestone Diamonds plc

("Firestone" or the "Company") (AIM: FDI)

Results of Diamond Tenders

Firestone Diamonds, the AIM-quoted diamond mining and exploration company, is pleased to announce the results of two diamond tenders held during February and April 2013.

HIGHLIGHTS

·     Total sales of 55,950 carats realising revenue of approximately US$5.1 million;

·     February 2013 tender: 35,718 carats sold realising revenues of US$3,016,351 (an average of US$84.49 per carat);

·     April 2013 tender: 20,232 carats sold realising revenues of US$2,056,871 (an average of US$101.67 per carat);

·     20% increase in average price per carat to US$101.67 in April 2013 compared to US$84.49 per carat achieved at February 2013 tender; and

·     Despite the higher prices no high value stones were tendered in April 2013.

·     All the parcels tendered were sold; and

·     Tender attended by 80 diamond buyers in February and 109 diamonds buyers in April 2013.

The February and April 2013 tenders were held at the independently operated Antwerp World Diamond Council's ("AWDC") facility. A total of 55,950 carats were sold over both the tenders realising revenues of approximately US$5.1m for the Company. The average price per carat increased by 20% from the February 2013 tender, where the average price achieved was US$84.49 per carat, to US$101.67 per carat in April 2013. First Element Diamond Services have operated in total three tenders on behalf of the Company at AWDC and April's tender saw record attendance levels with 109 diamond buyers present viewing the parcels.

All of the parcels tendered were sold and no high-value stones were included.

Tim Wilkes, CEO of Firestone commented:"The Board and I are extremely comforted by the results particularly of our latest tender. Not only are the diamond prices up considerably since February but they have increased across the board, demonstrating a higher-level of confidence in the sector. This is further endorsed by the increasing number of diamond buyers present at April's tender." 

For more information, please visit the Company's website at: www.firestonediamonds.comor contact:

Firestone Diamonds

Tim Wilkes

+27 (79)8719686 / +44 20 8741 7810

Mirabaud Securities (Broker)

Rory Scott

+44 20 7878 3360

N+1 Singer (Nominated Adviser)

Jonny Franklin-Adams

Alex Wright

+44 20 7496 3000

Tavistock Communications

Jos Simson

Emily Fenton

+44 20 7920 3150 / +44 7899 870 450

Background information on Firestone Diamonds:

Firestone Diamonds plc is an international diamond mining and exploration company with operations focused on Lesotho and Botswana. Firestone currently operates the Liqhobong Mine in Lesotho and is also one of the largest holders of mineral rights in Botswana's diamondiferous kimberlite fields, controlling approximately 5,510 square kilometres including prospecting licenses around the major Orapa mine, as well as the entire Kokong and Tsabong kimberlite fields. In addition to Liqhobong and BK11, Firestone has 128 kimberlites in its portfolio, of which 30 have been proven to be diamondiferous to date.

Lesotho is emerging as one of Africa's significant new diamond producers, and hosts Gem Diamonds' Letseng Mine, Firestone's Liqhobong Mine as well as Namakwa Diamonds' Kao Mine and the Mothae development project.


This information is provided by RNS
The company news service from the London Stock Exchange
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