FDI.L Regulatory News (FDI)

Firestone Diamonds plc

Board Changes

LONDON: 17 January, 2012

Firestone Diamonds plc ("Firestone" or the "Company"), the AIM-quoted diamond mining and exploration company, announces that Philip Kenny has resigned as Chairman of the Company in order to pursue other business interests with effect from 16 January 2012. 

Mr Kenny was a co-founder of the Company and held the position of Chief Executive Officer from the date of the Company's listing on AIM in 1998 until March 2011, when he became Chairman. 

Tim Wilkes, CEO of Firestone Diamonds, said: "Philip has been a driving force in the development of Firestone to a point where the Company is now poised to become a mid-tier diamond producer. We are grateful for the valuable contribution that Philip has made to the Company over many years, including the leading role he played in the successful acquisition of the Liqhobong Diamond Mine in Lesotho in 2010, and our Board joins me in wishing him every success in his future business endeavours."

Following the resignation of Mr Kenny, the Company is pleased to announce the appointment of Lucio Genovese to its Board as non-executive Chairman with immediate effect. 

Mr Genovese has 24 years' experience in both the merchant and financial sector of the metals and mining Industry. Mr Genovese is the CEO of Nage Capital Management in Baar, Switzerland, an advisory firm to Audley Capital Investment Management (Ltd.) He is also a member of the board of Ferrexpo PLC (a FTSE 250 company), the Armajaro Commodity Funds and Crossbow Partners AG, Baar, Switzerland. Mr. Genovese was employed at InCentive Asset Management which managed InCentive Capital, a leveraged buyout firm listed on the Swiss Stock Exchange. He was previously employed at Glencore International AG where he held several senior positions including CEO of the CIS region and manager of the Moscow office. Mr. Genovese is a qualified Chartered Accountant of South Africa and has a B.Comm and B.Acc from the University of Witwatersrand, Johannesburg (South Africa).

Commenting on Mr Genovese's appointment, Tim Wilkes said: "We are very pleased to welcome Lucio to our Board. He brings with him a wealth of experience in the metals and mining sector that will be of significant value to Firestone as the Company continues to develop into a mid-tier diamond producer."

For further information, visit the Company's web site at www.firestonediamonds.com or contact:

Information required to be disclosed pursuant to Rule 17 and Schedule 2 paragraph (g) of the AIM Rules.

Raffaele Lucio Giuseppe Salvatore Genovese, 49, is currently a director of the following companies:

Alpha Investment Partners

Armajaro Commodities Ltd

CC+ Fund Ltd

Crossbow Partners AG

Ferrexpo PLC

Czar Fund

Nage Capital Management AG

Cedro Holdings International

In the past five years, Mr Genovese has been a director of the following companies:

Armajaro Emerging Markets Fund Ltd

Aedes Investment Management Ltd

Other than the information contained within this announcement, there is no further information required to be disclosed by the AIM Rules.

Background information on Firestone Diamonds:

Firestone Diamonds plc is an international diamond mining and exploration company with operations focused on Lesotho and Botswana. Firestone operates the Liqhobong Mine in Lesotho and the BK11 Mine in Botswana. Firestone is also the largest holder of mineral rights in Botswana's diamondiferous kimberlite fields, controlling approximately 10,000 square kilometres around the major Orapa and Jwaneng mines and the entire Tsabong kimberlite field. In addition to Liqhobong and BK11, Firestone has 108 kimberlites in its portfolio, of which 30 have been proven to be diamondiferous.

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 the Kao and Mothae development projects. Botswana is the world's largest and lowest cost producer of diamonds, with annual production worth over $2.5 billion, and is considered to be one of the most prospective countries in the world to explore for diamonds.