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30 Mar 2011 07:00
Firestone Diamonds plc
Appointment of Chairman and Chief Executive
LONDON: 30 March, 2011
Firestone Diamonds plc, ("Firestone" or "the Company"), the AIM-quoted diamond mining and exploration company (ticker: AIM:FDI), is pleased to announce a number of changes to its Board.
Philip Kenny, who has been Chief Executive Officer of the Company since it was admitted to AIM in 1998, has been appointed Executive Chairman with immediate effect. Michael Hampton who has been acting as Chairman on an interim basis will remain as a Non Executive Director of the Company. Tim Wilkes, who has been Chief Operating Officer of the Company since 2005, has been appointed to the Board as Chief Executive Officer with immediate effect.
Welcoming Mr Wilkes to the Board, Mr Kenny commented: "Tim Wilkes has been a key member of Firestone's senior management team for some years and has been instrumental in developing Firestone's mining operations in Lesotho and Botswana. We are very pleased to recognise Tim's contribution to the Company through his appointment as Chief Executive, and believe that he has the right skills and experience to help lead the Company through the next stage of its development into a significant diamond producer."
For further information, visit the Company's web site at www.firestonediamonds.com or contact:
Philip Kenny, Firestone Diamonds Tim Wilkes, Firestone Diamonds
| +44 20 8834 1028/+44 7831 324 645 +27 78 457 6623/+267 713 77686 |
Tim Redfern, Evolution Securities (Joint Broker)
| +44 20 7071 4312 |
Rory Scott, Mirabaud Securities (Joint Broker)
| +44 20 7878 3360 |
Alexander Dewar, Brewin Dolphin (Nominated Adviser)
| +44 131 529 0276 |
Jos Simson / Emily Fenton, Tavistock Communications | +44 20 7920 3150/+44 7899 870 450 |
Information required to be disclosed pursuant to Rule 17 and Schedule 2 paragraph (g) of the AIM Rules.
Mr Wilkes holds 650,000 options to purchase ordinary shares in the Company ("Shares") at an exercise price of 20p per Share. Mr Wilkes is the beneficiary of a Long-Term Incentive Plan under which he can receive 3,000,000 Shares subject to the achievement of certain performance targets. Members of Mr Wilkes' family are beneficiaries of a trust holding 428,893 Shares.
Mr Wilkes, 52, has no current directorships nor is a member/partner of any partnerships. In the past five years, Mr Wilkes has not been a company director or member/partner of a partnership.
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.
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