22 Mar 2010 07:00
Firestone Diamonds plc
Jwaneng Tailings Project Update
LONDON: 22 March, 2010
Firestone Diamonds plc, ("Firestone" or "the Company"), the AIM-quoted diamond mining and exploration company (ticker: AIM:FDI), today issues a clarifying statement in relation to recent press comment in Botswana on the Jwaneng Tailings Project.
The Company has noted an article in the Botswana Guardian dated 19 March 2010, which states "Debswana this week stated that they have postponed the completion of the Jwaneng Tailings Project for the next two years". This statement is incorrect. In November 2009 Firestone indicated that initial production from the Jwaneng Tailings Project was scheduled to commence at the end of 2011, with full production to be reached in 2012. This schedule has not changed since then, and the Company has confirmed this position with Debswana.
Negotiations between Firestone and Debswana in relation to the Jwaneng Tailings Project are at an advanced stage, and the Company expects to be able to update shareholders in relation thereto shortly.
For further information, visit the Company's web site or contact:
| Philip Kenny, Firestone Diamonds
| +44 20 8834 1028/+44 7831 324 645 |
| Simon Edwards / Tim Redfern, Evolution Securities (Joint Broker)
| +44 20 7071 4330 / 4312 |
| Rory Scott, Mirabaud Securities (Joint Broker)
| +44 20 7878 3360 |
| Alexander Dewar, Brewin Dolphin (Nominated Adviser)
| +44 131 529 0276 |
| Jos Simson / Leesa Peters, Conduit PR
| +44 20 7429 6603/+44 7899 870 450 |
Background information on Firestone Diamonds:
Firestone Diamonds plc ("FDI.L") is an international diamond mining and exploration company with operations in Botswana and South Africa. 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.
Firestone is the largest holder of mineral rights in Botswana's diamondiferous kimberlite fields, controlling over 25,000 square kilometres around the major Orapa and Jwaneng mines and the entire Tsabong kimberlite field. Firestone has 103 kimberlites in its portfolio, of which BK11 is due to commence production in Q2 2010, and 29 others have been proven to be diamondiferous.