FDI Firestone Diamonds Plc

RNS Number:9386G
Firestone Diamonds PLC
8 March 2000



Firestone lists new shares

LONDON: Wednesday, March 8, 2000 - Firestone Diamonds plc, ("Firestone" or
"the Company"), (FDI.L) the UK-based diamond mining and exploration company,
has applied to the London Stock Exchange to admit 973,554 Ordinary Shares of
20p each in the Company to trading on the Alternative Investment Market. 

Of these shares, 17,365 shares have been issued in relation to the Eiland Punt
Noord acquisition, which was announced on 27 January, 1999, and 956,189 shares
have been issued in relation to the Oena Mine acquisition, announced on 25
February, 2000.  It is expected that the new shares will be admitted to
trading on 13 March, 2000.

Firestone acquired an 87.5% interest in the Oena Mine, an alluvial diamond
mine located on the lower Orange River in Namaqualand, Northern Cape Province,
South Africa, for $2.1 million. The Oena Mine covers an area of 8,800 hectares
and extends 15 kilometres along the banks of the lower Orange River.  

The Orange River is a well established diamond producing area, and the quality
of diamonds which it produces is considered to be comparable to the best in
the world and typically sell at prices between $700-$900 per carat.  In the
early 1990's the Oena mine produced over 30,000 carats of diamonds with a
value of $24 million before mining operations were suspended in 1995.  
Firestone intends to re-establish mining operations at Oena in order to
exploit the extensive gravel deposits that remain.  Firestone estimates the
potential in situ value of the deposits to be approximately $175 million.


Background information
Firestone mines and explores for diamonds in the Namaqualand region of the
Northern Cape Province, South Africa, one of the most prolific alluvial
diamond producing areas in the world, and explores for diamonds in Botswana,
which is the largest diamond producer in the world by value, with annual
production worth over $1.6 billion, accounting for over 23% of worldwide
production.  The Company operates the Avontuur Mine in Namaqualand, and its
main exploration projects are the Groen River Valley project in Namaqualand
and the Mopipi project in Botswana.  

Firestone is quoted on the London Stock Exchange's Alternative Investment
Market (AIM). Firestone now has a total of 30,365,745 shares in issue, of
which some 47% is free float. 

Announcements and other information on Firestone are available on the
Company's website at www.firestonediamonds.com.

For further information:

Philip Kenny, Firestone Diamonds plc              020-7370-6452 / 0831-324-645
Keith Irons, Bankside Consultants              020-7220-7477 / 0585-356-639 


END

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