FDI Firestone Diamonds Plc

RNS Number:3096N
Firestone Diamonds PLC
06 December 2006

                             Firestone Diamonds plc

                     Groen River Valley Exploration Update



LONDON: 6 December 2006



HIGHLIGHTS

*        Previous exploration recovered high value diamonds and identified 13
         deposits in the GRV project area

*        Diamonds recovered from bulk sampling on HL deposit

*        Mobile sampling plant to be erected in Q1 2007

*        Bulk sampling on GR2 deposit scheduled for Q2 2007





Firestone Diamonds plc ("Firestone" or "the Company"), the AIM-quoted diamond
mining and exploration company, is pleased to provide an update on exploration
at its Groen River Valley joint venture exploration project with De Beers in
South Africa.  Exploration on the project to date has identified 13 deposits in
the project area on which a systematic drilling and sampling programme is being
carried out.



HL Deposit

Initial results have been received from the follow-up bulk sampling programme
carried out on the southern portion of the HL deposit.  The HL deposit is one of
five north-south trending Axial Channel deposits in the project area.
Approximately 3,000 tonnes of gravel was excavated in four separate blocks from
the bulk sample pit.  The gravel recovered appears to be similar to the
geological unit sampled by the large diameter auger drilling carried out further
north on the HL channel earlier in the year, although heavily diluted with
angular quartz rubble and clay.



Gravel from blocks 1 and 2 has been transported to the sample processing plant,
and processing of the gravel has been completed.  Block 1 produced no diamonds
from 889 tonnes of gravel.  Block 2 produced five diamonds weighing 1.11 carats
from 553 tonnes of gravel.  The diamonds are believed to have been recovered
from a channel feature in the pit which was only partially sampled by block 2.
The diamonds recovered were all high quality gemstones.  Individual stone sizes
were 0.15, 0.18, 0.22 and 0.26 carats.  These results are encouraging as they
prove that the deposit is diamondiferous, although a full assessment will not be
possible until processing of blocks 3 and 4 has been completed.



As a result of very high rainfall in September and October, transporting of the
gravel from blocks 3 and 4 to the processing plant has been suspended pending
the erection of a mobile sampling plant in the Groen River Valley.  The mobile
plant will be located close to the bulk sample pits and will allow gravel to be
processed more quickly.  Planning for erection of the mobile sampling plant is
at an advanced stage, and it is anticipated that the plant will be in full
operation in Q1 2007.



GR2 Deposit

Evaluation of the other 12 deposits in the project area is continuing.  The next
deposit selected for sampling is the GR2 deposit, which is one of four east-west
trending Proto Channel deposits in the project area.  The GR2 deposit is an
attractive exploration target, as previous sampling of Proto Channel deposits in
a number of locations elsewhere in the Groen River Valley area has produced
grades of 7-13 carats per hundred tonnes, which would be economically viable
given the high value of Groen River Valley diamonds.



The GR2 deposit is located to the east of the HL deposit and is approximately 4
kilometres long and 150 metres wide.  Overburden is estimated to vary between 10
and 20 metres.  Drilling will be carried out in Q1 2007 to identity a suitable
location for bulk sampling pits, and sampling is expected to be completed in Q2
2007.



Philip Kenny, CEO of Firestone Diamonds, commented: "We are pleased to have
recovered our first diamonds from this phase of sampling in the Groen River
Valley project area.  With good results from past exploration on the Proto
Channel deposits in the area, we expect that the next phase of sampling on the
GR2 deposit will allow us to make significant progress towards establishing the
economic potential of the area."









For further information:

Philip Kenny, Firestone Diamonds           +44 20 8834 1028 / +44 7831 324 645

Leesa Peters/Laurence Read, Conduit PR     +44 20 7429 6600 / +44 7979 955 923

Jamie Cumming, Bell Lawrie                 +44 141 314 8103 / +44 7768 044 620



                           www.firestonediamonds.com





Note: The information in this statement has been reviewed by Mr. Tim Wilkes,
BSc, MSAIMM, who is a qualified person for the purposes of the AIM Guidance Note
for Mining, Oil and Gas Companies.  Mr. Wilkes is Chief Operating Officer of
Firestone Diamonds plc and has over 25 years experience in diamond mining and
exploration.  Mr. Wilkes is a member of the sub-committee for diamonds of the
South African Mineral Resource Committee (SAMREC).




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