FDI Firestone Diamonds Plc

RNS Number:4989N
Firestone Diamonds PLC
08 December 2006





                             Firestone Diamonds plc
     Exploration drilling under way at Tsabong kimberlite project, Botswana
              Exploration and evaluation plans finalised for 2007


LONDON: 8 December 2006


HIGHLIGHTS

*  Exploration drilling on Tsabong kimberlite field in Botswana commenced in 
   November 2006

*  Exploration and evaluation plans for 2007 finalised

*  Exploration programme

     -   over 80 kimberlite targets identified by geophysics
     -   10,000 metres of percussion drilling planned on top 50 targets
     -   additional high resolution geophysical surveys to be undertaken

*  Evaluation programme

     -   focus on 17 known diamondiferous kimberlites
     -   6,000 metres of core drilling planned on highest ranked kimberlites
     -   core drilling to commence in Q1 2007
     -   deep core drilling to be undertaken on M1 kimberlite

Firestone Diamonds plc ("Firestone" or "the Company"), the AIM-quoted diamond
mining and exploration company, today announces that it has commenced
exploration drilling at its Tsabong kimberlite project in Botswana.

The Company also announces that it has finalised its exploration and evaluation
plans for the project up to the end of 2007.  The Company plans to carry out
exploration for new kimberlites in parallel with a detailed and systematic
evaluation of all the known kimberlites in the field.  Core drilling on the
highest ranked diamondiferous kimberlites is expected to commence in Q1 2007.
These programmes will be financed out of the Company's current cash resources.

Philip Kenny, CEO of Firestone Diamonds, commented today: "It is a significant
achievement to have been able to mobilise staff and equipment and commence
exploration at Tsabong within 1 month of our permits being granted.  Tsabong is
one of Firestone's most exciting and important exploration projects, and we
intend to move our exploration and evaluation programmes forward rapidly.  With
the large number of kimberlites that we have in the project area and with more
kimberlites expected to be discovered, we believe that our objective of
discovering a 20 hectare kimberlite with a moderate grade of 20 cpht and average
quality diamonds of $100 per carat, which would support a large-scale,
profitable mining operation, is achievable."

The Tsabong kimberlite field is one of the largest diamondiferous kimberlite
fields in the world.  It contains 67 known kimberlites, of which 17 have been
proven to be diamondiferous, including the 180 hectare M1 kimberlite, which is
one of the largest known diamondiferous kimberlites.


Exploration Programme

An extensive exploration programme is planned for the Tsabong project area.
Analysis of the currently available aeromagnetic data has identified over 80
well defined geophysical anomalies that have never been drilled.  These
anomalies are currently being ranked and prioritised for drilling.

The Company plans to carry out approximately 10,000 metres of 140 mm diameter
air percussion reverse circulation drilling on selected kimberlite targets in
2007.  With an average hole depth of 200 metres, this programme will allow
approximately 50 of the top ranked targets to be drilled.  The Company believes
that the potential for the discovery of new, large diamondiferous kimberlites is
good.  Drill chip samples will be taken from any kimberlites discovered for
microdiamond, mineral chemistry and petrographic analysis in order to allow a
preliminary evaluation of the economic potential of the kimberlites to be made.

The Company also plans to conduct a number of high resolution geophysical
surveys in the Tsabong project area.  These surveys are expected to identify
additional targets for drilling.


Evaluation Programme

As none of the known Tsabong kimberlites have been evaluated on an adequate
scale or using modern techniques, a detailed evaluation programme will be
undertaken. This will be carried out concurrently with the planned exploration
programme.

The evaluation programme will primarily focus on the highest ranked of the 17
known diamondiferous kimberlites.  Work will also be carried out on a number of
large kimberlites that have not produced microdiamonds but have only been
sampled by a single discovery hole, and on any new discoveries that show
positive microdiamond counts or geochemistry.

Approximately 6,000 metres of 50 mm diameter core drilling is planned on the 7
highest priority diamondiferous kimberlites during 2007. The holes will be
drilled to depths of up to 500 metres to identify the various geological phases
in the kimberlites at depth and to allow preliminary 3D geological models of the
kimberlites to be constructed.  Detailed microdiamond, mineral chemistry and
petrographic analyses will be carried out on samples from the core.  This work
will allow more accurate assessments of the economic potential of the
kimberlites to be made.

A separate evaluation programme will be carried out on the 180 hectare M1
kimberlite, which is the only kimberlite in the Tsabong field to have been
previously sampled for macrodiamonds.  As this sampling was carried out on
diluted crater facies material from the uppermost portion of the kimberlite, the
primary objective of the new programme will be to recover and test material from
the deeper tuffaceous and intrusive facies.

Subject to the results of the planned evaluation programme, the next stage of
work at Tsabong will be to take bulk samples from selected kimberlites by large
diameter drilling to test for the presence of macrodiamonds.


For further information:
Philip Kenny, Firestone Diamonds             +44 20 8834 1028 / +44 7831 324 645
Laurence Read/Joss Simson, 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


Background information on Firestone Diamonds plc:

Firestone Diamonds plc is an international diamond mining and exploration
company with operations in the Namaqualand region of South Africa, Botswana and
the United States.

Firestone has extensive interests in Botswana, which is the world's largest
producer of diamonds, with annual production of approximately 30 million carats
worth over $2.5 billion.  Botswana is considered to be one of the best countries
in the world to explore for kimberlite - the primary source rock for diamonds.
Firestone's Mopipi, Orapa and Jwaneng projects are located close to the major
Orapa and Jwaneng mines and are all being explored by De Beers in joint venture
with Firestone.  Firestone is also exploring for kimberlite in the US on the
Laurentia craton, which extends into Canada, where it hosts a number of
diamondiferous kimberlite deposits.

Namaqualand, which is located on the west coast of South Africa, has been one of
the world's largest alluvial diamond producing regions for the past 60 years,
with total production to date estimated to be worth more than $3 billion.
Firestone's mining operations in Namaqualand include the Bonte Koe, Avontuur and
Oena Mines, all of which produce high quality alluvial diamonds, and a growing
portfolio of early stage and advanced exploration projects, of which the Groen
River Valley project, which is being explored by De Beers in joint venture with
Firestone, is the most important.

Firestone has a highly qualified management team with extensive experience in
the exploration, evaluation and development of diamond projects.  Firestone is
quoted on the Alternative Investment Market (AIM) of the London Stock Exchange
and trades under the symbol FDI.L.

Note: The information in this statement has been reviewed by Mr. Tim Wilkes, B
Sc, Pr Sci Nat, 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
exploration, mineral resource management and mining.  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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