Board Changes (6486V)
January 17 2012 - 2:00AM
UK Regulatory
TIDMFDI
RNS Number : 6486V
Firestone Diamonds PLC
17 January 2012
Firestone Diamonds plc
Board Changes
LONDON: 17 January, 2012
Firestone Diamonds plc ("Firestone" or the "Company"), the
AIM-quoted diamond mining and exploration company, announces that
Philip Kenny has resigned as Chairman of the Company in order to
pursue other business interests with effect from 16 January
2012.
Mr Kenny was a co-founder of the Company and held the position
of Chief Executive Officer from the date of the Company's listing
on AIM in 1998 until March 2011, when he became Chairman.
Tim Wilkes, CEO of Firestone Diamonds, said: "Philip has been a
driving force in the development of Firestone to a point where the
Company is now poised to become a mid-tier diamond producer. We are
grateful for the valuable contribution that Philip has made to the
Company over many years, including the leading role he played in
the successful acquisition of the Liqhobong Diamond Mine in Lesotho
in 2010, and our Board joins me in wishing him every success in his
future business endeavours."
Following the resignation of Mr Kenny, the Company is pleased to
announce the appointment of Lucio Genovese to its Board as
non-executive Chairman with immediate effect.
Mr Genovese has 24 years' experience in both the merchant and
financial sector of the metals and mining Industry. Mr Genovese is
the CEO of Nage Capital Management in Baar, Switzerland, an
advisory firm to Audley Capital Investment Management (Ltd.) He is
also a member of the board of Ferrexpo PLC (a FTSE 250 company),
the Armajaro Commodity Funds and Crossbow Partners AG, Baar,
Switzerland. Mr. Genovese was employed at InCentive Asset
Management which managed InCentive Capital, a leveraged buyout firm
listed on the Swiss Stock Exchange. He was previously employed at
Glencore International AG where he held several senior positions
including CEO of the CIS region and manager of the Moscow office.
Mr. Genovese is a qualified Chartered Accountant of South Africa
and has a B.Comm and B.Acc from the University of Witwatersrand,
Johannesburg (South Africa).
Commenting on Mr Genovese's appointment, Tim Wilkes said: "We
are very pleased to welcome Lucio to our Board. He brings with him
a wealth of experience in the metals and mining sector that will be
of significant value to Firestone as the Company continues to
develop into a mid-tier diamond producer."
For further information, visit the Company's web site at
www.firestonediamonds.com or contact:
+27 78 457 6623 / +267
Tim Wilkes, CEO, Firestone Diamonds 713 77686
Rory Scott, Mirabaud Securities
(Broker) +44 20 7878 3360
Robert Beenstock, Brewin Dolphin
(Nominated Adviser) +44 20 7246 1000
Jos Simson / Emily Fenton, Tavistock +44 20 7920 3150 / +44
Communications 7899 870 450
Information required to be disclosed pursuant to Rule 17 and
Schedule 2 paragraph (g) of the AIM Rules.
Raffaele Lucio Giuseppe Salvatore Genovese, 49, is currently a
director of the following companies:
Alpha Investment Partners
Armajaro Commodities Ltd
CC+ Fund Ltd
Crossbow Partners AG
Ferrexpo PLC
Czar Fund
Nage Capital Management AG
Cedro Holdings International
In the past five years, Mr Genovese has been a director of the
following companies:
Armajaro Emerging Markets Fund Ltd
Aedes Investment Management Ltd
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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