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Firestone Diamonds

Firestone Diamonds broadens Botswana based investment appeal with BSE listing

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Firestone Diamonds (AIM: FDI) said it intends to apply for a secondary listing on the Botswana Stock Exchange (BSE), and has appointed Capital Securities of Botswana as its sponsoring broker for the proposed listing. The listing application is expected to be made shortly, and the company’s shares are expected to join the exchange in Q2 2010.

"Firestone has made a substantial investment in its Botswana operations, which are now the primary focus for the company”, Firestone chief executive Philip Kenny commented. “With BK11 due to commence production shortly, and more than 100 kimberlites in our licence areas in the Orapa, Jwaneng and Tsabong regions, we believe that we have a successful future ahead of us in Botswana and look forward to growing our shareholder base in Botswana".

The company has been granted ‘Local Asset Status’ by the Non-Bank Financial Institutions Regulatory Authority of Botswana. According to Firestone, with its ‘Local Asset Status’ and the pending BSE listing, Botswana-based institutional investors have a significantly improved ability to invest in the company.

Production at Firestone’s BK11 kimberlite is due to commence in Q2 2010.  According to Firestone, with over 25,000 square kilometres around the major Orapa and Jwaneng mines and the entire Tsabong kimberlite field, it is the largest holder of mineral rights in Botswana's diamondiferous kimberlite fields. Botswana is believed to be the world's largest and lowest cost producer of diamonds, with annual production worth over US$2.5bn, and is considered to be one of the most prospective countries in the world to explore for diamonds, Firestone said.

Quick facts: Firestone Diamonds

Price: £0.01

Market: AIM
Market Cap: £5.65 m
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