Firestone Diamonds
Firestone Diamonds is a diamond mining and exploration company with operations in Botswana and South Africa.
Firestone is the largest holder of mineral rights in Botswana's diamondiferous kimberlite fields, controlling over 29,000 square kilometres around the major Orapa and Jwaneng mines and the entire Tsabong kimberlite field.
Firestone has 95 kimberlites in its portfolio, of which 24 have been proven to be diamondiferous. Sixteen of Firestone's kimberlites are at the bulk sampling stage, of which BK11 is the most advanced. Firestone's mining operations in South Africa include a toll treatment operation in joint venture with De Beers at the Bonte Koe Mine.
Firestone Diamonds raises £5.0 million
Firestone Diamonds (AIM: FDI) a diamond mining and exploration company, announced that it placed 5,882,353 new ordinary shares of £0.2 each at £0.85 per share to raise £5 million before expenses.
The proceeds of the Placing will be used to accelerate evaluation work at the Company's BK11, BK16 and Tsabong projects in Botswana. At the BK11 and BK16 projects the company plans to recover about 1,000 tonnes of kimberlite for processing. The company hopes to recover between 100-150 carats from each bulk sample.
The Company also intends to accelerate evaluation work at its Tsabong project, where it has identified 14 high interest kimberlites for bulk sampling by large diameter drilling.
Results from a number of the other high interest kimberlites are expected to be released in Q3 2008.
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Other Firestone Diamonds articles
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06/10/08 Firestone Diamonds ploughs ahead with kimberlite evaluation programs
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27/06/08 Firestone Diamonds - starting to sparkle?
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02/11/06 Firestone Diamonds gets Excited about Tsabong Kimberlites
Other Firestone Diamonds news
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10/12/08 Firestone Diamonds turnover increases 100%
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29/10/07 Firestone Diamonds issue Botswana update
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29/01/07 Firestone Diamonds identifies four more kimberlites at Tsabong