Firestone Diamonds PLC Production Guidance for FY 2018 (3403N)

TIDMFDI

RNS Number : 3403N

Firestone Diamonds PLC

08 August 2017

8 August 2017

Firestone Diamonds plc

("Firestone" or the "Company") (AIM: FDI)

Production Guidance for FY 2018

Firestone Diamonds plc, the AIM-quoted diamond company, announces that it has recently commenced a review of its current life of mine plan in order to optimise mining operations at its 75% owned Liqhobong Diamond Mine in Lesotho ("Liqhobong"). As a result the Company is revising its production guidance for the year to 30 June 2018 ("FY 2018").

As part of this review, Firestone will be extending the mining of the weathered kimberlite over the coming months, in order to access the lower areas of the pit that have historically yielded higher grade and higher value diamonds. The Company also plans to mine additional waste rock in the coming year, in order to improve the long term mining operations. As a result, although the overall life of mine carats is not anticipated to change, the Company now expects to produce between 800,000 and 850,000 carats in FY 2018 (previously 1.0 million carats), which is expected to impact revenues in the current financial year.

Further details of the optimised mine plan will be announced in CY Q4 2017.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

For more information contact:

 
                                         +44 (0)20 
 Firestone Diamonds plc                  8741 7810 
 Stuart Brown 
 
                                         +44 (0)20 
 Strand Hanson Limited (Nomad)           7409 3494 
 Stuart Faulkner 
 Richard Tulloch 
 James Dance 
 
 Macquarie Capital (Europe) Limited      +44 (0)20 
  (Joint Broker)                         3037 2000 
 Raj Khatri 
 Nick Stamp 
 
 Mirabaud Securities LLP (Joint 
  Broker) 
                                         +44 (0)20 
 Rory Scott                              7878 3360 
                                         +44 (0)20 
 Ed Haig-Thomas                          7878 3447 
 
 Tavistock (Public and Investor          +44 (0)20 
  Relations)                             7920 3150 
                                       +44 (0)7788 
 Emily Fenton                              554 035 
 Jos Simson 
 Barney Hayward 
 

Background information on Firestone

Firestone is an international diamond mining company with operations focused in Lesotho. Firestone commenced commercial production in July 2017 at the Liqhobong Diamond Mine in Lesotho.

Lesotho is emerging as one of Africa's significant new diamond producers, hosting Gem Diamonds' Letseng Mine, Firestone's Liqhobong Mine and Namakwa Diamonds' Kao Mine.

For more information please visit: www.firestonediamonds.com.

**ENDS**

This information is provided by RNS

The company news service from the London Stock Exchange

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August 08, 2017 02:01 ET (06:01 GMT)