Black Empowerment JV

RNS Number:6695M
Firestone Diamonds PLC
24 June 2003


                             Firestone Diamonds plc

        Forms strategic black empowerment joint venture in South Africa

LONDON: 24th June, 2003

Firestone Diamonds plc ("the Company"), the AIM-quoted diamond mining and
exploration company, today announces that it has entered into a strategic joint
venture with African Star Investments (Pty) Limited, a leading South African
black empowerment group.  The joint venture, which will be known as African Star
Minerals (Pty) Limited, will acquire and develop new diamond exploration and
mining projects in South Africa.  Firestone Diamonds holds a 75% interest in the
joint venture and African Star Investments holds a 25% interest and an option to
purchase an additional 24% at market value.

African Star Minerals will be primarily focused on alluvial diamond projects in
the Namaqualand region of South Africa, where Firestone Diamonds' current mining
operations are located.  African Star Minerals will focus on securing new
projects that can leverage Firestone Diamonds' infrastructure in Namaqualand and
complement the Company's existing portfolio of projects.  A number of new mining
and exploration projects are currently at an advanced stage of evaluation, and
the Company expects to announce specific details in this regard in the near
future.

Philip Kenny, CEO of Firestone Diamonds, commented today: "Firestone's black
empowerment strategy has developed substantially beyond meeting the minimum
requirements specified in the Mining Charter published last year by the South
African government.  We believe that by fully engaging in the black empowerment
process, as we are doing through African Star Minerals, we will able to gain
access to new projects that will generate significant shareholder value for
Firestone Diamonds.  We are very excited to be partnering with a group of
African Star Investments' standing, and are very optimistic about the prospects
for the new joint venture."

African Star Investments is controlled by Dr. Franklin Sonn.  Dr. Sonn was
appointed as South Africa's Ambassador to the United States after the first
democratic elections in South Africa in 1994.  He currently serves as Chairman
of eleven corporate boards in South Africa and is a director of twelve other
companies, including Airports Company of South Africa, ABSA Group, Macsteel
Group, Metropolitan Life, KWV, Sappi and Western Province Rugby.  He is a former
director of Nedbank, M-Net, MTN, Prestasi and the SABC and was a co-founder of
New Africa Investments Limited (NAIL).  Dr Sonn is currently President of the
Afrikaanse Handelsinstituut, which is one of the principal employer
organisations in South Africa.  Dr Sonn is a Trustee of the Nelson Mandela
Children's Fund and the Nelson Mandela Foundation.

Dr. Sonn, Chairman of African Star Investments, commented today: "We are very
excited about our joint venture with Firestone Diamonds, and are confident that
we can secure new opportunities that will add substantial value to both of our
companies.  The African Star Minerals joint venture combines the technical and
operating skills of Firestone Diamonds with the local knowledge and
entrepreneurial capabilities of African Star Investments, and represents a model
for black economic empowerment that the South African government is keen to
support."

Background information on Firestone Diamonds plc

Firestone Diamonds plc is a UK-based international diamond mining and
exploration company with operations in the Namaqualand region of South Africa
and Botswana.  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.  Botswana is the world's largest producer of diamonds by value, with
annual production of over 20 million carats worth over $1.6 billion.

Firestone Diamonds' strategy has been to build a portfolio comprising advanced
development and production projects to provide sustainable cash flow to fund
large scale exploration projects that have the potential to yield significant
reserves of gem quality diamonds.  Firestone Diamonds operates the Oena and
Avontuur alluvial diamond mines in Namaqualand.  Firestone Diamonds' principal
exploration projects are the Groen River Valley alluvial diamond project in
Namaqualand and the Mopipi kimberlite exploration project in Botswana.


For further information:

Philip Kenny, Firestone Diamonds            [phone]/[phone]
Leesa Peters, Conduit PR                    [phone]/[phone]
Jamie Cumming, Bell Lawrie White            [phone]/[phone]
Franklin Sonn, African Star Investments     [phone]


                       Website: www.firestonediamonds.com


                      This information is provided by RNS
            The company news service from the London Stock Exchange

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