Firestone links up with De Beers

Firestone Diamonds today announced it has entered into a joint venture with De Beers over the company's Mopipi exploration project in Botswana.

Under the terms of the joint venture agreement, De Beers will be responsible for financing and carrying out all exploration and evaluation work, up to and including the completion of bankable feasibility studies on any kimberlites discovered in the project area.

Kimberlites are the rocks from which diamonds originate.

The joint venture will initially be held 51% by De Beers and 49% by Firestone.

Firestone Diamonds is a UK-based international diamond mining and exploration company and is quoted on the London Stock Exchange’s Alternative Investment Market.