Firestone Diamonds said it is pleased with the “highly attractive” results of a Definitive Feasibility Study (DFS) for its Liqhobong diamond Project, in Lesotho.
The company had a 75 percent interest in the project, while the government of Lesotho owned the remaining 25 percent.
The DFS assumed an average annual production of 1.2 million carats commencing 2015 and a 15 year life of open pit mine.
An average diamond price of $100/ct was also anticipated.
"We are pleased to announce these highly attractive results for the Liqhobong DFS, which confirm management's belief in the robustness of the project,” Firestone chief executive Tim Wilkes said in a statement emailed to Rough&Polished.
“There could also be considerable upside from the recovery of larger special diamonds that have been catered for in the design of the new treatment plant.”
Firestone said it was now progressing discussions with debt providers and considering other marketing arrangements to minimise dilution to shareholders.
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