Firestone Diamonds: Debswana To Proceed With Jwaneng Tailings Project

30th Jun 2010 08:20

LONDON (Dow Jones)--Angel Mining PLC (ANGM.LN), a diamond mining and exploration company said Wednesday that it has been informed by Debswana Diamond Company that Debswana has decided to proceed with the Modular Tailings Treatment Project or MTTP at the Jwaneng Mine with Firestone, and said construction is expected to commence in the first half of 2011 with full production scheduled for 2012. MAIN FACTS: -The work is subject to contractual arrangements, which are currently at an advanced stage, being finalized, and suitable financing arrangements being made for the capital costs of the project. -Tailings resource at Jwaneng estimated at over 30 million tonnes -Firestone responsible for financing, construction and operation of the plant -Plant to serve as pilot facility with potential for deployment to other Debswana mines -Potential revenue of up to $150 million for Firestone -Shares closed Tuesday at 33.25 pence. -By London Bureau, Dow Jones Newswires; Contact Razak Musah Baba; +44 (0)20 7842 9275; [email protected] (END) Dow Jones Newswires June 30, 2010 03:20 ET (07:20 GMT)