Firestone Diamonds

From the results

US Exploration Project
Exploration at the Company's kimberlite exploration project in the United States
indicates that at least one previously unknown kimberlite field is located in
the project area, and that some of these kimberlites may be diamondiferous. The
Company's joint venture partner, American Diamonds, has completed the first
phase of follow-up sampling in the high priority target areas identified by
previous exploration. Sampling results are currently being compiled and are
expected to be announced in early 2006.


Seems like progress is good (not withstanding the statement by American Diamonds that they are indefault having spent approx $104,000 out of the required $140k year 1 spend). I would think that FDI are satisfied with the work and wouldn't demand the JV partners to spend money just to forefill the required spend until they have defined the best way to spend the money.

Although the US Exp is of almost nil value to FDI at present it does present good no risk upside (no FDI spend required for a few years). The location alongside the Canadian border is a good location - this was highlighted by an excellent paper (Memmi & Pride) assessing the diamond potential of the US.