Mining firm Botswana Diamonds announced that it suffered a financial blow this past fiscal year, but was buoyed by the promise of new exploration projects, Diamond Intelligence reports.

The diamond company said that between July 2011 and June 2012, its economic losses amounted to approximately $940,000. The firm also raised significantly more than that - $2.45 million in total – from direct subscriptions and a share placement.

Softening the blow of Botswana Diamond's financial loss was the recent news that its 249-square-kilometer concession in the Letlhakane region of Botswana had produced positive gravity and ground magnetic surveys. The handful of gems that have turned up during sampling procedures at the firm's Libongo project over in Cameroon also give the company reason to be upbeat in the new year.

Botswana Diamonds chair John Teeling noted that while there are no sure bets in the field of rough diamond exploration, he was confident of impending success, according to Diamond Intelligence.