(Vancouver, Canada, September 30, 2013) – Diamond Fields International Ltd. (DFI:TSX) (“DFI” or the “Company”) announces that pursuant to a joint venture agreement, Afri-Can Marine Minerals (“Afri-Can”) (see DFI’s March 21, 2013 press release), has issued a National Instrument 43-101 report containing estimates of indicated resource of 413,000 carats and inferred resource of 453,000 carats on DFI’s Mining Lease 111 off the coast of Nambia. A portion of the indicated resource, some 255,000 carats grading at 0.30 carats per square metre, is considered by Afri-Can to be mineable without further sampling work, for which Afri-Can’s team is currently preparing mine planning according to their press release. A trial mining program will be undertaken as soon as a suitable mining vessel is chartered.
The text of Afri-Can’s press release is attached to this release. The National Instrument Report referred to in the Afri-Can press release has been prepared solely by, or on behalf of, Afri-Can and has not been independently reviewed by, or on behalf of, DFI.
The DFI/Afri-Can agreement is valid to March 2015. Under it, Afri-Can is required to spend $800,000 on DFI’s Namibian MLs before the first year anniversary and an additional $2.5 million before the second year anniversary. Should Afri-Can spend the required sums, it will have the right to exercise an option to acquire interests in certain DFI licences. Upon exercise of the option on MLs 111, 138 & 139, the interests in the MLs will be: Afri-Can 80%, DFI 10% and Woduna 10%. Upon exercise of the option on ML 32, the interests in the ML will be Afri-Can 80%, Woduna 10%, DFI 7% and Full Screen Investments (PTY) Ltd 3%.
“We look forward to continued progress on this project,” said Ian Ransome, DFI’s CEO. “This is another front on which the Company is making progress and follows on the heels of its recently announced steps in improving the Company’s financial condition” (See DFI’s September 10, 2013 press release). “We are working hard on a number of other fronts to build on this momentum.”
DIAMOND FIELDS INTERNATIONAL LTD.
Ian Ransome, Chief Executive Officer
For further information, contact Ian Ransome or Earl Young at + 1 604 685 9911
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in Diamond Fields’ periodic filings with Canadian Securities Regulators. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Diamond Fields does not assume the obligation to update any forward-looking statement, except as otherwise required by law.