Annual Financial Statements Filed, Removal of Management Cease Trade Orders and Rights Offering Update

Nov 3, 2006 | 2006, Corporate News

[vc_row][vc_column][vc_column_text](Cape Town, November 3, 2006) — Diamond Fields International Ltd. (DFI:TSX) (“DFI” or the “Company”) is pleased to announce that, further to its Default Status Report dated October 26, 2006, the Company filed on October 27, 2006 its annual audited financial statements and management’s discussion and analysis for its fiscal year ended June 30, 2006, and on October 31, 2006 the Company filed its annual information form for such period. As a result, the management cease trade orders issued by the British Columbia Securities Commission and the Ontario Securities Commission were revoked on November 1 and 2, 2006, respectively.

DFI is also pleased to announce that in connection with the previously announced standby guarantee agreement between the Company and Spirit Resources SARL (“Spirit”), Spirit has advanced to the Company an additional $1.2 million, for an aggregate of $1.7 million funds advanced to date, to be applied towards Spirit’s participation in the proposed rights offering of the Company. Such advance will, pending completion of the rights offering, constitute a noninterest bearing loan from Spirit to the Company. Please refer to the Company’s news release dated September 1, 2006 for further details on the standby guarantee agreement and Spirit’s participation in the rights offering.

With the receipt of the additional funds from Spirit, the Company is completing the dry-docking, maintenance and repair of the mv DF Discoverer and its return to service is imminent. DATED November 3, 2006.

“Roger Daniel”
Roger J. Daniel, President and CEO

For further information, contact Roger Daniel or Randal Cullen at +27 21 425 1990

Forward-Looking Statements:
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.

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