Diamond Fields International Ltd. (TSX-V: DFI) (“DFI” or the “Company”) is pleased is pleased to announce that offshore marine diamond surveying and high density sampling, as well as trenching operations on its Namibian concession ML-111, are being engaged upon, initiating Stage III of the Company’s agreement with International Mining and Dredging Holding (Pty) Limited (“IMDH”), being the holding entity of the IMDH Group (see DFI press release dated June 5, 2015).
Stage III constitutes further geo-physical runs supporting a high-density sampling campaign of earlier Stage II-identified areas focused on in the DFN ML-111 Concession area.
The Stage III campaign will cover the period from early July through August 2016 during which IMDH is planning, at times, the simultaneous deployment of three vessels namely M/V DP Star, The Explorer and M/V Ya Toivo in the ML 111 area.
The survey vessel M/V DP Star is currently undertaking a detailed survey to be dynamically elaborated in a 3D Topas foot-wall model within which the sampling vessel M/V The Explorer will be able to undertake high density samples through vertical drilling. Deployment of M/V Ya Toivo will further allow trenching to be undertaken by its deployed crawler. This offers the possibility of confirming geotechnical soil conditions, the mine-ability of such soils, footwall existence and its reach-ability within the 3D Topas model. This combined data will support the vertical drill sampling by The Explorer to further expand the model with targeted areas that can in future be reached by a deployed crawler.
The successful completion of this Stage III campaign will earn IMDH a 75% share ownership in DFI’s Namibian subsidiary, Diamond Fields (Namibia) (Pty) Limited (“DFN”) as consideration for the costs undertaken to execute Stage III campaign and otherwise in accordance with the relevant terms of the agreement between the Company and IMDH.
DIAMOND FIELDS INTERNATIONAL LTD.
SIGNED: “Sybrand van der Spuy”
Sybrand van der Spuy, Chief Executive Officer
Contact: Earl Young at +1 214 566 3709
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.