(Vancouver, B.C.) – Diamond Fields International Ltd. (DFI: TSX-V) (“DFI” or the “Company”) is pleased to announce that it has been granted a marine exploration license for phosphate and associated minerals by the Government of the Republic of South Africa. The exploration license is valid for a period of five years in the first instance, and extends over an area of approximately 47,468 km2 within the Outeniqua Basin in the South Western Cape. The license was awarded following an extensive environmental management plan compiled by the Council for Scientific and Industrial Research and public consultation with interested and affected parties.
Phosphate-rich rocks (av. 16.2% – 17.8% P205) occur over extensive portions of the shelves off the west and south coasts of southern Africa. These occurrences have been studied in the past in detail through a joint research programme conducted by the Geological Survey of South Africa and the Marine Geoscience Unit at the University of Cape Town. In the South Western Cape, phosphatic rocks form a near continuous outcrop which mantles the continental shelf between the 80 meter and 500 meter isobaths and covering an area of approximately 21,500 x 106 m2.
The deposit is located on international shipping lanes between the major markets of South America and Asia and benefits from excellent infrastructure. Diamond Fields intends to fast track the project through to the production of a high-quality rock phosphate product, subject to determination of a current resource estimate and economic feasibility.
“We see a lot of growth potential in the rock phosphate market” said Ian Ransome, DFI’s CEO. “We believe this deposit has the potential to yield a low-cost, high-quality rock phosphate product for the fertilizer and related industries. The potential of the resource in the South Western Cape is tremendous and the offshore nature of the deposit dovetails perfectly into Diamond Fields’ extensive experience in marine mining in this part of the world”.
The geological and technical information in this press release has been compiled and reviewed by Mr. I Ransome B.Sc. (Hons) Geology, Pri. Sci. Nat. Mr. Ransome is the CEO for Diamond Fields, and is a registered geological scientist with the South African Council for Natural Scientific Professions (SACNASP) and is thus a Qualified Person under NI 43-101 of the Canadian Securities Administrators.
DIAMOND FIELDS INTERNATIONAL LTD.
SIGNED: “Ian Ransome”
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.
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.