Cape Town, March 8th, 2006 – Diamond Fields International Ltd. (TSX: DFI) (“DFI” or the “Company”) is pleased to report important progress on its diamond and gold exploration in Liberia.
DFI geologists have discovered kimberlite outcrop in a second target area. The kimberlite was recovered from a swampy area measuring over 50m across and extending over a kilometer along strike. The area has been previously identified as the Camp Alpha Dyke trend and has been targeted by artisanal miners. Additional indicator mineral anomalies coincident with recessive swamps have been identified in three other locations on this grid. A ground geophysical survey will be completed over these targets pre drilling to confirm dimensions and grades.
At the initial kimberlite discovery announced in a press release dated January 9th, 2006, now called Bravo 1, mapping has discovered a second kimberlite outcrop in a swamp now estimated to be in excess of 6 hectares in area. The kimberlite is hosted in a coarse grained granodiorite gneiss and appears to enclose a large block of the host rock in its center. A second swampy area adjacent to this target is also generating G10 garnets from pit samples. This target, called Bravo 2 is within 100m of Bravo 1 and the recessive area it occupies measures approximately 4 hectares.
100kg samples of weathered kimberlite were recovered from both the Dyke trend and the Bravo target. These samples were sieved into three size fractions and are being analyzed for diamonds in DFI’s newly established sample processing facility in Monrovia.
Stream sediment reconnaissance sampling continues to generate kimberlite indicator minerals in areas to the west of the Camp Alpha and Bravo clusters, indicating that DFI has at least 4 clusters of kimberlite anomalies containing a number of individual targets.
Within the Camp Alpha property artisinal gold mining has begun in 4 areas surrounding the Henry Town mining center. Free gold is present in cross cutting quartz veins and in silicified fuchsite, tremolite schists and appears to be associated with a period of deformation generating overturned folds and kink bands in the precursor granodiorite gneiss. Gold is being recovered from deeply weathered regolith and by crushing the host quartz and schist where it is most friable.
DFI stream sediment reconnaissance indicates that gold anomalies are much more pervasive than current mining would indicate. The company plans further reconnaissance as well as detailed mapping around current workings to generate targets for drilling.
KIM reconnaissance samples are jigged in the field to create approximately 1 kg of heavy mineral concentrate, sieved and analysed in DFI’s sample processing facility in Monrovia with selected high interest grains being sent to Nexo Labs in South Africa (ISO14001 accreditation has been applied for) for confirmation. Selected indicator minerals are microprobed at the analytical facility of the University of Johannesburg (a merger between Rand Afrikaans University and Wits University). Gold samples are sieved and dewatered in the field then dried and re-sieved into three fractions and analyzed for visible gold (VG) at DFI’s sample processing facility in Monrovia. The fine fraction of samples that do not contain VG are sent to Anglo American Research Labs in South Africa for Fire Assay and ICP analysis. Results of the sampling programs have been reviewed, verified (including sampling, analytical and test data) and compiled by the Diamond Fields’ geological staff supervised by Mr. Randal Cullen, P.Geol., a “Qualified Person” as indicated under NI 43-101.
Diamond Fields International Ltd. and Moydow Mines International Inc. (TSX: MOY) (AIM: MOY) (“Moydow”) announced in press releases dated March 1, 2006 that they had reached an agreement effective February 28th, 2006 (the “Agreement”) pursuant to which Moydow security holders will exchange their Moydow securities for securities of Diamond Fields (the “Acquisition”). The Acquisition is subject to various conditions as previously announced. Moydow, like Diamond Fields, is engaged in mineral exploration and development worldwide.
DIAMOND FIELDS INTERNATIONAL LTD.
“Roger J. Daniel”
Roger J. Daniel, President and Chief Executive Officer
For further information contact Greg Girdler, Investor Relations at (778) 859-6353.
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.