Vancouver, B.C. (December 2nd, 2005) – Diamond Fields International Ltd. (TSX:DFI) (“DFI” or the “Company”) announces that, with a view to reducing its overhead and to bring its management closer to its base of operations in Africa, it has decided to relocate its head office from Vancouver, B.C. to Cape Town, South Africa. It is anticipated that the closing of the Vancouver office will bring about significant savings in overhead as DFI already maintains an operational office in Cape Town. The effective date of this transfer will occur in the first quarter of 2006 and will be announced in due course by the Company.
Further to this transition, the Company also announces that Mr. Gregg J. Sedun has stepped down as President and CEO of DFI to pursue other endeavors and has been replaced by Roger Daniel, DFI’s current Director of Operations currently based in Cape Town. Mr. Sedun will continue on as a Director of Diamond Fields and has agreed to assist the Company to make an orderly transition. On behalf of the Board of Directors, the Company would like to extend its appreciation to Mr. Sedun for his many significant contributions to the Company as well as his tireless effort in managing the Company’s affairs over the last two years. We wish him the best of luck in his future endeavors.
The Company’s new President and CEO, Mr. Roger Daniel, B.Sc., (Hons.) Geology, London, is a registered professional geologist and Fellow of the South African Institute of Mining & Metallurgy, with over thirty-five years world wide practical mining experience encompassing mineral exploration, project assessment, and mine and project management at both operating and board level.
Mr. Daniel’s career has covered a wide range of metals and minerals including diamonds, gold, nickel, copper and other metals and has included projects and mining property valuations throughout Africa and other continents. He served for 12 years with a privately owned mine development and management company as Director of Geology and Exploration, and executive director of numerous public and private mining and mining related companies. Mr. Daniel served 10 years with the Gold Fields Group of Companies in South Africa (becoming Chief Geologist at a major South African Witwatersrand gold mine), as well as 6 years with Namibian Minerals Corporation (Namco) as Project Director in the successful early stage development of its marine diamond project in southern Africa. Mr. Daniel joined DFI in April 2001 as Operations Director and was appointed to DFI’s main board in mid 2003.
Mr. Daniel has been directly associated with a number of discoveries of significant deposits, and in mine/company management where he has been involved in the establishment, growth and development of many varied mining projects. He has extensive experience in all aspects of the mining business including strategy development and “hands on” management of operations, production, administration, fund raising and investor and government relations.
DIAMOND FIELDS INTERNATIONAL LTD.
“Kenneth E. Hecker”
Kenneth E. Hecker, Chief Financial Officer and Chief Operating Officer
For further information contact Investor Relations at (1.604.682.2113).
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.