Diamond Fields Closes Acquisition of Remaining Interest in Subsidiary

Apr 7, 2004 | 2004, Corporate News

Diamond Fields International Ltd. (the “Company” or “DFI”) announces that it has acquired the remaining 30% interest in International Gemstones Co. Ltd. (“IGC”), a private company incorporated in the Republic of Mauritius, increasing DFI’s interest in IGC from 70% to 100%. IGC owns 100% of the issued shares of Gemstones International Madagascar SARL, which in turn holds all of the rights, title and interest in the Company’s Madagascar licenses and the two diamonds of 23 carats and 8 carats, as disclosed in DFI’s News Release of September 8, 2003. The Company had acquired the original 70% interest in IGC by acquiring a 100% interest in Gem Fields Resources, Ltd., a British Virgin Islands company, as part of its acquisition of a number of land based exploration projects initially announced in DFI’s News Release dated July 31 2003. The remaining 30% interest in IGC was owned by individual shareholders, all of whom agreed to sell their interests in exchange for a total of 612,572 common shares in the capital stock of the Company. Theses shares are subject to a hold period expiring August 1, 2004.

In other news, further to the Company’s News Release of February 24, 2004 announcing the appointment of Mr. Ken Hecker as Chief Operating Officer and Chief Financial Officer of DFI, the Company announces that Mr. Marcel de Groot, who acted as Chief Financial Officer prior to the appointment of Mr. Hecker, has completed his employment with DFI. The Company would like to express its sincere appreciation to Mr. de Groot for the excellent job he did as CFO for the past year. He stepped in at a difficult time to fill the management void created and worked tirelessly and with tremendous enthusiasm and creativity in taking on all of the responsibilities of the office of CFO, as well as assisting with the various acquisitions, financings and other special projects carried out by the Company. Diamond Fields would like to wish Mr. de Groot great success in his future endeavors.


“Gregg J. Sedun”

Gregg J. Sedun
President and Chief Executive Officer

For further information contact Investor Relations (604-682-2113)
Website: www.diamondfields.com

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 the 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.

More News