(Cape Town, May 15, 2007) — Diamond Fields International Ltd. (DFI:TSX) (“DFI” or the “Company”) is pleased to announce that the Company has today closed the private placement of shares through Ferris, Baker Watts Inc. previously announced on May 3, 2007. The private placement was fully subscribed and accordingly the Company issued a total of 66,666,666 common shares at a price of US$0.15 per share for aggregate gross proceeds of US$10 million. The Company will pay an aggregate of US$600,000 in placement agent fees for the private placement and financial advisory fees, representing 6% of the gross proceeds of the private placement.
Net proceeds of the private placement will be applied towards advancing the Company’s exploration projects and for general working capital.
All shares issued under the private placement are subject to a four-month hold period in Canada expiring on September 16, 2007, in addition to any other restrictions imposed by foreign securities laws.
DIAMOND FIELDS INTERNATIONAL LTD.
“Roger J. Daniel”
Roger J. Daniel, President and CEO
For further information, contact Roger Daniel at +27 21 425 1990 Website: www.diamondfields.com
THIS NEWS RELEASE IS NOT AN OFFER OF SECURITIES
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Company’s securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available. Any public offering of securities in the United States must be made by means of a prospectus that contains detailed information about the Company and its management, as well as financial statements.
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Company’s 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 other than in accordance with applicable law.