Diamond Fields International Ltd. (the “Company”) has filed its third quarter report on SEDAR for the period ending March 31, 2003.
Net loss for the three months ended March 31, 2003 was $141,721, compared with income of $44,403 for the same period in 2002.
Highlights for the quarter are:
– The Company’s operations yielded over 8,700 carats. The production resulted in an operating profit of $144,899. Three days after the quarter, on April 3rd, 2003, the Company completed the sale of 4,333 carats for total proceeds of $639,812.
– The Board of Directors and management have succeeded in reducing general and administrative expenses, which have decreased by $193,487 compared to the same period in 2002.
During the three months ended March 31, 2003 the Company completed two diamond sales generating $940,601 in revenue. A total of 6,747 carats were sold at an average price of $139.41 per carat. These diamonds were recovered through contract mining operations with Gemfarm Investments (Pty) Ltd.
Diamond Fields shares are listed on the Toronto Stock Exchange under the symbol “DFI”.
DIAMOND FIELDS INTERNATIONAL, LTD.
Chairman and Chief Executive Officer
For further information contact: Earl Young (1-214-219-1439)