Vancouver, November 20, 2003— Diamond Fields International Ltd. (TSX:DFI) is pleased to announce that 5,394 carats of diamonds have been recovered during operations between September 30 and November 17, 2003 in the Marshall Fork marine deposit off the coast of Luderitz, Namibia. The average recovery was 3.1 carats per square metre, which exceeds the Agra Simons feasibility report (2001) projections for the area. Ninety five percent of the diamonds recovered are gem quality.
The market for Diamond Fields’ marine diamonds is strong. Sales during September and October 2003 by the Company’s marketing partner Diamond Tenders Belgium, totaled 2,585 carats and secured an average price of US$145.62 per carat.
“We are very pleased to once again be in production and generating operational cash flow from the marine diamond mining activities,” says Roger Daniel, Operations Director. “We were especially encouraged by the sale of a light pink 1.54 carat diamond that sold for an astonishing US$5,000 per carat, making the stone the highest value per carat recovered so far by Diamond Fields.”
Diamond Fields International Ltd. is an internationally active exploration and mining company pursuing diamond and nickel opportunities worldwide. The Company’s corporate strategy is to maximize cash flow from its Namibian marine diamond concessions and to systematically explore and develop its international diamond and nickel projects. In addition, the Company continues to explore opportunities to acquire new economic mineral projects worldwide. Additional information is available on the Company’s new website at www.diamondfields.com.
Randal Cullen, Chief Geologist for Diamond Fields International is a Qualified Person as defined by National Instrument 43-101 and is responsible for program design and quality control of exploration undertaken by Diamond Fields.
DIAMOND FIELDS INTERNATIONAL LTD.
“Gregg J. Sedun”
Gregg J. Sedun, President and Chief Executive Officer
For further information contact: Investor relations (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 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.