Cape Town, May 4, 2006 – Diamond Fields International Ltd. (TSX: DFI) (“DFI” or the “Company”) is pleased to announce the result of its latest sale of 95% gem quality diamonds recovered from its Namibian marine operations. 2,630 carats of diamonds were sold in late April at an average price of US$200.00 per carat for gross proceeds of US$526,149.
Roger Daniel, President and CEO of Diamond Fields commented: “This sale again confirms the quality of DFI’s marine diamond resource. The diamonds sold in the latest parcel were mined in the Diaz Reef section of Diamond Fields’ licenses. The sale included 2 stones classified as ‘fancy colours’: a pink stone weighing 0.45 carats and a light blue stone of 1.70 carats, which combined, sold for a total of US$28,889 with the blue stone fetching a price of US$16,434 per carat – a new record price per carat for diamonds recovered from our Namibian project area.”
Diamond Fields International Ltd. and Moydow Mines International Inc. (TSX: MOY) (AIM: MOY) (“Moydow”) announced in press releases dated March 1, 2006 that they had reached an agreement effective February 28th, 2006 (the “Agreement”) pursuant to which Moydow security holders will exchange their Moydow securities for securities of Diamond Fields (the “Acquisition”). The Acquisition is subject to various conditions as previously announced. Moydow, like Diamond Fields, is engaged in mineral exploration and development worldwide.
DIAMOND FIELDS INTERNATIONAL LTD.
“Roger J. Daniel”
Roger J. Daniel, President and CEO
For further information, contact Greg Girdler, Investor Relations at (604) 288-1400
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.