Cape Town, March 29, 2006 – Diamond Fields International Ltd. (TSX: DFI) (“DFI” or the “Company”) is pleased to announce the result of its latest sale of a parcel of 95% gem quality rough diamonds from its Namibian marine operations. 1,815 carats of diamonds were sold at a price of US$ 218.31 for gross proceeds of US$ 396,249.
Roger Daniel, President and CEO of Diamond Fields commented: “This sale again confirms the quality of DFI’s marine diamond resource. The diamonds sold were all recovered from the recently completed development program in the Diaz Reef section of Diamond Fields’ licenses and the price reflects the larger average stone size than in Marshall Fork.”
Diamond Fields’ vessel mv DF Discoverer returned to full mining mode in the Diaz Reef area at the beginning of March as a result of the success of the trenching program in the Elephant Basin and Reef Edge features. The high grade deposit found in Elephant Basin is still open to the west and south while the deposit found in Reef Edge is open to the north.
As previously announced in press releases dated March 1, 2006, Diamond Fields International Ltd. and Moydow Mines International Inc. (TSX: MOY), (AIM: MOY) (“Moydow”) stated 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 transaction 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.