Diamond Fields Reports Recovery Of Over 4,800 Carats Of Exceptional 95% Gem Quality Diamonds Mined At Its Luderitz Concession And The Sale Of 3215 Carats

Mar 5, 2003 | 2003, Corporate News

Mr. Jean-Raymond Boulle, Chairman and CEO of Diamond Fields International (TSX-DFI), is pleased to announce that with a further recovery of over 4,800 carats of diamonds from the Luderitz diamond concession, the mining program continues to exceed the feasibility study expectations.

Roger Daniel, Operations Director of DFI, stated: “We are very happy with the results from the contract mining program. This is the second diamond mining report of the year utilizing the m.v. Anya with 24-inch airlifts and pebble jetting. This successful mining in the Marshall Fork feature provides a continuation of profitability and positive cash flow to DFI.”

The recently contracted Lady S, a second vessel deploying a single 24-inch pebble jet equipped airlift, has not achieved acceptable performance to date and therefore has returned to Cape Town for a scheduled dry dock booking and repair work to a slew ring on one of the vessel’s deck mounted cranes.

Randal Cullen, Chief Geologist, stated: “DFI has now reported recovery of more than 9,500 carats of diamonds since the resumption of mining this year and mined grades continue to exceed the MRDI feasibility study estimates. The Marshall Forks marine diamond deposit is proving to be an exceptional asset.”

Diamond Fields is also pleased to announce the sale on Friday 28th February 2003, of 3,215 carats at an average sale price of US$146.91 per carat. This exceeds the last sale price which was US$132.52 per carat, reflecting the increased average stone size and the strengthening markets for rough diamonds. The tender sale was conducted in Antwerp through Diamond Tenders (Belgium) N.V.


Jean-Raymond Boulle
Chairman and Chief Executive Officer

For further information contact: Earl Young (214-219-1439)
Website – www.diamondfields.com

Forward-Looking Statements:
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.

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