Vancouver, May 17, 2005 – Diamond Fields International Ltd. (TSX:DFI) announces results for the period ended March 31, 2005.
Nine Month Earnings:
All revenue for the nine months ended March 31, 2005 resulted from the sale of diamonds held in inventory or recovered during operations. A total of 26,250 carats were sold at an average price of approximately $205 per carat generating revenue of $5,391,621. Comparatively, the Company sold 8,872 carats in the same period during 2004 at an average price of $146 per carat generating revenue of $1,294,182. Production, royalty and selling expenses associated with the sale of inventory totaled $2,490,067; whereas, these operating costs for the same period in 2004 were $881,218. The Company generated an operating margin of $2,901,554 for the nine months ended March 31, 2005 compared with $412,964 for the same period in 2004.
Net loss for the nine months ended March 31, 2005 was $994,631 or $0.01 per share, compared with a net loss of $2,054,378 or $0.03 per share in 2004. The change was primarily due to the Company’s joint operations with Samicor during the current period.
Third Quarter Earnings:
As production on the Company’s marine concessions has been suspended as of October 2004, there were no diamond sales during the three months ended March 31, 2005. Consequently, quarterly net loss of $1,356,803 or $0.02 per share is primarily general and administrative expenses and the provision for impairment of exploration properties.
The complete reports of the Company’s unaudited financial statements and related notes for the third quarter period ended March 31, 2005, together with Management’s Discussion and Analysis of financial conditions have been filed on SEDAR and are available at www.sedar.com and on the Company’s website at www.diamondfields.com.
Diamond Fields International Ltd. is an internationally active exploration and mining company pursuing mineral exploration opportunities worldwide. The Company’s corporate strategy is to maximize cash flow from its Namibian marine diamond concessions and systematically explore and develop its international mineral exploration projects. In addition, the Company continues to explore opportunities to acquire new economic mineral projects worldwide.
DIAMOND FIELDS INTERNATIONAL LTD.
“Gregg J. Sedun”
President and Chief Executive Officer
For further information contact: Investor Relations (1-888-682-2113) extension 257
All dollar values are stated in U.S. currency unless otherwise specified.
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in Diamond Fields’ period filings with Canadian Securities Regulators. Such forward-looking information represents managements’ 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.