Vancouver, Sept 9, 2004 – Diamond Fields International Ltd.(TSX:DFI) is pleased to announce the recent sale of 7,968 carats at an average price of US $199.86 per carat, for a total gross sale of US $1,592,400. This price continues to represent a substantial increase over the US $143 per carat average in 2003. This parcel comprises Diamond Fields’ 50% share of diamonds mined by the MV Kovambo pursuant to its joint venture agreement with Samicor Mining Services (Pty) Ltd., a subsidiary of the Leviev group of companies.
Under the terms of the joint venture with Samicor, for every shipment all diamonds less than 1.80 carats in mass are divided equally between the joint venture parties. Possession of diamonds that weigh between 1.80 and 9.99 carats (except for certain high-value special stones) alternates by shipment between the two parties. For this shipment, Samicor retained the 1.80-9.99 carat stones. The Diamond Fields sale did include two special stones, a 12.80 carat diamond sold for US $1,826.04 per carat (for a total of US$23,373.25), and a 5.18 carat stone for US $2,501.42 per carat (for a total of US $12,957.36).
Gregg J. Sedun, President and CEO of Diamond Fields stated: “The high sale price of our first two parcels of diamonds from the Samicor joint venture demonstrates the high value of the Diamond Fields’ exceptional Namibian product and the buoyancy of the rough diamond market. The average per carat price of diamonds sold since June 2004 has exceeded the average 2003 price by more than 52%”
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”
Gregg J. Sedun
President and Chief Executive Officer
For further information contact Investor Relations (1-888-682-2113)
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.