Vancouver, February 8th, 2006 – Diamond Fields International Ltd. (TSX:DFI) (“DFI” or the “Company”) is pleased to report progress on its marine diamond mining project in Namibia and continuing results from its diamond and gold exploration in Liberia.
Marine Diamond Mining
The recently completed development program in the Diaz Reef section of DFI’s licenses made recoveries of diamonds of larger average stone size than Marshall Fork and significantly, the grade of the area to be mined is estimated to be roughly double the previously announced grade for the Company’s resource in this area. The successful trenching program in the Elephant Basin and Reef Edge features has led to mv DF Discoverer returning to full mining mode. 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. Further development work is planned to expand the area of high grade material.
Roger J. Daniel, President and CEO commented, “The successful outcome of this development program is very encouraging and improves our flexibility in mine planning and should result in improved production and revenue levels”.
The Company also reports the results from sales of a total of 2,581 carats of diamonds recovered from the trenching program at an average price of US $166, for total gross proceeds of US $428,523. The prices received reflect traditionally thin year-end/ early new year markets for rough goods, however the overall market outlook remains strong.
Kimberlite Exploration in Liberia
Diamond Fields is continuing surface evaluation of the initial two of the ten high priority kimberlite targets so far identified on the Grand Cape property in western Liberia. 100kg samples of weathered kimberlite material from three locations will be tested for the presence of diamonds. Reconnaissance stream sampling is ongoing with about 65% of the property sampled to date.
Microprobe analysis of kimberlite indicator minerals (KIMs) from sampling and pitting indicate that the source kimberlites have sampled the diamond stability field and have a high probability of hosting diamonds. The garnet suite includes both lherzolitic and eclogitic compositions, with the lherzolitic garnets showing a well-defined trend of increasing Cr2O3 with CaO. Of the 167 garnet grains analyzed 20% plot in the G10 field and a significant number of high interest G10D garnets are also present. Kimberlitic ilmenite and rare diamond inclusion type spinels were also found in these samples. Textures of grains recovered from pit sampling indicate proximity to source.
DFI continues to explore the Henry Town and Barteajam gold targets in Liberia. Although outcrop is scarce, both prospects are believed to consist of high grade gold bearing quartz veins in a mafic volcanic host rock and both are thought to be shear zone related. Artisinal miners are recovering coarse gold from regolith (weathered in situ rock) in both areas and DFI’s sampling has returned anomalous soil, rock chip and stream sediment samples indicating mineralization is present over extensive areas on the kilometer scale. Mr. Daniel added “Our Liberian geological team will shortly begin more detailed exploration work to better define these prospects as soon as orientation sampling is completed and the most prospective zones identified.”
KIM samples are jigged in the field to create approximately 1 kg of heavy mineral concentrate, sent to Nexo Labs in South Africa (ISO14001 accreditation has been applied for) and processed by Sophia Napier, a mineralogist with more than 10 years industry experience. Selected indicator minerals are microprobed at the analytical facility of the University of Johannesburg (a merger between Rand Afrikans University and Wits University). Gold samples are sieved and dewatered in the field and sent to Anglo American Research Labs in South Africa for Fire Assay and ICP analysis. Results of the sampling programs have been reviewed, verified (including sampling, analytical and test data) and compiled by the Diamond Fields’ geological staff supervised by Mr. Randal Cullen, P.Geol., a “Qualified Person” as indicated under NI 43-101.
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.
“Roger J. Daniel”
Roger J. Daniel, President and Chief Executive Officer
For further information contact Greg Girdler, Investor Relations at (1.604.682.2113.Ext.257).
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.