Mr. H. D. Lee, Chief Financial Officer of Diamond Fields International Ltd. (DFI-TSE), is pleased to announce that market prices for diamonds produced by the company’s joint venture with Trans Hex Group have continued to rebound strongly. In its most recent sales completed last week, DFI realised an increase of almost 30% since its lows of mid-October 2001.
For the six months ended December 31, 2001, the Company reported operating profit of $392,993 on total sales of $1,166,560. The operating results reflected sales of diamonds produced from the joint venture’s trenching and mining program conducted from the commencement of joint venture operations, May 24, 2001 until the commencement of full-scale mining on November 6, 2001.
Mr. Lee stated: “With full scale mining, continued low costs of production and strengthening diamond prices, the Company expects to see improving operating profitability in the third quarter ending March 31, 2002.”
ON BEHALF OF THE BOARD OF DIRECTORS OF
DIAMOND FIELDS INTERNATIONAL LTD.
Horng Dih Lee
Chief Financial Officer and Corporate Secretary
For further information contact H.D. Lee: (604) 682-2113
Website – www.diamondfields.com
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.