Excellent production continues from Namibian marine diamond project

Jun 7, 2007 | 2007, Corporate News

(Cape Town, June 7, 2007) — Diamond Fields International Ltd. (DFI:TSX) (“DFI” or the “Company”) is pleased to announce the continuation of excellent production levels from marine diamond mining from its joint operations program with Bonaparte Diamond Mines NL (“Bonaparte”).

Gem diamond production from marine diamond mining operations in the Diaz Prospect 1 joint operations mining area, offshore Namibia continues to deliver strong results. The previous best monthly production of 3,189 carats of diamonds in April 2007 has been exceeded in May 2007 with the recovery of 8,578 diamonds weighing 3,529 carats at an average of 0.41 carats/stone. Total production since commencement of joint operations mining up to 31 May 2007 now stands at 24,971 diamonds for 10,756 carats at an average size of 0.43 carats/stone.

To date a total of 6,766 carats have been sold at an average price of US$222/carat generating total sales revenue of US$1,492,649. A further sale of approximately 3,850 carats is expected to be completed in June 2007.

In terms of the joint operations mining agreement Bonaparte has the right to 30% of the proceeds from the sale of diamonds recovered during the mining operations and is obligated to pay 30% of agreed operating and sales costs.

Roger Daniel, DFI’s President and CEO, commented: “The production and sales results continue to be excellent and we are delighted with the ongoing success of the joint operations with Bonaparte with whom we are currently discussing further cooperation to extend the mining program and increase the mining reserve for the project”.

Roger J. Daniel, B.Sc. (Hons) Geology, London, Pr.Sci.Nat., the Company’s President and CEO, who is a Fellow of the South African Institute of Mining and Metallurgy (SAIMM), is also a registered geological scientist with the South African Council for Natural Scientific Professions (SACNASP), and is thus a Qualified Person in terms of National Instrument 43-101, has compiled and reviewed the scientific and technical information contained in this News Release.


“Roger J. Daniel”

Roger J. Daniel, President and CEO
For further information, contact Roger Daniel at +27 21 425 1990
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 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.

More News