Interim Financial Statements Filed, Rights Offering Filings To Proceed And Resumption Of Mining In Namibia

Nov 23, 2006 | 2006, Corporate News

(Cape Town, November 23, 2006) — Diamond Fields International Ltd. (DFI:TSX) (“DFI” or the “Company”) is pleased to announce that, further to its press release dated October 26, 2006, the Company filed on November 23, 2006 its interim financial statements for the three-months ended September 30, 2006 and management’s discussion and analysis. Accordingly, the Company is now permitted to proceed with its filings with Canadian securities regulators in connection with the previously announced proposed rights offering. Further details on the proposed rights offering will be announced separately in due course.

DFI is also pleased to announce that in connection with the previously announced standby guarantee agreement between the Company and Spirit Resources SARL (“Spirit”), Spirit has advanced to the Company an additional Cdn$0.1 million, for an aggregate of Cdn$1.8 million advanced to date, to be applied towards Spirit’s participation in the proposed rights offering of the Company. Such advance will, pending completion of the rights offering, constitute a non interest bearing loan from Spirit to the Company. Please refer to the Company’s news release dated September 1, 2006 for further details on the standby guarantee agreement and Spirit’s participation in the rights offering. With the receipt of the additional funds from Spirit, the Company has completed the dry-docking, maintenance and repair of the mv DF Discoverer and the vessel resumed mining operations offshore Luderitz, Namibia on November 19, 2006.

DATED November 23, 2006.


“Roger J. Daniel”

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

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.

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