Mining To Resume At Diamond Fields’ Luderitz Concessions

Nov 7, 2002 | 2002, Corporate News

Mr. Roger Daniel, Director of Operations of Diamond Fields International Ltd. (“DFI”) is pleased to announce that DFI has engaged Gemfarm Investments (Pty) Ltd. (“Gemfarm”) to carry out contract mining on Diamond Fields’ ML111 deposits near Luderitz, Namibia using Gemfarm’s production vessel, the MV Anya, equipped with dual 24-inch airlift mining systems. The mining program is scheduled to commence on or about November 15, 2002.

For more than a decade, Gemfarm has enjoyed a reputation for being an efficient low cost mining contractor for marine diamond deposits in southern Africa and has a client base which includes some of the leading diamond mining companies in the world. Gemfarm’s experience makes it the ideal candidate to assist DFI in restarting production. DFI looks forward to developing its relationship with Gemfarm through the course of the mining program, which is initially planned to last up to three months.

“The MV Anya’s dual 24-inch airlift systems have a capacity to cover 188% more ground in the same amount of time as the single 20-inch airlift system that the MV Namakwa used in our joint venture operations. We expect that production with the MV Anya will significantly exceed that of the Namakwa and will generate considerable cash flow for DFI and lucrative contract fees for Gemfarm,” said Mr. Daniel. Production with the MV Namakwa averaged nearly 4,000 carats per month in 2002.

Diamond Fields shares are listed on the Toronto Stock Exchange under the symbol “DFI”.

For further information contact:
North America: Earl Young (1-214-219-1439) or H.D. Lee (1-604-682-2113)
South Africa: Roger Daniel (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 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.

More News