VANCOUVER, May 26 /PRNewswire-FirstCall/ -- Diamond Fields International Ltd. (DFI:TSX) ("DFI" or the "Company") Diamond Fields is pleased to announce that its mining ship, the DF Discoverer, has arrived at the Marshall Forks East region of DFI's exclusive license area and will begin mining immediately. Commenting on the move, Wayne Malouf, Diamond Field's CEO said, "DFI has been excited about the resource in Marshall Forks. With the completion of the current phase of mining in the Dias Reef joint operations area of DFI's ML 111 license, the marine team believes it the right time to shift focus to Marshall Forks, where the Company has exclusive rights."
Diamond Fields and Bonaparte Diamond Mines NL (ASX code BON) jointly announce that they have completed the current phase of joint mining operations in the Dias Reef joint operations area within DFI's MIL111 mining license. Despite record sales prices and some recent vessel operating improvements achieved by the marine team, sharp increases in fuel and certain other supplies have led the parties to conclude that the economic return of mining the resources so far identified within the joint operation area does not warrant moving into the next phase of joint operations. Additional resources in the joint operations area will be available for future mining should the economics warrant.
Diamond Fields' offshore Namibian mining licenses cover an area of approximately 719 square kilometres, of which approximately 708.8 sq. kilometres, or 98.5 percent, is outside the ML 111 joint venture area
DIAMOND FIELDS INTERNATIONAL LTD. "Wayne Malouf" Wayne Malouf, Chief Executive Officer 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.
CONTACT: Susan Telford or Wayne Malouf at (604) 718-2800 (Ext. 26), Website: http://www.diamondfields.com/
