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Diamond Fields Announces Joint Operations Agreement to Advance Development of EPL 1607b Area
Diamond Fields Announces Joint Operations Agreement to Advance Development of EPL 1607b Area.
About this update from Dfr Gold Inc
[{"type":"text","content":"\n\n\n\n\nSYMBOL: DFI\n\nCAPE TOWN, April 20 /CNW/ - Diamond Fields International Ltd. (TSX: DFI)\n(\"DFI\" or the \"Company\") is pleased to announce that it has signed a Joint\nOperation Agreement (\"JOA\") with a 100% owned subsidiary of Bonaparte Diamond\nMines NL (\"Bonaparte\"), a company listed on the Australian Stock Exchange (ASX\nsymbol: BON), for the continued development of one of its marine diamond\nconcessions, the Exclusive Prospecting License area EPL1607b.\nUnder the terms of the JOA, Bonaparte will spend US$500,000 over three\nyears to earn 50% interest in any diamond deposits brought to production.\nShould DFI elect not to mine any deposits found by Bonaparte it would retain a\n10% gross royalty on all diamonds produced.\nBonaparte will have exclusive rights to use its BoSS sampling system to\nexplore for diamonds in Exclusive Prospecting License area EPL 1607b, a part-\nexplored diamond property located between active marine mining operations in\nLuderitz Bay in the south and Hottentot Bay to the north. Exploration work\nconducted on the property by Diamond Fields includes a geophysical survey from\nwhich a number of prospective targets were identified as well as a limited\namount of seabed sampling, which confirmed the presence of diamonds in the\nproperty.\nBonaparte's stated objective is the discovery and exploitation of marine\ndiamond deposits off the coasts of northern Australia and Namibia. It\ninitially targeted diamond placer deposits at the mouths of the Ord and\nBerkeley Rivers in the Joseph Bonaparte Gulf, northern Australia but has now\nrefocused its efforts on Namibian coastal waters. Bonaparte is one of very few\ncompanies internationally, that owns and operates a technically proven marine\ndiamond sampling system. This system comprises the Bonaparte Seabed Sampler\n(BoSS) and materials processing and recovery plant.\nCommenting on the new agreement, DFI's President and CEO, Roger Daniel\nsaid \"We are pleased to have concluded this agreement with Bonaparte which we\nanticipate will speed up the development of the EPL1607b area and enhance the\nCompany's overall resource base and mine planning flexibility. We look forward\nto developing a mutually beneficial working relationship with Bonaparte.\"\n\nDetails of Agreement\n\nThe JOA is between DFI's 100% owned subsidiary Diamond Fields (Namibia)\...