Business
Diamond Fields International Ltd. and Moydow Mines International Inc. Announce Proposed Business Combination
Diamond Fields International Ltd. and Moydow Mines International Inc. Announce Proposed Business Combination.
About this update from Dfr Gold Inc
[{"type":"text","content":"\n\n\n\n\nSYMBOL: DFI\n\nVANCOUVER, March 1 /CNW/ - Diamond Fields International Ltd. (TSX: DFI)\n(\"Diamond Fields\") announces that Diamond Fields and Moydow Mines\nInternational Inc. (TSX: MOY) (AIM: MOY) (\"Moydow\") have reached an agreement\neffective February 28, 2006 (the \"Agreement\") pursuant to which Moydow\nsecurity holders will exchange their Moydow securities for securities of\nDiamond Fields (the \"Acquisition\"). The Acquisition is conditional on, among\nother things, the approval of the shareholders of Moydow. Moydow is engaged in\nmineral exploration and development worldwide. The information that follows\nconcerning Moydow is based upon information provided by Moydow.\nMoydow, with its head office in Dublin, Ireland, and offices in Toronto\nand Accra, Ghana, has built a diverse portfolio of exploration assets with\nprimary interests in precious and industrial minerals and diamonds, with its\nactivities focused principally in Africa. Moydow successfully developed the\nNtotoroso gold and silver project in Ghana culminating in the sale of the\nproperty to Newmont Mining in late 2003 for approximately US$40 million.\nMoydow retains a 2% royalty interest in the Newmont property after production\nhas resulted in 1.2 million gold equivalent ounces. To date, Newmont has\npublished reserves of 2.4 million gold ounces on the property and is planning\nto commence production later in 2006. Moydow continues to explore for gold in\nGhana pursuing programs on its Kanyankaw and Hwidiem properties, as well as\nits joint venture with PW International on the Okumpreko project. Moydow also\nretains an interest in Newfoundland on its True Grit gold property.\nAside from gold assets, Moydow is also involved in and is operator of the\n3000 km(2) Dala kimberlite license in the Saurimo area of Angola. The property\nis bordered to the west and east by the BHP/Petra Diamonds' Alto Cuilo and\nMuriege diamond properties respectively and is 40 km south of the Catoca Mine,\nthe world's fourth largest diamondiferous kimberlite pipe. Moydow is also\nearning a 60% interest in the Port Loko bauxite deposit in Sierra Leone, with\nthe remaining interest owned by a private company controlled by Mr. Jean-\nRaymond Boulle, a major shareholder of Diamond Fields. Recently, Moydow\nannounced that work was near completion on a feasibility study on the ...