Business
Diamond Fields Moves Forward with Liberia Gold Project and Acquires Bonaparte Diamond Mine NL's Interests in DFI's Namibian Concessions
SYMBOL: DFI VANCOUVER, Dec. 1 /CNW/ - Diamond Fields International Ltd. (DFI:TSX) ("DFI" or the "...
About this update from Dfr Gold Inc
[{"type":"text","content":"\n\n\n\nSYMBOL: DFI\n\n\nVANCOUVER, Dec. 1 /CNW/ - Diamond Fields International Ltd. (DFI:TSX)\n("DFI" or the "Company") is pleased to announce that it has entered into a\njoint venture agreement with Silverhill Enterprises Ltd. ("Silverhill") to\nfurther develop DFI's Liberian gold project.\n\n\nUnder the terms of the agreement, Silverhill may earn up to 50% of DFI's\ninterest in the project in two phases. In the first phase, Silverhill will\ninvest US$400,000 for 20% of DFI's interest in the project. In the second\nphase, Silverhill has the option to invest an additional US$600,000 to earn an\nadditional 30% of DFI's interest in the project.\n\n\nSilverhill is a privately held entity headed by Mr. Ross Stanley. Mr.\nStanley has been involved in a number of successful mining projects, the most\nrecent being Equigold NL ("Equigold"), which developed three gold mines in\nAustralia.\n\n\nCompilation of the results from a field sampling program in 2007/2008\nwith data from a soil sampling program in 2005 show the existence of near\ncontinuous anomalous gold mineralization over a strike length of 5.5 km and\ntotal surface area in excess of 3.5km(2) (see DFI press release dated November\n8, 2007).\n\n\nThe Company undertook an exploration program for gold in the 2008 dry\nseason. A group of 1,500 soil samples have been analyzed by Alex Stewart\nAssayers in the UK, a NI 43-101 compliant laboratory. An initial appraisal of\nthe results indicates significant mineralization within disceter zones of\nquartz veining. The Company is preparing an aggressive reverse circulation\ndrilling program to drill its Bartejaam and Henry Town anomalies within the\nGrand Geddah and Henry Town license respectively. A drilling rig has been\ndeployed and is scheduled to begin drilling by January 2009 to further develop\nthe project and delineate the deposits.\n\n\n"DFI is excited to be working with Silverhill, whose members have a track\nrecord of developing promising gold prospects" said Wayne Malouf, DFI's CEO.\n\n\nThe Company is also pleased to announce that its joint venture with\nBonaparte Diamond Mine NL's ("Bonaparte") has now been concluded. As part of\nthe winding up of the joint venture, DFI has fully acquired Bonaparte's\ninterests in DFI's ML 111 and ML 139 Namibian marine diamond con...