Business
Diamond Fields Reports Third Quarter Results
Diamond Fields Reports Third Quarter Results.
About this update from Dfr Gold Inc
[{"type":"text","content":"\n\n\n\n\nSYMBOL: DFI\n\nCAPE TOWN, May 23 /CNW/ - Diamond Fields International Ltd. (TSX:DFI)\n(\"DFI\" or the \"Company\") announces results for the period ended March 31st,\n2006.\nNet loss for the nine months ended March 31, 2006 was $(4,896,063) or\n$(0.05) per share, compared with $(994,631) or $(0.01) per share in 2005. All\nrevenue for the nine months ended March 31, 2006 resulted from the sale of\ndiamonds held in inventory or recovered during operations. A total of 11,309\ncarats were sold at an average price of approximately $186 per carat\ngenerating revenue of $2,107,399. Comparatively, the Company sold 26,250\ncarats in the nine months ended March 31 2005 at an average price of $205 per\ncarat generating revenue of $5,391,621. Production, royalty and selling\nexpenses associated with the sale of inventory totaled $3,322,750; whereas,\nthese operating costs for the same period in 2005 were $2,490,067. The\ndifference in costs between 2006 and 2005 resulted from the terms of the\ncontract mining agreement with Samicor Mining (Pty) Ltd. The Company generated\nan operating loss of $(1,215,351) for the nine months ended March 31, 2006\ncompared with a surplus of $2,901,554 for the same period in 2005. Factors\ncontributing to the loss included downtime due to equipment failures on the mv\nDF Discoverer, along with weather delays and port calls for refueling.\nThe Company incurred general and administrative expenses of $2,732,155\nduring the nine months ended March 31, 2006 compared to $2,562,852 during\n2005. During the nine months ended March 31, 2006 the Company recorded a\nprovision for impairment on certain of its exploration properties.\nThe complete report of the Company's unaudited financial statements and\nrelated notes for the third quarter period ended March 31, 2006, together with\nManagement's Discussion and Analysis, have been filed on SEDAR and are\navailable at www.sedar.com and on the Company's website, at\nwww.diamondfields.com.\nDiamond Fields International Ltd. and Moydow Mines International Inc.\n(TSX: MOY)(AIM: MOY) (\"Moydow\") announced in press releases dated March 1,\n2006 that they had reached an agreement effective February 28th, 2006 pursuant\nto which Moydow security holders will exchange their Moydow securities for\nsecurities of Diamond Fields (the \"Acquisition\"). The Acquisition remains...