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Formal mining agreement and continued strong diamond recoveries from early offshore joint operations
Formal mining agreement and continued strong diamond recoveries from early offshore joint operations.
About this update from Dfr Gold Inc
[{"type":"text","content":"\n\n\n\nSYMBOL: DFI\n\n\nCAPE TOWN, South Africa, Feb. 20 /CNW/ - Diamond Fields International\nLtd. (DFI:TSX) (\"DFI\" or the \"Company\") is pleased to announce that it has\nconcluded a formal mining agreement with Bonaparte Diamond Mines NL\n(\"Bonaparte\") and that diamond production from the joint operations areas\ncontinues to deliver strong results.\n\n\nIn terms of the formal mining agreement, DFI will continue current mining\nwith its vessel the MV DF Discoverer for a period of 6 months in 2007, with\nprovision to continue thereafter for up to 12 months, by mutual agreement.\nThereafter any additional mining will be subject to review by the parties of\navailable resource at that time. In summary, as DFI has elected to continue to\noperate, the Joint Mining Operations will be conducted on a 70% (DFI):30%\n(Bonaparte) revenue and cost share basis. Further details of the agreement are\nincluded below.\n\n\nThe initial mining operations in the joint operations area have continued\nto produce strong results. A total of 2,612 stones with an average size of\n0.53 carat/stone and weighing 1,343 carats (with the two largest stones being\n9.20 carats and 5.81 carats) have been produced in the first 17.5 days of\nmining since commencement of operations on 27 January 2007. This first parcel\nof 1,343 carats was transported from the mining vessel to Windhoek, Namibia on\n14th February 2007 in preparation for exportation and sale in the next 2-3\nweeks via DFI's existing sales agreement with Diamond Tenders (Belgium) NV in\nAntwerp, Belgium.\n\n\nThe mining completed to date continues to show that at the present\nlocation, mineralisation and payable grades are more extensive than originally\ndefined within the estimated 63,000 carat Indicated Resource area.\nConsequently, mining at the present location has extended beyond the defined\nIndicated Resource boundaries within DP1 and the defined mining area has been\nexpanded by mutual agreement to incorporate these additional areas of payable\ngrade.\n\n\nDFI's President and CEO, Roger Daniel commented, \"We are delighted to\nhave now signed the formal mining agreement with Bonaparte and are extremely\nhappy with the continued strong results from the initial mining results from\nthe DP1 joint operations area. We now look forward to the sale results from\nthis first parcel.\"\n\n\nDetails...