Business
Record Sales Price and Production Update
Record Sales Price and Production Update.
About this update from Dfr Gold Inc
[{"type":"text","content":"\n\n\n\nSYMBOL: DFI\n\n\nCAPE TOWN, South Africa, March 14 /CNW/ - Diamond Fields International\nLtd. (DFI:TSX) ("DFI" or the "Company") is pleased to announce that a Company\nrecord average sales price of US$258 per carat has been realized for diamonds\nproduced from joint operations mining with Bonaparte Diamond Mines NL\n("Bonaparte").\n\n\nThe first parcel of 1,343 carats of marine diamonds produced from\nNamibian offshore mining in the Diaz Prospect 1 (DP1) joint operations area\nwith Bonaparte, has been sold in Belgium at an average value of US$258 per\ncarat, for total sales revenue of US$346,342. This is the highest average per\ncarat price received for diamonds recovered in the Company's ML111 license\narea and reflects the high quality and larger average stone size in the DP1\narea. The parcel included a 1.78ct fancy pink diamond that realized a price of\nUS$25,888 and at US$14,544 per carat this is also the highest per carat price\nreceived for an individual rough stone.\n\n\nThe initial 1,343 carats was produced in the first 17.5 days from\ncommencement of mining in DP1 on January 27, 2007. Since then, continued\nmining on the first anchor spread location up to March 12, 2007, has produced\nan additional 2,725 diamonds weighing 1,393 carats at an average size of\n0.51 carats/stone. Total production from commencement of mining to date is\ncurrently an estimated 2,736 carats.\n\n\nDuring February, availability of the dual airlift mining system was below\noptimal capacity due to problems with certain mechanical components requiring\nrepair or replacement. These engineering works have now largely been completed\nand improvement in mining system availability and production is therefore now\nanticipated.\n\n\nBonaparte has the right to 30% of the proceeds from the sale of diamonds\nrecovered during the mining operations and is obligated to pay 30% of the\noperating and sales costs. The diamond sale was executed via DFI's existing\nsales agreement with Diamond Tenders (Belgium) NV in Antwerp, Belgium.\n\n\nSince mining operations recommenced in late November 2006 and prior to\nthe commencement of joint operations mining with Bonaparte, an additional\n3,385 carats of diamonds have been recovered and sold for total revenues of\nUS$630,440 at an average price of US$186 per carat with such revenues...