SYMBOL: DFI
CAPE TOWN, South Africa, Oct. 12 /CNW/ - Diamond Fields International
Ltd. (DFI:TSX) ("DFI" or the "Company") is filing this Default Status Report
pursuant to CSA Staff Notice 57-301 Failure to File Financial Statements on
Time - Management Cease Trade Orders ("57-301") in respect of the Company's
inability to file its annual audited financial statements for the year ended
June 30, 2006 (the "Annual Financial Statements") by the deadline of
September 28, 2006 as required by National Instrument 51-102 Continuous
Disclosure Obligations. Further to the Company's application under 57-301, on
September 29, 2006 and October 3, 2006, the British Columbia Securities
Commission and the Ontario Securities Commission, respectively, issued cease
trade orders restricting trading in the Company's securities by specified
insiders of the Company only, which orders will remain in effect until the
Company files the Annual Financial Statements and related annual filings. This
Default Status Report is being filed to update the Company's Notice of Default
dated September 29, 2006 (the "Notice of Default"), as required by 57-301.
As a result of the factors noted in the Notice of Default, the Company
has been unable to complete the Annual Financial Statements and related annual
filings by the previously anticipated target date of October 12, 2006, and now
expects to file the Annual Financial Statements by October 20, 2006. In
addition, as a result of the delays in completing the Annual Financial
Statements, the Company anticipates a delay in filing its interim financial
statements for the three-months ended September 30, 2006 (the "Interim
Financial Statements") which are due by November 14, 2006.
There have been no other material changes to the information contained in
the Notice of Default nor is there any material information concerning the
affairs of the Company that has not been generally disclosed. The Company
continues to use its best efforts and all available resources to complete the
Annual Financial Statements as soon as possible, and thereafter will use its
best efforts to complete the Interim Financial Statements by the November 14,
2006 deadline or as soon as possible thereafter.
DIAMOND FIELDS INTERNATIONAL LTD.
"Roger J. Daniel"
Roger J. Daniel, President and CEO
