SYMBOL: DFI
CAPE TOWN, May 23 /CNW/ - Diamond Fields International Ltd. (TSX:DFI)
("DFI" or the "Company") announces results for the period ended March 31st,
2006.
Net loss for the nine months ended March 31, 2006 was $(4,896,063) or
$(0.05) per share, compared with $(994,631) or $(0.01) per share in 2005. All
revenue for the nine months ended March 31, 2006 resulted from the sale of
diamonds held in inventory or recovered during operations. A total of 11,309
carats were sold at an average price of approximately $186 per carat
generating revenue of $2,107,399. Comparatively, the Company sold 26,250
carats in the nine months ended March 31 2005 at an average price of $205 per
carat generating revenue of $5,391,621. Production, royalty and selling
expenses associated with the sale of inventory totaled $3,322,750; whereas,
these operating costs for the same period in 2005 were $2,490,067. The
difference in costs between 2006 and 2005 resulted from the terms of the
contract mining agreement with Samicor Mining (Pty) Ltd. The Company generated
an operating loss of $(1,215,351) for the nine months ended March 31, 2006
compared with a surplus of $2,901,554 for the same period in 2005. Factors
contributing to the loss included downtime due to equipment failures on the mv
DF Discoverer, along with weather delays and port calls for refueling.
The Company incurred general and administrative expenses of $2,732,155
during the nine months ended March 31, 2006 compared to $2,562,852 during
2005. During the nine months ended March 31, 2006 the Company recorded a
provision for impairment on certain of its exploration properties.
The complete report of the Company's unaudited financial statements and
related notes for the third quarter period ended March 31, 2006, together with
Management's Discussion and Analysis, have been filed on SEDAR and are
available at www.sedar.com and on the Company's website, at
www.diamondfields.com.
Diamond Fields International Ltd. and Moydow Mines International Inc.
(TSX: MOY)(AIM: MOY) ("Moydow") announced in press releases dated March 1,
2006 that they had reached an agreement effective February 28th, 2006 pursuant
to which Moydow security holders will exchange their Moydow securities for
securities of Diamond Fields (the "Acquisition"). The Acquisition remains
subject to various conditions as previously announced. Moydow, like Diamond
Fields, is engaged in mineral exploration and development worldwide.
DIAMOND FIELDS INTERNATIONAL LTD.
"Roger J. Daniel"
Roger J. Daniel, President and CEO
Forward-Looking Statements:
Statements in this release that are forward-looking statements are
subject to various risks and uncertainties concerning the specific factors
identified in Diamond Fields' periodic filings with Canadian Securities
Regulators. Such forward-looking information represents management's best
judgment based on information currently available. No forward-looking
statement can be guaranteed and actual future results may vary materially.
Diamond Fields does not assume the obligation to update any forward-looking
statement.
