SYMBOL: DFI
CAPE TOWN, SOUTH AFRICA, Aug. 8 /CNW/ - Diamond Fields International Ltd.
(DFI:TSX) ("DFI" or the "Company") is pleased to report on continuing
reconnaissance and development success on its Liberian joint venture
properties and also provides updates on other operating corporate matters.
In Liberia nine kimberlite targets have been generated with 75% of the
reconnaissance sampling completed. Two targets are pipe-like bodies, three are
inferred dyke trends in excess of 500 m long. Ground magnetic anomalies are
present, coincident with interpreted kimberlite pipes and dykes on the three
targets surveyed. The Company is investigating the possibility of mobilizing a
diamond recovery plant to Liberia to facilitate bulk sampling of kimberlites
for grade. One kilometer long by 500m wide sampling grids over high grade gold
anomalies have been completed on both Grand Cape and Grand Gedeh properties.
Results are anticipated by the end of August. Field work has been suspended
until the end of the rains in mid September.
Liberian Diamond Exploration
After follow up sampling on kimberlite targets generated by stream
sediment reconnaissance work, DFI has nine areas requiring further development
work. Of these, the Company has advanced to mapping, grid sampling, and
pitting(1) on five areas, with ground geophysics completed on three. Magnetic
response indicative of kimberlite is present on all three of these, confirming
the presence of two pipe-like bodies on Grid 4 and a dyke trend in excess of
500m long on Grid 3. Macro-diamonds (0.05 cts, 0.08 cts and 0.22 cts) have
been recovered during grid sampling and pitting of a fourth 3 km long dyke
target on Grid 5.
Geophysical response of the pipes on Grid 4, sampled at 25m intervals
along the line and 50m between lines, indicated discreet non-linear anomalies.
The area of the pipes could not be confirmed by the magnetics, but they are
inferred from the size of the swamps within which they occur to be
approximately 3 hectares (ha) and 1 ha respectively. The extensive (greater
than 500m) dyke trend on Grid 3 was surveyed at 10m intervals across strike,
with response indicating widths of the anomaly of 5m or more. Alternatively,
there are a series of smaller parallel striking dykes within a 5m wide or
greater zone. The dyke continues off the geophysical grid in both northeast
and southwest directions. On Grid 5, two parallel dyke trends about 150m apart
extend up to three kilometers along strike.
These targets will require further investigation with geophysics (EM
and/or ground penetrating radar) and drilling to confirm dimensions. A
comprehensive test of grade by bulk sampling these targets is planned after
pitting on one pipe target failed to produce diamonds. The acquisition of a
small diamond recovery plant is being considered to facilitate analysis of
bulk samples of the kimberlitic material for grade under secure conditions.
Liberian Gold Exploration
Artisinal mining of high grade quartz veins assaying 13 grammes / tonne
gold across 1.5m vein width on the Grand Cape property at Henry Town, and
visible gold in stream sediment samples(2) from the Grand Gedeh property
adjacent to the Cestos Shear Zone prompted the Company to proceed with soil
sampling and mapping grids over these targets to explore along and across
strike extensions of this mineralization. Soil sample grids have been
completed over these targets with the collection of over 300 samples. These
samples are being dried and screened at DFI's heavy mineral laboratory in
Monrovia before shipment for gold analysis by Anglo American Research
Laboratories in Johannesburg. Results are expected by the end of August.
Further work on these targets will include trenching to determine widths and
drilling if warranted to explore for along strike continuity of grade and
thickness.
Kimberley Process in Liberia
The Liberian Department of Minerals and Energy is making rapid progress
with development of infrastructure to support registration of diamond output
under the Kimberley process. Entrance to the group of countries certified
under the process, which already includes Liberia's immediate neighbors Guinea
and Sierra Leone, is anticipated by the 4th quarter of 2006.
Mining vessel and corporate matters
As announced in previous news releases, the Company's vessel M.V. DF
Discoverer is in Cape Town for its scheduled dry docking, maintenance and
refit programme. The statutory dry docking has been completed and other
scheduled work is in progress. The overall programme has been delayed as a
result of late entry into the dry dock due to time overruns with other vessels
previously occupying the dock, poor weather with severe winter storms
affecting the region, and in finalizing arrangements for the Company's ongoing
financing. Details of the financing are nearing completion, and it is expected
that such details will be released shortly. It is now anticipated that the
vessel will resume mining in Namibia in September.
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 Company announces that all
the necessary stipulations required under the terms of the agreement were not
reached in a timely fashion and the agreement has terminated. The parties
remain in discussion as to how best to proceed. 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
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(1) Kimberlite exploration samples are jigged in the field to create
approximately 1 kg of heavy mineral concentrate, sieved and analyzed
in DFI's sample processing facility in Monrovia with selected high
interest grains being sent to Nexo Labs in South Africa (ISO14001
accreditation has been applied for) for confirmation. Selected
indicator minerals are microprobed at the analytical facility of the
University of Johannesburg (a merger between Rand Afrikaans
University and Wits University).
(2) Soil samples for Gold analysis are sieved and dewatered in the field
then dried and re-sieved into three fractions and analyzed for
visible gold (VG) at DFI's sample processing facility in Monrovia.
The fine fraction of samples that do not contain VG are sent to Anglo
American Research Labs in South Africa for Fire Assay and ICP
analysis. Results of the sampling programs are reviewed, verified
(including sampling, analytical and test data) and compiled by the
Diamond Fields' geological staff supervised by Mr. Randal Cullen,
P.Geol., a "Qualified Person" as indicated under NI 43-101.
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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.
