SYMBOL: DFI
VANCOUVER, Feb. 8 /CNW/ - Diamond Fields International Ltd. (TSX:DFI)
("DFI" or the "Company") is pleased to report progress on its marine diamond
mining project in Namibia and continuing results from its diamond and gold
exploration in Liberia.
Marine Diamond Mining
The recently completed development program in the Diaz Reef section of
DFI's licenses made recoveries of diamonds of larger average stone size than
Marshall Fork and significantly, the grade of the area to be mined is
estimated to be roughly double the previously announced grade for the
Company's resource in this area. The successful trenching program in the
Elephant Basin and Reef Edge features has led to mv DF Discoverer returning to
full mining mode. The high grade deposit found in Elephant Basin is still open
to the west and south while the deposit found in Reef Edge is open to the
north. Further development work is planned to expand the area of high grade
material.
Roger J. Daniel, President and CEO commented, "The successful outcome of
this development program is very encouraging and improves our flexibility in
mine planning and should result in improved production and revenue levels".
The Company also reports the results from sales of a total of 2,581
carats of diamonds recovered from the trenching program at an average price of
US $166, for total gross proceeds of US $428,523. The prices received reflect
traditionally thin year-end/ early new year markets for rough goods, however
the overall market outlook remains strong.
Kimberlite Exploration in Liberia
Diamond Fields is continuing surface evaluation of the initial two of the
ten high priority kimberlite targets so far identified on the Grand Cape
property in western Liberia. 100kg samples of weathered kimberlite material
from three locations will be tested for the presence of diamonds.
Reconnaissance stream sampling is ongoing with about 65% of the property
sampled to date.
Microprobe analysis of kimberlite indicator minerals (KIMs) from sampling
and pitting indicate that the source kimberlites have sampled the diamond
stability field and have a high probability of hosting diamonds. The garnet
suite includes both lherzolitic and eclogitic compositions, with the
lherzolitic garnets showing a well-defined trend of increasing Cr(2)O(3) with
CaO. Of the 167 garnet grains analyzed 20% plot in the G10 field and a
significant number of high interest G10D garnets are also present. Kimberlitic
ilmenite and rare diamond inclusion type spinels were also found in these
samples. Textures of grains recovered from pit sampling indicate proximity to
source.
Gold Exploration
DFI continues to explore the Henry Town and Barteajam gold targets in
Liberia. Although outcrop is scarce, both prospects are believed to consist of
high grade gold bearing quartz veins in a mafic volcanic host rock and both
are thought to be shear zone related. Artisinal miners are recovering coarse
gold from regolith (weathered in situ rock) in both areas and DFI's sampling
has returned anomalous soil, rock chip and stream sediment samples indicating
mineralization is present over extensive areas on the kilometer scale. Mr.
Daniel added "Our Liberian geological team will shortly begin more detailed
exploration work to better define these prospects as soon as orientation
sampling is completed and the most prospective zones identified."
M samples are jigged in the field to create approximately 1 kg of heavy
mineral concentrate, sent to Nexo Labs in South Africa (ISO14001 accreditation
has been applied for) and processed by Sophia Napier, a mineralogist with more
than 10 years industry experience. Selected indicator minerals are microprobed
at the analytical facility of the University of Johannesburg (a merger between
Rand Afrikans University and Wits University). Gold samples are sieved and
dewatered in the field and sent to Anglo American Research Labs in South
Africa for Fire Assay and ICP analysis. Results of the sampling programs have
been 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.
Diamond Fields International Ltd. is an internationally active
exploration and mining company pursuing mineral exploration opportunities
worldwide. The Company's corporate strategy is to maximize cash flow from its
Namibian marine diamond concessions and systematically explore and develop its
international mineral exploration projects. In addition, the Company continues
to explore opportunities to acquire new economic mineral projects worldwide.
DIAMOND FIELDS INTERNATIONAL LTD.
"Roger J. Daniel"
Roger J. Daniel, President and Chief Executive Officer
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.
