SYMBOL: DFI
CAPE TOWN, Oct. 3 /CNW/ - Diamond Fields International Ltd. (DFI:TSX)
("DFI" or the "Company") is pleased to report encouraging initial results from
the resource development sampling being conducted by Bonaparte Diamond Mines
NL (ASX: BON) ("Bonaparte") under a joint operations agreement and the
expected resumption of mining operations by late October.
During the first four days of sampling by Bonaparte (up to 25th
September) in the joint operations area in ML111, offshore Luderitz, Namibia,
diamonds have been recovered from 61% (31 samples) of the 51 samples completed
producing a total of 57 stones weighing 23.78 carats (ct). Multiple diamond
recoveries (more than 1 stone) have been returned from 15 samples (29%). A
high proportion (39%) of the diamonds are 0.4ct or greater in size with the
largest diamond being a 1.94ct stone. Subsequent to 25th September a diamond,
estimated by geologists onboard the vessel to be approximately 3.0ct, has been
recovered. The quality of the stones recovered to date appears typical of
Namibian marine production where historically more than 95% of diamonds are
gem quality.
<<
Summary of results:
-------------------------------------------------------------------------
St Ct
(greater (greater
Size than) than)
Samples Positive Multiple Diamonds Carats Range 0.4ct 0.4ct
-------------------------------------------------------------------------
51 31 15 57 23.78 0.12 - 22 13.73
1.94
-------------------------------------------------------------------------
61% 29% 39% 58%
-------------------------------------------------------------------------
>>
To date sampling has focused on a well defined geological feature in the
central part of the Diaz Point 1 (DP1) area where results indicate
near-continuous mineralization in an area of approx 30,000 m2. DP1 has a total
area of 1,200,000 m2. Sampling operations are scheduled to continue until the
third week in October with an option to extend the programme a further 10
days.
The sampling programme is focused on recovering diamonds from a regularly
spaced grid of sample sites at sufficient density for estimation of NI 43-101
and JORC compliant resources to the "Indicated" category. Under the terms of
the Joint Operations agreement Bonaparte will retain a 30% participating
interest in mining of any Indicated Resource identified within the joint
operations area. Operations are being conducted from the dedicated sampling
vessel mv Douglas Bay, contracted by Bonaparte from DeBeers Marine in Cape
Town, South Africa.
Marine diamond samples from this programme are initially processed in a
secured and CCTV monitored plant on board the sampling vessel. Marine gravels
are screened and concentrated via dense media separation and X-ray sorting.
X-ray concentrates are canned on board and transferred to a secure shore base
and CCTV monitored sorting facility for final recovery, weighing and logging
of diamonds. All aspects of diamond transport are supervised by the Protected
Resources Unit (PRU) of the Namibian Police.
Results of the sampling programs have been reviewed, verified (including
sampling, analytical and test data) by Mr. Randal Cullen, P.Geol., a
"Qualified Person" as indicated under NI 43-101.
The Company also reports that the engineering work programme on its
vessel mv DF Discoverer is nearing completion. It is expected that the vessel
will return to Namibia and resume mining operations in late October.
Roger Daniel, President and CEO commented: "We are excited by the initial
results from the Bonaparte sampling operations which create the potential for
delineation of a significant, indicated resource in the joint operations area
thereby adding to our resource base. We also look forward to resumption of
marine diamond mining with our own vessel and expect improved operating
availability and efficiency following the repair, maintenance and upgrade
programme."
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.
