Other News Releases in Mining & Metals
Media Advisory - Hundreds of frac tanks to be sold by live simulcast at Ritchie Bros. Houston auction site
Record number of items to be sold in Ritchie Bros. 2-day Fort Worth unreserved auction
AJC Praises IAEA Firm Action on Iran
Other News Releases in Oil and Gas Discoveries
U.S. Crude Oil Production in 2009 Poised To Show Biggest Jump in Almost 40 Years: Platts Analysis
ROCA Targets Increased Production and New Exploration at MAX
Uracan discovers 12 meters of 0.123% U3O8 on its 100% owned Costebelle claims
Journalists and Bloggers
Visit PR Newswire for Journalists for releases, photos, ProfNet experts, and customized feeds just for Media.
View and download archived video content distributed by MultiVu on The Digital Center.
See more news releases in: Mining & Metals, Oil and Gas Discoveries, Joint Ventures
Diamond Sale, Marine Mining and Exploration Update
SYMBOL: DFI
CAPE TOWN, Sept. 6 /PRNewswire-FirstCall/ - Diamond Fields
International Ltd. (DFI:TSX) ("DFI" or the "Company") announces latest
sales results and production from marine diamond mining joint operations
("JO") with Bonaparte Diamond Mines NL ("Bonaparte"), and is also pleased
to announce a new JO resource sampling programme.
Diamond sales and production update
Diamond production from June to mid August 2007 totaling 3,727.86
carats was sold in late August and realized a total of US$872,813 at an
average price of US$234.13 per carat. This sale included a 2.45 carat pink
diamond that sold for US$41,089 (US$16,771 per carat). Sales of production
under the JO up to 13 August 2007 comprises a total of 14,294 carats
realizing US$3,138,832 at an average price of US$219.58/ct.
In terms of the JO agreement Bonaparte has the right to 30% of the
proceeds from the sale of diamonds and is obligated to pay 30% of agreed
operating and sales costs.
The unusually severe winter weather conditions and resultant technical
problems that affected operations and reduced production in June continued
through July and August with production for those months being 1,434cts and
874 carats respectively. Average stone size and diamond quality throughout
this period remained good with average size maintaining 0.43 carats/stone.
Available mining time and production was affected by a combination of
exceptional factors including direct stoppages as a result of weather
conditions, equipment damage and breakages (mainly mining hoses and mining
wires) as a secondary result of the severe weather and dragging of anchors
(again due to harsh weather) resulting in the vessel being unable to
maintain its desired position. Replacement of the damaged mining hoses was
required sooner than anticipated and time was lost while the hoses were
sourced and delivered from Ireland. The hose problem resulted in frequent
stoppages to the port airlift as available hoses were applied mainly to
keeping the starboard airlift operating.
Production is expected to again increase in the December 2007 quarter
with improving weather conditions and return to full operational capacity
as a result of the replacement and repair of certain equipment on the
mining vessel.
Mining in the JO area has continued since late January 2007. To the end
of August 2007, JO mining in ML111 DP1 has produced a total of 33,903
diamonds for 14,627 carats at an average size of 0.43carats/stone.
Joint Operations Marine Sampling
Bonaparte has contracted the purpose built marine diamond sampling
vessel MV Douglas Bay from DeBeers Marine ("DBM") for a second sampling
programme in ML111 in terms of the amended JO agreement details of which
were announced in a news release dated July 16, 2007. The programme is
planned to start in late October 2007 and will run for a period of 35-50
days depending on results. This vessel was used successfully in 2006 to
define the initial JO mining resource of 63,000 carats.
Sampling operations will be focused on substantially increasing the
mining resource adjacent to current mining areas within selected areas of
the recently expanded ML111 JO area. Previous sampling by DFI has confirmed
several areas of diamond concentration within the expanded area. The
initial sampling will concentrate on the development of resource in these
areas.
Roger Daniel, DFI's President and CEO commented: "We are delighted that
our JO partner Bonaparte is embarking on a second round of resource
development sampling. Our expectation for the expanded JO area in ML111 is
that it will provide the platform for defining substantially larger diamond
mining resources to allow us to progressively increase diamond production
from 2008 onwards. The objective is to delineate an additional resource of
some 200,000 - 400,000 carats in the expanded area in 2007/2008 to support
JO mining for several years and allow serious consideration to be given for
the introduction of a second mining vessel".
Roger J. Daniel, B.Sc. (Hons) Geology, London, Pr.Sci.Nat., the
Company's President and CEO, who is a Fellow of the South African Institute
of Mining and Metallurgy (SAIMM), is also a registered geological scientist
with the South African Council for Natural Scientific Professions
(SACNASP), and is thus a Qualified Person in terms of National Instrument
43-101, has compiled and reviewed the scientific and technical information
contained in this News Release.
DATED September 6, 2007.
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.
CONTACT: Roger Daniel, +27 21 425 1990, Website: www.diamondfields.com
SOURCE Diamond Fields International Ltd.













