Yahoooooo!, here we go up again, eh John. More good news.
From: Diamond Fields International Ltd. (DFI)
http://www.diamondfields.com/
mailto:inquire@diamondfields.com
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Re: News Release - Tuesday, August 31, 1999
DIAMOND FIELDS ANNOUNCES COMMENCEMENT OF PHASE 3 OF ITS ADVANCED
SAMPLING PROGRAM IN NAMIBIA
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Diamond Fields International Ltd. is pleased to announce that it commenced
Phase 3 of its Advanced Sampling Program on its Luderitz Sea Diamond
Concessions in Namibia. The Company has agreed to terms with De Beers Marine
("DBM") to undertake the work. The decision to proceed with the work was
based on the encouraging results from the initial phases of the program.
Phase 3, which commenced on August 28 and utilizes DBM's sampling vessel, the
mv Douglas Bay, will involve reconnaissance sampling principally in the
Gallovidia Reef and Boat Bay features. The first part of the Phase 3 program
is expected to last approximately 10 weeks, and depending upon results
collected, a further 8 weeks of work may be added. The cost of a full
18-week program is expected to be around US$3 million, excluding any proceeds
that may result from sales of diamonds recovered during the program.
Phase 1, also conducted under contract by De Beers Marine, was completed in
November 1998. The work, using DBM's sampling and mining vessel, the mv
Coral Sea, was limited to an area of the Marshall Fork feature. The program
tested 67 sample sites and yielded an average sample diamond grade of 1.3
carats per square meter, a five-fold increase over the previously estimated
grade for the entire feature. From the Phase 1 program, Diamond Fields
recovered a total of 4,450 carats which were sold in Antwerp for an average
of US$164 per carat.
Phase 2, also utilizing DBM's mv Coral Sea vessel, involved sampling the
balance of the Marshall Fork feature, conducting further test mining, and
sampling an area in the Diaz Point features. Sampling and test mining
activities were completed on August 23, 1999 and final sorting operations are
still underway. Final results from the Phase 2 work will provide data to
upgrade the diamond resource estimates for these areas.
The overall Advanced Sampling Program is expected to outline sufficient
diamond resources to support a mining operation capable of producing hundreds
of thousands of carats per year. Following the completion of the Phase 2
data analysis, Diamond Fields plans to undertake a detailed feasibility study
for the initial mining operation on the grant.
Diamond Fields International is an international diamond mining and
exploration company with its current focus on the systematic exploration and
development of its sea diamond concessions in Namibia. The Company's shares
are listed on the Toronto Stock Exchange under the symbol "DFI".
ON BEHALF OF THE BOARD OF DIRECTORS
OF DIAMOND FIELDS INTERNATIONAL LTD.
Daniel D. Johnson
President and C.E.O.
For further information contact:
DFI Investor Relations (604) 682-2113
Website - www.diamondfields.com |
