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Gold/Mining/Energy : Diamond Fields International Ltd. (DFI.T)
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To: John Thomas who wrote (60)11/5/1999 9:42:00 AM
From: PHILLIP FLOTOW  Read Replies (1) of 141
 
News today:
Diamond Fields International announces sale of test parcel for US$158/carat and
exciting results from initial Phase 3 work

VANCOUVER, Nov. 5 /CNW/ - Diamond Fields International (DFI) is please to
announce that it has sold a parcel of 6,475 carats at an average price of
US$158/carat in Antwerp through a closed tender process conducted by Diamond
Tenders Belgium. The parcel consisted of diamonds recovered from Phase 2
activities in the Marshall Fork feature in DFI's sea diamond concessions in
Namibia. The price exceeded expectations and demonstrates continued market
appetite for the size and quality of diamonds found on the DFI concessions.
The price compares favorably with the US$164/carat, received from the sale of
diamonds recovered from Phase 1 particularly when taking into account the
smaller average diamond size (0.32 carat vs. 0.35 carat) in the latest parcel.
The proceeds of US$1.0 million will be used to partially offset the costs of
the sampling program.
The diamond pricing data coupled with the sampling and test mining
results will be used as input for a planned feasibility study for an initial
mining operation on the Marshall Fork feature. The adjacent concession holder,
Namibian Minerals Corporation, is currently mining an extension of this
feature at a rate of 260,000 carats per year.
DFI is also pleased to announce that its contractor, De Beers Marine, has
successfully completed the initial pass of the Phase 3 reconnaissance sampling
work. A total of 693 quantitative samples were collected from four feature
areas over the 10-week program. One of the key objectives of the Phase 3
program is to detect the presence and establish the extent of mineralization
in the previously untested 60km(2) Boat Bay gravel feature. A total of 265
samples were collected from 11 sub-areas (300m X 400m) representing a mere 2%
of the Boat Bay feature. Mineralization has been detected in all 8 of the 11
sub area for which sample sorting is so far complete. A preliminary resource
estimate for the top layers in the feature will be established upon completion
of the sorting operations. These initial results further support DFI's belief
that the feature has the potential to host a multi-million carat resource. In
December, the second pass of the Phase 3 sampling program will concentrate on
the Boat Bay feature. At selected sites drilling will attempt to sample the
basal gravel horizon. In other known resource features on the concession,
highest grade mineralization is found in the basal gravel horizon.
DFI is an international diamond exploration company with its principal
interests located in Namibia. The Company is focusing on the systematic
development of its Luderitz sea diamond concessions. 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 CEO

PHIL
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