DFI NEWS......................
News Release - Tuesday, January 25, 2000
DIAMOND FIELDS ANNOUNCES THREE FOLD INCREASE IN RESOURCE ESTIMATEFOR
MARSHALL FORK FEATURE IN NAMIBIA
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Diamond Fields International, (DFI-TSE), is pleased to announce it hasreceived
an independent resource estimate from MRDI, a division of AGRA Simons, for the main Marshall Fork feature on its 100% owned sea diamondconcessions near Luderitz, Namibia.
The new resource estimate contains 364,900 caratsin the
indicated category and 549,700 carats in the inferred category for atotal of 914,600 carats representing nearly a 3-fold increase over the previousresource estimate for the Marshall Fork feature. The resource estimate isbased on the results of 247 samples taken in the Marshall Fork feature area by De Beers Marine as part of Diamond Fields' Advanced Sampling Program. The newresource
estimate is based on a revised estimated size of the Marshall Forkfeature of 1.0 million square meters with an average sediment thickness of only 1.3 meters. In addition to geological information collected, nvironmental baseline data to support an eventual mining operation was also collected by De Beers Marine on behalf of DFI. All sampling activities have takenplace under
environmental management plans approved by the Government of Namibia.
Management believes the resource will support a profitable miningoperation at Marshall Fork. The resource estimate is part of a scoping studyundertaken by AGRA Simons for an initial mining operation at Marshall Fork. Furtherfindings
of the scoping study will be released upon receipt later this week and subsequent review by Diamond Fields.
Total resource estimates from Diamond Fields' Luderitz concessionsnow total over 2,000,000 carats. Phase 3 reconnaissance sampling work has just been completed with a primary focus on the Boat Bay gravel feature. New resource estimates from this work will be released upon receipt of final datafrom De Beers Marine and review by Diamond Fields. Diamond Fields' goal is to become a significant, independent diamondproducing company delivering maximum shareholder value in a socially andenvironmentally sound manner. Management believes that, with the initial results from the sampling program and ongoing activities, the Company is now well onits way to achieving this goal. With total resource estimates of over 2,000,000 carats, there is strong growth potential beyond Marshall Fork.DFI Resource Estimates
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Feature Area Indicated Inferred Total
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Marshall Fork 364,900 549,700 914,600
Diaz Reef Features 524,200 81,100 605,300
Staple Basin Area 150,700 73,800 224,500
Shallow Waters - 276,000 276,000
Totals 1,039,800 980,600 2,020,400
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DFI's resource estimates for the Marshall Fork feature were compiled byMRDI, a division of AGRA Simons, (Senior Author and Qualified Person: MThurston, Phd.) based on sampling data provided by the Company and using the resource
classification in accordance with the Toronto Stock Exchange guidelines and the Australasian code for reporting of Mineral Resources and Ore Reserves
(JORC, 1999). De Beers Marine under contract to DFI conducted thesampling on the Marshall Fork feature in 1998 and 1999. The MRDI estimate of theinferred resource category includes 516,900 carats attributable to the suspectedbias of the sampling tool. The remaining resource estimates are thosepreviously published by DFI. These estimates were compiled by Marine & Coastal Geo-Consultants cc of CapeTown, RSA (senior Author and QualifiedPerson: R DeDecker, M.Sc., r.Sci.Nat)
Diamond Fields is an international diamond exploration and miningcompany and continues to pursue diamond business opportunities worldwide with a current focus on the development of its sea diamond concessions in Namibia.
ON BEHALF OF THE BOARD OF DIRECTORS OF DIAMOND FIELDS INTERNATIONAL LTD.
Daniel D. Johnson
President and CEO |
