Tuesday February 5, 12:15 pm Eastern Time
Press Release
SOURCE: Diamond Fields International Ltd.
Diamond Fields reports progress on western Marshall Fork feature, Namibia
VANCOUVER, Feb. 5 /CNW/ - Diamond Fields International Ltd. (DFI-TSE) is pleased to provide an update of the Company's joint venture activities with Trans Hex Group of South Africa in the western fork of its Marshall Fork feature, offshore Namibia where the joint venture has been mining since December 30, 2001.
- Mined grade greatly exceeds feasibility study grade
Randal Cullen, DFI's Chief Geologist, is pleased to announce that
recovered diamond grades achieved in the current area of mining have
been consistently better than grades estimated by MRDI in the October
2000 feasibility study. For the month of January the mined grades
were 170% of the estimated grades. Bedrock has been reached in all of
the mined area, enabling recovery of both the older diamond deposits
below the clay and beachrock false footwall layers and the younger
deposit above the false footwall. The Western Fork was the most
highly sampled area in DFI-De Beers' 2000 sampling program using
Wirth drill technology.
- Resources at Marshall Fork could increase significantly
Mr. Cullen stated: "We are encouraged by this result as it indicates
that resource estimates in other areas of Marshall Fork and Elephant
Basin where similar geology exists are probably conservative. This
could mean an upgrade to the resources estimated by MRDI for 1.7
million square meters of the joint venture area, adding an additional
290,000 carats or 45% to the joint venture area."
- Production in January 2002 reaches 11,800 diamonds weighing 4,000
carats
Roger Daniel, DFI's Operations Director, reported that mining
operations for January 2002, the first month of mining on the Western
Fork, have progressed well and have yielded over 11,800 diamonds
weighing 4,000 carats of gem quality diamonds. The mv Namakwa has
only been in operation since November 2001 and mined in the Eastern
Fork prior to December 30, 2001.
- High pressure water jetting system creates diamond recovery windfall
Investigation and analysis by Trans Hex have shown that high pressure
abrasive jetting systems as employed by the mv Namakwa yields up to
approximately 30% more diamonds on a second pass of mining when
compared to a first pass of mining which does not utilize the jetting
system.
- Rough diamond market prices surge
Diamond Tenders Belgium N.V., DFI's 24%-owned marketing company,
reported that the market for rough diamonds has surged since its lows
following the September 11th events. Recent sales have shown that DFI
has realised an increase of just over 20% in its sales price per
carat from October 2001 to January 2002.
The joint venture will continue to report the production and profitability of its mining operations on a quarterly basis.
ON BEHALF OF THE BOARD OF DIRECTORS OF
DIAMOND FIELDS INTERNATIONAL LTD.
Francis J. Waldron
Chairman and Chief Executive Officer
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 the 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.
For further information
contact: (604) 682-2113
Investor Relations: Don Halliday (604) 623-4708
Website - www.diamondfields.com
PHIL |
