Here's the news release:
Attention Business Editors:
Diamond Fields International receives $6 million from Diamond Fields Resources founder Jean-Raymond Boulle through exercise of warrants
VANCOUVER, April 19 /CNW/ - Diamond Fields International Ltd. (DFI) today
announced that it received $6 million (US$4 million) from the exercise of
share purchase warrants into 9,999,999 shares priced at US$0.40 per share.
MIL Investments, a private company controlled by Jean-Raymond Boulle,
exercised warrants it had earlier purchased from three institutional
shareholders. Mr. Boulle has advised the Company that, as a result of
exercising the warrants, he beneficially owns approximately 27% of DFI's
51,244,809 outstanding shares, making him DFI's largest shareholder.
Mr. Boulle was a founder of Diamond Fields Resources (DFR), the former
parent company of DFI, which was acquired by Inco in 1996 for over $4 billion.
Mr. Boulle, in his role with DFR, originally secured DFI's core Luderitz asset
in Namibia. ''I believe Mr. Boulle's purchase and exercise of the warrants
are a clear indication of his belief in the enormous potential of the deposit,
and his confidence in the DFI directors and management to develop the
property,'' stated Daniel Johnson, President and CEO of DFI.
DFI has already committed to, and funded Phase 2 of the Advanced Sampling
Program utilizing De Beers Marine as the contractor. Phase 2, scheduled to
commence in July, will test the balance of the Marshall Fork feature. ''With
the average sample grade of 1.3 carats per square meter from our recent Phase
1 sampling work, and the sale price of US$164/carat, we believe the feature
has the potential to become the most profitable sea diamond deposit known. I
am confident that continued sampling and testing in this feature will
substantiate this belief,'' added Johnson.
The exercise of the warrants represents a large capital infusion into the
Company and will allow DFI to continue with further planned sampling to
upgrade and expand the declared resource. The goals for the overall program
are to outline sufficient resources to support a multi-faceted, long life,
very profitable operation capable of producing hundreds of thousands of carats
per year.
Diamond Fields International Ltd. is an international diamond mining and
exploration company. The Company has a current cash position of over $9
million. The Company began trading on the Toronto and Vancouver Stock
Exchanges under the symbol ''DFI'' in January.
ON BEHALF OF THE BOARD OF DIRECTORS
OF DIAMOND FIELDS INTERNATIONAL LTD.
Daniel D. Johnson
President and Chief Executive Officer
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For further information: DFI Investor Relations (604) 682-2113,
Website - www.diamondfields.com
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