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Gold/Mining/Energy : Diamond Fields International Ltd. (DFI.T) -- Ignore unavailable to you. Want to Upgrade?

To: Valuepro who wrote (56)	10/14/1999 12:30:00 PM
From: PHILLIP FLOTOW	Respond to of 141

News today: Diamond Fields International advanced sampling and test mining program update VANCOUVER, Oct. 14 /CNW/ - Diamond Fields is pleased to announce the excellent progress of its Advanced Sampling and Test Mining Program in its marine sea diamond concessions near Luderitz, Namibia. Diamond Fields believes the results to date further substantiate its belief that the Marshall Fork feature represents potentially one of the most profitable sea diamond deposits known. Highlights of the results and progress of the program to date include the following: Marshall Fork Feature (Phases 1 and 2) - Over 96% of the drill samples collected in a 0.8 sq. km area of the Marshall Fork feature contained gem quality diamonds with individual sample recovered grades ranging up to 6.0 carats/sq. m. - Test mining of 6,000 sq. m in the Marshall Fork feature resulted in an average recovered grade of 1.5 carats/sq. m, and follow-up sampling revealed that considerable quantities of diamonds remained unmined. The true grade in the areas test mined are considerably higher and better recovery can be achieved by a mining system designed for the geologic conditions found in the area. - In nine days equivalent of actual mining activities, test mining operations yielded 9,252 carats of gem quality stones, slightly over 1,000 carats per full operating day. - Diamonds, with a mean stone size of 0.35 carats, recovered from Marshall Fork during the Phase 1 operations were sold for US$164/carat. Elephant Basin Feature and Phase 3 Reconnaissance Sampling - Over 90% of the drill samples collected from an area in the Diaz Point-Elephant Basin feature contained gem quality diamonds with a mean size of 0.37 carats. - Phase 3 reconnaissance sampling activities concentrating on the Boat Bay gravel and Gallovidia Reef features commenced on August 28, 1999 and field sampling rates are progressing ahead of plans with 520 samples collected as of October 8, 1999. Other - The Company contracted De Beers Marine separately for each Phase of the program using tried and proven sampling, mining and processing systems under the watch of De Beers Marine's strict security regimens. - Proceeds from diamonds recovered during Phases 1 and 2 of the program are projected to offset over 50% of the anticipated US$3.2 million costs of Phases 1 and 2. - The program operates under an Environmental Management Plan for all its sampling activities. Previous studies indicate minimal lasting environmental impact is caused by marine diamond mining operations. Phase 1 and 2 operations have improved the Company's understanding of the physical geological environment in the Marshall Fork feature and the operating conditions to be anticipated within the Luderitz Bay concession area. DFI believes that Wirth drill indicated grades obtained are significantly less than the true diamond grades present in the feature. The Company anticipates that a diamond recovery system specifically designed to mine the feature will prove the true magnitude of the high potential marine diamond resource contained within the Marshall Fork channel. An appropriate mining system would be designed to effectively mine through the identified stratigraphy and to efficiently excavate the high grade diamond traps present in the gneissic footwall, two functions in which the Wirth tool had limitations when operating in the geologic conditions encountered during the program. Analysis of the Phase 2 detailed results is proceeding, however the Company believes it has collected sufficient detailed geological data (exclusive of a planned geotechnical program) to support a resource estimate and a feasibility study for an initial mining operation capable of producing several hundreds of thousand of carats per year on the Marshall Fork feature. Diamond Fields International is an international diamond 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 CEO -30- For further information: DFI Investor Relations, (604) 682-2113, Website - www.diamondfields.com I don't have a position in this stock, but I see some friends over here. PHIL