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

To: John Thomas who wrote (60)	11/5/1999 9:42:00 AM
From: PHILLIP FLOTOW	Read Replies (1) \| Respond to 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