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

To: Valuepro who wrote (93)	10/10/2000 3:04:23 PM
From: PHILLIP FLOTOW	Read Replies (1) \| Respond to of 141

Diamond Fields announces decision to proceed with Sea Diamonds Project VANCOUVER, Oct. 10 /CNW/ - Diamond Fields International Ltd., (DFI-TSE) announces that the Board of Directors have formalized the decision to proceed, subject to financing, with the development of the Company's Sea Diamonds Project offshore Luderitz, Namibia. Diamond Fields received the positive feasibility study earlier this month. Highlights of the study, as previously reported, on September 12, 2000 include a base case internal rate of return (IRR) of 54% with a low capital costs of US$28.1 million and low annual operating costs of US$13.5 million, before royalties, marketing and taxes. If carats from a suspected sampling bias are included in the mine plan, then the IRR increases to 133% with no change in the capital and operating costs. Management of Diamond Fields has been in discussions with several international financial institutions regarding financing for the Sea Diamonds Project. We believe that, based on the high profit potential of the project combined with low initial capital costs, financing of the project could be completed later this year. Diamond Fields is an international diamond exploration and mining company and continues to pursue diamond business opportunities worldwide. The Company is currently focusing on the development of its Sea Diamonds Project in Namibia. Daniel D. Johnson President and Director FORWARD-LOOKING STATEMENTS: This news release contains certain forward- looking statements. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding future production and expansion plans of Diamond Fields International Ltd. (DFI), are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from DFI's expectations are disclosed under the heading "Risk Factors", and elsewhere, in DFI's documents filed from time to time with the Toronto Stock Exchange and other regulatory authorities. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and DFI does not undertake any obligation to update forward-looking statements should conditions, or management's estimates or opinions, change. -30- For further information: (604) 682-2113; Investor Relations: Don Halliday, (604) 608-0826; Website : www.diamondfields.com PHIL