CAPE TOWN, South Africa, April 25 /CNW/ - Diamond Fields International
Ltd. (DFI:TSX) ("DFI" or the "Company") is pleased to announce its latest
diamond sale at an average sales price of US$239 per carat from diamonds
produced from joint operations mining with Bonaparte Diamond Mines NL
("Bonaparte") and improved production results.
2,029 carats of 95% gem quality diamonds produced by the Company's mining
vessel MV DF Discoverer from joint operations mining with Bonaparte offshore
Namibia have been sold at an average value of US$239 per carat, for total
sales revenue of US$484,692. The parcel included a 7.72 carat gem diamond that
was sold for US$24,018 at an average of US$3,111/ct.
Total sales to date from the joint operations amount to a total of 3,372
carats, representing production up to March 21, 2007 from the first anchor
spread in the Diaz Point 1 area ("DP1"), realizing a total sales value of
Since March 21, the vessel has operated in its second anchor spread
location in the DP1 joint operations area where mining up to April 24 has
produced an additional 8,739 diamonds weighing 3,468 carats at an average size
of 0.40ct/st. This production has not yet been sold. Total diamond production
from both anchor spreads in the DP1 area to date is in excess of 6,800 carats.
Repairs and modifications needed to improve mining capacity and
efficiency were completed at the end of March and full capacity dual airlift
mining commenced from 1 April 2007 and continues to date. Following joint
review of production results and mining methods by DFI and Bonaparte
operations staff, some adjustments to equipment configuration and mining
procedure were also made resulting in further improvements to operational
performance: the average daily recovery rate in the current mining area has
increased by 86% from an average of 63 carats/day for the last 10 days of
March, 2007 to an average of 117 carats/day for the period 1st to April 24,
Bonaparte has the right to 30% of the proceeds from the sale of diamonds
recovered during the mining operations and is obligated to pay 30% of the
operating and sales costs. The diamond sales were executed in terms of DFI's
existing sales agreement with Diamond Tenders (Belgium) NV in Antwerp,
DFI's President and CEO, Roger Daniel commented, "We are very pleased
with the sales results of the second parcel mined in terms of the joint
operations with Bonaparte. The sale price of $238 per carat continues to
reflect the strong market for the Company's production. We also recognize the
important contribution and efforts of our mining teams and crew on board the
mining vessel that resulted in the significant improvement in mining capacity
and efficiency of the operation."
Roger J. Daniel, B.Sc. (Hons) Geology, London, Pr.Sci.Nat., the Company's
President and CEO, is a Qualified Person in terms of National Instrument
National Instrument 43-101 and has compiled and reviewed the scientific and
technical information contained in this News Release.
DATED April 25, 2007.
DIAMOND FIELDS INTERNATIONAL LTD.
"Roger J. Daniel"
Roger J. Daniel, President and CEO
Statements in this release that are forward-looking statements are
subject to various risks and uncertainties concerning the specific factors
identified in 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
For further information:
For further information: Roger Daniel, +27 21 425 1990, Website: