VANCOUVER, May 1, 2012 /CNW/ - Diamond Fields International Ltd. (DFI:TSX) (DFI or the Company) is pleased to announce that the Government of the Republic of Namibia has granted the Company's application for renewal of its mining license ML32 (the "License") with respect diamonds and precious minerals north of Luderitz. The license has been reissued to a 70% owned subsidiary owned company of Diamond Fields International, the Namibian Diamond Company.
The License covers an area of more than 17,600 hectares, and extends from Luderitz to the Galdovia Reef along the Namibian coast from the low water mark to approximately the 45 metre bathymetric contour. The license has been renewed for a period of ten years. The concession has historically produced over 88,000 carats from shallow water small boat diver operations, and hosts part of the Boat Bay gravel bodies that extend in to the adjacent mid-water mining concession of ML111, also held by Diamond Fields. Sampling undertaken by the Company has outlined a potential inferred mineralized resource of 42 million cubic metres within the Boat Bay Gravels, representing the largest known potential marine diamond resource within the Company's marine diamond concessions. The shallow water reaches of the concession are currently being mined under contract by independent small boat operations.
Commenting on the license renewal, Mr. Ransome, the CEO of Diamond Fields noted "ML32 is important in so much that it not only houses part of the Boat Bay Gravel bodies, but has the potential to deploy mining platforms in the shallow water reaches, which have historically yielded good diamond productions, similar to those successfully tested in the NamDeb concessions".
The geological and technical information in this press release has been compiled and reviewed by Mr. I Ransome B.Sc. (Hons) Geology, Pri. Sci. Nat. Mr. Ransome is the CEO for Diamond Fields International, and is a registered geological scientist with the South African Council for Natural Scientific Professions (SACNASP) and is thus a Qualified Person under NI 43-101 of the Canadian Securities Administrators
DIAMOND FIELDS INTERNATIONAL LTD.
SIGNED: Ian Ransome
Ian Ransome, Chief Executive Officer
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 statement.
For further information:
Wayne Malouf at + 1 604 685 9911
Ian Ransome at + 1-604-685-9911