VANCOUVER, Oct. 11, 2019 /CNW/ - Diamond Fields Resources Inc. (TSX-V: DFR) ("DFR" or the "Company") provides an update on activities at its ML111 diamond mining concession area in Namibia.
As previously announced, following completion of the initial stage of DFR's current ML111 mining campaign, the Company has been reviewing the first phase of mining and operational performance with International Mining and Dredging Holdings (Pty) Limited, which carried out the campaign via its subsidiary NUTAM Operations (Pty) Ltd.
The Company and IMDH continue to assess, amongst other things, the need for further exploration and development work in order to improve mining performance and a possible sharing of such costs. Such work is expected to improve recoveries from the remaining blocks under the current ML111 mining plan.
As a result of the continued discussions and the development work envisaged, the second stage of the ML111 initial six months (non-continuous) mining program is now not expected to resume later in 2019. A further update will be provided in due course.
Notes to Editors:
DFR is a TSX Venture Exchange listed exploration and mine development company with assets in Madagascar and Namibia. In Madagascar, DFR is developing the Beravina Project in cooperation with Denham Mining Fund LP. Beravina is an advanced high-grade hard rock zircon exploration prospect located in the west of the country, approximately 220km east of the port of Maintirano and near a state road. DFR acquired Beravina from Pala Investments and Austral Resources in 2016. In Namibia, International Mining and Dredging Holdings (Pty) Limited is undertaking an initial six month (non-continuous) offshore diamond mining program on DFR's ML 111 licence area. The ML 111 concession has a ten-year mining licence, effective until 4 December 2025, and lies within Luderitz Bay between Diaz Point in the south and Marshall Rocks in the north and at depths of 15 to 70 metres.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Company's 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. The Company does not assume the obligation to update any forward-looking statement, except as otherwise required by law.
SOURCE Diamond Fields Resources Inc.
For further information: DIAMOND FIELDS RESOURCES INC., Sybrand van der Spuy, CEO and Director, Contact: +27 78 4558700; Michael Oke/Andy Mills: +44 20 7321 0000, Aura Financial LLP: www.aura-financial.com