Diamond Fields Announces Completion of Stage II of Offshore Marine Diamond Operations with IMDH
Vancouver, BC / TheNewswire / February 10, 2016 - Diamond Fields International Ltd. (TSX-V: DFI) is pleased to announce that offshore marine diamond sampling operations on its Namibian concession ML-111 have been completed (see DFI press release dated Nov 16, 2015). These operations conclude the execution of Stage II of the Company's agreement with International Mining and Dredging Holding (Pty) Limited ("IMDH"), being the holding entity of the IMDH Group (see DFI press release dated June 5, 2015).
IMDH has, with the execution of Stage II of engagement, earned-in to a 50% share ownership into DFI's Namibian subsidiary, Diamond Fields (Namibia) (Pty) Limited ("DFN"). The related transfer of shares, as well as final engagement on the rest of this agreement, is pending conclusion of a number of conditions currently being addressed in the due diligence process between the two parties.
MV The Explorer, the IMDH-operated exploration vessel has, as part of the Stage II engagements between DFN and IMDH, executed drill sampling operations (over period November 11 to December 7, 2015) of identified targets with the aim to confirm geophysical surveyed information in certain areas of the DFN concessions. Stage II concluded with completion of analyses and appraisals addressing the comprehensive set of sampling data gathered, and of diamonds recovered during these sampling operations. On February 4, 2016 the Namibian Governmental Diamond Valuator ("GDV") confirmed that 221.55 carats were recovered during Stage II.
The outcome of this operation is seen as positive, and will form the basis for further sampling and bulk sampling operations under terms of the agreement before commencement of mining activities.
DIAMOND FIELDS INTERNATIONAL LTD.
SIGNED: "Sybrand van der Spuy"
Sybrand van der Spuy, Chief Executive Officer
Contact: Earl Young at +1 214 566 3709
Website: www.diamondfields.com
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.
Forward-Looking Statements:
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, except as otherwise required by law.
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