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 Tue Feb 15, 2005
Diamond Fields Reports Earnings for Six-Month Interim Consolidated Financial Statements

 Vancouver, February 15, 2004 - Diamond Fields International Ltd. (TSX:DFI) provides the following summary of its interim consolidated financial statements and Management Discussion and Analysis for the six months ended December 31, 2004. All revenue for the six months ended December 31, 2004 resulted from the sale of diamonds held in inventory or recovered during operations. A total of 26,250 carats were sold at an average price of approximately $205 per carat generating revenue of $5,391,621. Comparatively, the Company sold 5,728 carats in the same period during 2003 at an average price of $143 per carat generating revenue of $789,930. Production, royalty and selling expenses associated with the sale of inventory totaled $2,490,067; whereas, these operating costs for the same period in 2003 were $500,539. The Company generated an operating margin of $2,901,554 for the six months ended December 31, 2004 compared with $289,391 for the same period in 2003.

Net earnings for the six months ended December 31, 2004 was $362,172 or $0.00 per share, compared with a net loss of $(1,069,300) or $(0.02) per share in 2003. The increase in earnings was primarily due to the Company's joint operations with Samicor Mining Services (Pty) Ltd. in mining Diamond Fields ML111 marine diamond concession off the coast of Luderitz, Namibia.

The following table sets forth selected financial information for the six months ended December 31, 2004 and 2003 (stated in U.S. dollars):

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Six Months Ended December 31:
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                                                    2004       2003(1)
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Total Revenues                                   5,391,621     789,930
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Total Operating Costs                            2,490,067     500,539
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General and Administrative Expenses              1,759,626   1,547,442
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Other Income (Expense)                            (798,524)    176,254
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Net Earnings (Loss)                                362,172  (1,069,300)
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Net Earnings (Loss) per Share (basic and
                                 diluted)             0.00       (0.02)
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Total Assets(2)                                 15,070,140  12,795,165
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Total Long Term Debt(2) (including current
                                  portion)       1,593,188   1,677,328
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(1) During the year ended June 30, 2004, the Company adopted the
    amended recommendations of the CISA Handbook Section 3870, 
    "Stock-based Compensation and Other Stock-based Payments". 
    The amended recommendations have been adopted retroactively from 
    July 1, 2002.
(2) Comparative Total Assets and Total Long Term Debt as at June 30,
    2004.


The complete reports of the company's unaudited financial statements and related notes for the second quarter period ended december 31, 2004, together with management's discussion and analysis of financial conditions have been filed on sedar and are available at www.sedar.com and on the company's website at www.diamondfields.com.

Diamond fields international ltd. Is an internationally active exploration and mining company pursuing mineral exploration opportunities worldwide. The company's corporate strategy is to maximize cash flow from its namibian marine diamond concessions and systematically explore and develop its international mineral exploration projects. In addition, the company continues to explore opportunities to acquire new economic mineral projects worldwide.

DIAMOND FIELDS INTERNATIONAL LTD.

"Gregg J Sedun"

Gregg J. Sedun, President and Chief Executive Officer

For further information contact: Investor Relations (1-888-682-2113) extension 257
Website: www.diamondfields.com

All dollar values are stated in U.S. currency unless otherwise specified.


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' period filings with Canadian Securities Regulators. Such forwardlooking information represents managements' best judgment based on information currently available. No forwardlooking statement can be guaranteed and actual future results may vary materially. Diamond Fields does not assume the obligation to update any forward-looking statement.
 
 

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