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 Fri May 13, 2005
Diamond Fields Negotiates Alternative Financing

 NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Diamond Fields International Ltd. ("DFI" or the "Company") announces the following:
  • In light of adverse market conditions, the Company has agreed with GMP Securities Ltd and Haywood Securities Inc. to cancel its previously announced (April 13, 2005) brokered private placement.

  • DFI is in negotiations with an investment group, led by its major shareholder Mr. Jean-Raymond Boulle, to secure alternative financing. The particulars of the contemplated transaction will be announced upon an agreement being reached.

  • DFI is currently in negotiations with a major company regarding a joint venture on the Company's Ammassalik property on the east coast of Greenland.
Subject to reaching agreements on these matters, the Company anticipates further announcements in the near future with respect to alternative financing and the negotiations for its Greenland property.

Diamond Fields International Ltd. is a marine diamond producer with a superior portfolio of mineral exploration properties in several areas of the world. Diamond Fields' 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 at (1.604.682.2113).
Website: www.diamondfields.com

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.
 
 

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