| ||Tue May 30, 2006|
Diamond Fields Reports Update on Gold Exploration in Liberia
| ||Cape Town, May 30th, 2006 - Diamond Fields International Ltd. (DFI:TSX) ("DFI" or the "Company") is working in Liberia on diamond and gold concessions covering more than 181,000 hectares of prospective Archean and Proterozoic aged terrains. The company is greatly encouraged by a continuing stream of positive gold results from both the Grand Gedeh and Grand Cape properties. Stream sediment samples commonly report visible gold and the presence of medium to large scale artisanal workings over insitu mineralization provides a focus for advanced exploration leading to a near term drilling program.|
On the Grand Cape property, host to DFI's kimberlite discoveries and targets, the Henry Town gold camp, as defined by DFI's mapping and sampling to date extends for at least 10km along a northeast strike and for 5km across strike within the property boundaries. Of the 43 stream samples collected so far 50% have returned greater than 0.2 gms/tonne gold. Visible gold is present in heavy mineral concentrates from 10 of these samples as well as in samples of quartz veins within the Point Point artisanal mining site. Channel samples across the target mineralization returned 13 gms/tonne over widths of 1.5m. Step out soil samples have picked up the gold anomaly for 250m along strike and 78m across strike, returning values between 0.2gms/tonne and 2.83 gms/tone gold. Grid soil sampling is underway to determine the full along and across strike extent of the target.
Bedrock geology in the area is dominated by upright folded gneissic rocks enveloping what appear to be remnant greenstones (amphibolites) with cores of oxide facies iron formation. Ultramafic intrusions are also mapped in the area. Gold appears to be associated with quartz veins intruding the folded gneissic rocks, alteration zones in tremolite schists at the contact with gneiss and in the contact aureoles of ultramafic intrusions.
The camp is host to both in situ artisanal mining sites as well as numerous alluvial gold diggings Positive gold results from DFI's regional sampling will be followed up with further stream sediment work and grid based soil sampling to define further discreet in situ anomalies. The preponderance of visible gold in stream sediment samples and the artisanal activity in many of the drainages in the restricted area so far defined gives the company encouragement that a significant gold deposit can be defined within a short period of time.
Reconnaissance work has located a second prospect adjacent to the Cestos shear along the western side of the property. Of 16 stream sediment samples collected from 8 small streams in a restricted drainage all contain visible gold. The sampling defines a 2km by 500m area of high ground striking parallel to the Cestos shear zone as the location of the mineralized structures. The host rock appears to be amphibolite grade mafic volcanic rock intruded by porphyritic gabbro plugs creating small hills throughout the area. Grid based soil sampling is underway over the target. This work should identify the bedrock source of the coarse gold leading to a first pass drilling program
On the Grand Gedeh property initial work was focused on the artisanal working in the Barteajam area. A soil grid completed over the known workings showed a semicontiuous gold anomaly over more than 1km but was not sufficiently definitive to establish drill targets. Sampling normal to the east west strike direction shows the anomaly is present over a wider area than is currently being mined. Sampling of pits dug by artisanal miners will provide a picture of the gold anomaly in profile while further soil sampling along and across strike will be carried out to sharpen understanding of the mineralization. The host rock is mapped as a mafic volcanic although tropical weathering to a depth of more than 20m has so far precluded recovery of unaltered rock.
The reconnaissance effort continues on both properties with approximately 60% of Grand Cape and 50% of the Grand Gedeh property receiving first pass stream sediment and soil sampling. Follow up of samples exhibiting visible gold or returning elevated gold values from fire assay is ongoing.
Qualified Person and Assay Lab
Stream sediment and soil samples for gold are screened to remove oversize material, dried and shipped to the Anglo American Research Laboratory in Johannesburg where they are pulverized and analyzed via ICP and Fire Assay with an Au detection limit of 20ppb. The results of the sampling programs have been reviewed, verified (including sampling, analytical and test data) and compiled by the Diamond Fields' geological staff supervised by Mr. Randal Cullen, P.Geol., a "Qualified Person" as indicated under NI 43-101.
The Company is considering alternatives for securing additional financing required for continuation and expansion of the exploration programmes in Liberia as well as for the June /July dry docking, maintenance and refit programme for the Company's mining vessel MV DF Discoverer as announced in a news release dated May16, 2006.
Diamond Fields International Ltd. and Moydow Mines International Inc. (TSX: MOY)(AIM: MOY) ("Moydow") announced in press releases dated March 1, 2006 that they had reached an agreement effective February 28th, 2006 pursuant to which Moydow security holders will exchange their Moydow securities for securities of Diamond Fields (the "Acquisition"). The Acquisition remains subject to various conditions as previously announced. Moydow, like Diamond Fields, is engaged in mineral exploration and development worldwide.
DIAMOND FIELDS INTERNATIONAL LTD.
"Roger J. Daniel"
Roger J. Daniel, President and CEO
For further information, contact Greg Girdler, Investor Relations at (604) 288-1400
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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