| ||Tue Jul 4, 2006|
Diamond Fields Update
| ||(Cape Town, July 4, 2006) - Diamond Fields International Ltd. (DFI:TSX) ("DFI" or the "Company") is pleased to report the result of recent diamond sales from its Namibian marine mining operations in the Diaz Reef area. 3,311.68 carats of diamonds were sold at an average price of US$186.67 per carat for gross proceeds of US$618,186. Roger Daniel, President and CEO of Diamond Fields commented: "The latest sales continue to confirm the quality and consistent demand for DFI's marine diamonds but also reflect a slightly weaker market for rough. All of the latest diamonds sold were mined in the Diaz Reef area".|
Consistent with the relocation of its Head Office to Cape Town, South Africa, and pending the completion of the merger with Moydow Mines International Inc. announced in press releases dated March 1, 2006, the Company is pleased to announce the appointment of Waldo Pienaar CA(SA), as interim Chief Financial Officer. Mr. Pienaar is replacing Darren McDonald who is returning to Canada after completing the assignment of guiding the transition of DFI's head office from Vancouver to Cape Town. Mr. Pienaar qualified as a Chartered Accountant in 2005 in South Africa, and has undertaken varied financial contracting and consulting work in the commercial sector after being with Deloitte & Touche for 3 years in South Africa and the USA.
The appointment will be effective from June 30, 2006 and Mr. McDonald will resign from the Company on the same day. On behalf of the Board of Directors, Diamond Fields would like to extend its appreciation to Mr. McDonald for his excellent service and contribution to the Company over the past 3 years and wishes him the best of luck in his future endeavors on his return to Canada. Mr. McDonald has agreed to make himself available to the Company on an ad hoc consulting basis.
As announced in a news release dated May16, 2006, the Company's vessel M.V. DF Discoverer is in Cape Town for its scheduled dry docking, maintenance and refit programme. The Company is nearing completion of a financing for the vessel programme and continuation of exploration in Liberia. It is expected that details of the financing will be available for release shortly.
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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