| ||Thu Oct 12, 2006|
Default Status Report Pursuant to CSA Staff Notice 57-301
| ||(Cape Town, October 12, 2006) - Diamond Fields International Ltd. (DFI:TSX) ("DFI" or the "Company") is filing this Default Status Report pursuant to CSA Staff Notice 57-301 Failure to File Financial Statements on Time -- Management Cease Trade Orders ("57-301") in respect of the Company's inability to file its annual audited financial statements for the year ended June 30, 2006 (the "Annual Financial Statements") by the deadline of September 28, 2006 as required by National Instrument 51-102 Continuous Disclosure Obligations. Further to the Company's application under 57-301, on September 29, 2006 and October 3, 2006, the British Columbia Securities Commission and the Ontario Securities Commission, respectively, issued cease trade orders restricting trading in the Company's securities by specified insiders of the Company only, which orders will remain in effect until the Company files the Annual Financial Statements and related annual filings. This Default Status Report is being filed to update the Company's Notice of Default dated September 29, 2006 (the "Notice of Default"), as required by 57-301.|
As a result of the factors noted in the Notice of Default, the Company has been unable to complete the Annual Financial Statements and related annual filings by the previously anticipated target date of October 12, 2006, and now expects to file the Annual Financial Statements by October 20, 2006. In addition, as a result of the delays in completing the Annual Financial Statements, the Company anticipates a delay in filing its interim financial statements for the three-months ended September 30, 2006 (the "Interim Financial Statements") which are due by November 14, 2006.
There have been no other material changes to the information contained in the Notice of Default nor is there any material information concerning the affairs of the Company that has not been generally disclosed. The Company continues to use its best efforts and all available resources to complete the Annual Financial Statements as soon as possible, and thereafter will use its best efforts to complete the Interim Financial Statements by the November 14, 2006 deadline or as soon as possible thereafter.
DATED October 12, 2006.
DIAMOND FIELDS INTERNATIONAL LTD.
"Roger J. Daniel"
Roger J. Daniel, President and CEO
For further information, contact Roger Daniel or Randal Cullen at +27 21 425 1990
First Floor, Unit 9 Foregate Square Tel: 011 2721 425-1990
Table Bay Boulevard Fax: 011 2721 425-1999
Cape Town, South Africa 8001
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