| ||Thu Feb 1, 2001|
Diamond Fields Receives Formal Documentation For Mining License Ml111
| ||Diamond Fields International (DFI-TSE) is pleased to announce that it has received from the Namibian Minister of Mines and Energy, formal documentation for Mining License ML111, offshore Luderitz, Namibia, granted to DFI's wholly owned Namibian subsidiary. The license area, covering approximately 310 square kilometers, has been granted for an initial tenure period of 15 years. ML111 covers all identified resource areas outlined to date by Diamond Fields, including the Sea Diamond Project areas which were part of the positive feasibility study completed in August 2000.|
Francis J. Waldron, Chief Executive Officer, stated that "the Company expresses its sincere appreciation to the Government of Namibia, the Minister of Mines and Energy and his staff for their help and support working with Allan Walden, Diamond Fields Manager of Namibia, through this process. This is an important step in moving the project forward and the management team is working aggressively to take the project into the mining phase. Diamond Fields is continuing to negotiate with several international financial and strategic partners to fund and implement the project".
The feasibility study completed in August 2000 outlined an indicated and inferred resource totaling 1.1 million carats with over 95% of these diamonds being of gem quality.
Diamond Fields is an international diamond exploration and mining company with a current focus on the development of its Sea Diamonds Project in Namibia. The Company is also pursuing diamond business opportunities worldwide.
ON BEHALF OF THE BOARD OF DIRECTORS OF
DIAMOND FIELDS INTERNATIONAL LTD.
Francis J. Waldron
Chairman and Chief Executive Officer
For further information contact: (604) 682-2113
Investor Relations: Don Halliday (604) 608-0826
Website - www.diamondfields.com
FORWARD-LOOKING STATEMENTS: This news release contains certain forward-looking statements. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding future production and expansion plans of Diamond Fields International Ltd. (DFI), are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from DFI's expectations are disclosed under the heading "Risk Factors", and elsewhere, in DFI's documents filed from time to time with the Toronto Stock Exchange and other regulatory authorities. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and DFI does not undertake any obligation to update forward-looking statements should conditions, or management's estimates or opinions, change.
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