| ||Thu Jul 18, 2002|
DIAMOND FIELDS ANNOUNCES RESULTS FROM MARSHALL FORK
| ||Diamond Fields operations managers are pleased to announce results from six months of mining in the western limb (MF5) of its Marshall Fork deposit off Luderitz, Namibia. More than 23,000 carats, including one diamond weighing 17.42 carats, were recovered during the six months ended June 30, 2002.|
Chief geologist Randal Cullen reported that recovered grades have met or exceeded expectations. The average recovered grade for the six months was 1.14 carats per square meter (cts/sqm). However, the recovered grade of the mined area including recoveries of diamonds during exploration and bulk sampling phases exceeded the MRDI predicted grade of 1.01 cts/sqm for the MF5 portion of the Marshall Fork feature by 24%.
Mr. Cullen said: "The geology of the MF5 portion of the Marshall Fork feature closely reflects the model presented in DFI's feasibility study for this area (Figure 1). Sediment thickness of between 2.5 meters and 5 meters was encountered as predicted by the study. Mining also encountered the thick marine clay layers, false footwall beachrock layers and large quantities of shell that were reported from the 3 phases of sampling that have been completed in this area." See composite section of MF4 and 5 from DFI's 2000 feasibility study at http://www.diamondfields.com.
Operations Director Roger Daniel stated: "Diamond recoveries were enhanced by the availability of abrasive jetting technology. This new addition to our equipment has been proven to increase recoveries by up to 200% in areas where comparison is possible. Abrasive jetting was only available 70% of the time during the past 6 months indicating that remining unjetted areas within the already mined portion of MF5 will generate additional economic recoveries and improve the recovered grade of the feature."
Operations managers Charlie Heyes and Ivor Jones reported that DFI will equip its first wholly owned vessel with twin 24-inch airlifts incorporating the abrasive jetting facility. "Based on our study of existing airlift vessels and our own experience of the last few months, significantly higher mining rates will be achievable with this vessel configuration as compared to a single 20 inch airlift vessel," they said. "For DFI, the implications of higher rates of excavation for marginally increased incremental operational costs compared to a single airlift vessel are a higher profit margin and the ability to mine lower grades, increasing the diamond reserves available to the company within the Luderitz Bay concession area."
DFI considers the resumption of mining in its concession areas as the top priority and is currently pursuing options to continue operations prior to the commencement of mining by its own vessel around April 2003. Francis Waldron, Chairman and CEO of DFI stated: "We will evaluate opportunities to resume mining as they are presented to us and any agreement for a new operation will be based on favorable economics for DFI."
Diamond Fields shares are traded on the Toronto Stock Exchange under the symbol DFI.
For further information contact Earl Young (1-214-219-1439) or H.D. Lee (1-604-682-2113)
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the 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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