| ||Mon Mar 7, 2011|
Spirit Resources SARL Advises of Intention to Acquire Additional Diamond Fields Shares
| ||(Vancouver, Canada, March 7, 2011) - Diamond Fields International Ltd. (DFI:TSX) ("DFI" or the "Company") has been advised by Spirit Resources Sarl ("Spirit") that it intends to acquire additional shares of the Company through an ordinary course purchase program for up to additional 5% share of DFI from time to time, over the next twelve months. Spirit is a privately held investment company, controlled by Jean-Raymond Boulle. Spirit currently owns and controls 19,389,494 and Boulle currently owns and controls 61,500 common shares of DFI, collectively representing approximately 30.4% of the issued and outstanding voting shares of DFI. Spirit also holds warrants for 882,353 common shares @ $0.25 exercisable on or before October 18, 2012. |
Spirit disseminated a Press Release on March 7, 2011 regarding this matter, and confirmed therein that all DFI shares will be purchased on the open market through the facilities of the Toronto Stock Exchange ("TSX"), and payment for the shares will be made in accordance with TSX policies. The price paid for the shares will be the market price at the time of purchase. Purchasing may be suspended at any time. Spirit intends to acquire additional shares of DFI for investment purposes. Depending on market and other conditions, Spirit and Boulle confirmed in the Press Release that they may from time to time in the future increase or decrease their ownership, control or direction over the DFI shares through market transactions, private agreements or otherwise.
DIAMOND FIELDS INTERNATIONAL LTD.
Wayne Malouf, Chairman
Ian Ransome, Chief Executive Officer
For further information, contact + 1 604 685 9911
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, except as otherwise required by law.
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