| ||Mon Nov 25, 2002|
Boulle Wins Proxy Battle for Control of Diamond Fields International Ltd.
| ||VANCOUVER, BRITISH COLUMBIA--Diamond Fields International Ltd. ("DFI") announces that Jean-Raymond Boulle and his dissident group of directors have won an overwhelming majority of the votes cast at the annual general meeting of DFI held on November 21st, 2002. Approximately 66% of all shares voted in person and by proxy voted in favour of electing Mr. Boulle and his dissident directors who included Mark Collins, Gregg Sedun, Steve Malouf and Roderic Baker. Three of these directors, Messrs. Boulle, Sedun and Baker are former directors of DFI's predecessor, Diamond Fields Resources Inc., a company co-founded by Mr. Boulle which was sold to Inco Ltd. in 1996 in a transaction valued at $4.2 billion.|
As previously announced, a Yukon court earlier dismissed outright the incumbent board and management's last ditch effort to remain in control by attempting to invalidate proxies representing approximately 47% of DFI's outstanding shares supporting the Boulle group. The Yukon court also granted the Boulle group's motion for the appointment of an independent chairman to chair the annual meeting in place of DFI's former Chairman and President Francis J. Waldron. The independent chairman refused the incumbents' final effort to increase the number of seats on the board from five to nine and retain four positions. Due to the massive support of DFI shareholders, the Boulle nominees were elected to the five positions available to be filled on the DFI board.
At the first meeting of the new board of directors of DFI, held today, Mr. Boulle was elected Chairman and Chief Executive Officer of DFI. The new board will be undertaking a thorough review of all past and present affairs of DFI and will report to shareholders in due course on all material issues.
Mr. Boulle and the new board would like to thank all shareholders who supported their efforts for election to the board of directors of DFI.
Diamond Fields International Ltd.
Jean-Raymond Boulle, Chairman and Chief Executive Officer
Forward-Looking Statements: 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
(604) 687-9931 extension 245
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