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 Tue Jul 26, 2011
D.F.I's Red Sea Silver/Zinc/Copper Polymetallic Deposit Becomes First Marine Sedex in History to have Third Party National Instrument 43-101 Resource Report Completed

 (Vancouver, Canada, July 26, 2011) -- Diamond Fields International Ltd. (DFI:TSX) ("DFI" or the "Company") is pleased to announce the world's first NI 43-101 compliant resource estimate for a marine sedimentary exhalative ("SEDEX") deposit, completed on the Company's Atlantis II sea-floor deposit, located in the Red Sea. The NI 43-101 report was compiled by ACA Howe International Limited ("ACA Howe").

The resource estimate compiled by ACA Howe is an independent report prepared by a Qualified Person as defined by the Canadian National Instrument 43-101 and the companion policy 43-101CP.

SUMMARY OF THE 2011 ACA HOWE

INFERRED RESOURCE FOR THE ATLANTIS II DEEPS DEPOSIT

 

Wet Density

Sediment Volume m3 [millions]

Sediment Tonnage [millions]

DSF* Tonnage [millions]

Metal Tonnes [thousands]

Metal Volume Grade

DSF* Metal Grade

Zinc

1.29

473.93

604.21

80.88

1,643

3.47 kg/m3

2.03%

Copper

1.29

473.93

604.21

80.88

368

0.78 kg/m3

0.46%

Silver

1.29

473.93

604.21

80.88

3.35

7.07   g/m3

41.14g/t

* Dry Salt Free (DSF)

The report is based on 589 cores collated from the Preussag A.G. exploration results (1969- 1979).

In compiling the resource estimate, ACA Howe noted that:

  • The estimated tonnages and grades include both high and low grade areas of the Atlantis II Deeps, of which only the top 8.5 meters of sediment has been sampled and the deposit is therefore open at depth. The average total thickness of the deposit is known to exceed 30 meters.

  • Higher grade copper, zinc and silver mineralization is contained within the South West, West and Eastern sub-basins where metre core intersects of up to 22.47% zinc, 2.05% copper and 338 g/t silver have been obtained.

  • Historic resource estimates reference the presence of significant co-product metal values including manganese, lead, cobalt, cadmium and gold.

Click to enlarge


The Company is confident that the feasibility work now underway will enable the true value of the co-product metal mineralization to be realized and reflected in a future updated NI 43-101 report. However the Company is not treating the historic estimates as a current NI 43-101 defined resource and the historical estimates of co-products should not therefore be relied upon.

Ian Ransome, DFI's CEO said, "This is a mining first. Combined with the substantial data DFI already has on the Atlantis II deposit and the Company's experience as one of only a handful of companies to commercially mine the oceans, uniquely places Diamond Fields to develop the Atlantis II deposit. Together with its joint venture partner Manafa International of Saudi Arabia, the Company now moves to the feasibility and financing stages of developing this world-class marine deposit."

DFI and Manafa are in financing discussions with institutions and funds in Canada, Europe and the middle-east that have expressed an interest in the project. As operator and majority interest holder, DFI has begun a pre-feasibility study, including discussions with third parties for additional coring that will penetrate beyond the uppermost, sampled layers of the deposit, and permit a complete assessment of the poly-metallic value of the ore body.

The ACA Howe NI 43-101 compliant resource estimate will be filed and published on SEDAR within the next 45 days.

Information of a scientific or technical nature contained in this release has been prepared and reviewed by Ian Ransome, Pri, Nat. Sci. Chief Executive Officer, who constitutes a "qualified person" within the terms of National Instrument 43-101 regulations.









DIAMOND FIELDS INTERNATIONAL LTD.

"Wayne Malouf"

Wayne Malouf, Chairman
Ian Ransome, Chief Executive Officer
For further information, contact + 1 604 685 9911
Website: www.diamondfields.com

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 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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