| ||Thu Jan 30, 2003|
Diamond Fields Advances Exploration To Increase Reserves Of 95% Gem Quality Diamonds In Its 100% Owned Luderitz Blue Bay Project Concessions
| ||Mr. Jean-Raymond Boulle, Chairman and CEO of Diamond Fields International (TSX-DFI), is pleased to announce the completion, in the Luderitz Blue Bay Project, of a review of identified marine diamond deposits in Mining Licence ML111 (Luderitz Bay) and an evaluation of the potential of Exclusive Prospecting Licence EPL1607 (Marshall and Gallovidia Reefs).|
Extensive established mineralization in the Diaz Reef and Conical Beach areas of ML111 awaits detailed sampling that should see mineable grades proven over an area exceeding 2 million square metres (15 vessel years of mining at 500 sq m per day and 75% availability of mining equipment).
Multiple targets for exploration identified in EPL1607 include reef margin embayments, gulley systems developed along multiple weakness planes in bedrock gneisses, drowned aeolian transport corridors and energy traps associated with basinal features mainly along the inshore margins of the reefs. Total prospective area identified in EPL1607 is in the order of 4 million square metres.
DFI's Chief Geologist, Randal Cullen, comments that, "there is a high potential to significantly increase DFI's resource base further from sampling these areas".
DIAMOND FIELDS INTERNATIONAL LTD.
Chairman and Chief Executive Officer
For further information contact: Earl Young (214-219-1439)
Website - http://www.diamondfields.com
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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