| ||Thu Jun 19, 2003|
Diamond Fields Announces Changes To Board And Management
| ||Diamond Fields International Ltd. wishes to announce the following changes to its Board of Directors and management:|
Mr. Jean-Raymond Boulle has stepped down from his position on the Board and his interim roles as Chairman and CEO of DFI, having accomplished his objectives, including resolution of the Trans-Hex litigation, recommencement of production on the Luderitz Concession, reduction of administrative overhead, and establishing a management team to lead the Company in its next phase of development. This team will be headed by Mr. Gregg J. Sedun, who has been appointed to the positions of President and CEO of DFI. Mr. Sedun was a founding director of DFI's predecessor company, Diamond Fields Resources Inc. which was sold to Inco in a $4.3 Billion transaction. Mr. Sedun is also a co-founder of Pacific Source Capital Ltd., a private venture capital company that has had considerable involvement in the corporate finance and mining industries. Mr. Boulle stated, "I am very pleased with the changes to DFI's management and Board, and feel we have acquired a highly qualified team to execute the Company's current and future plans. Mr. Sedun's background and varied experience over a 20 year period are ideal to lead the Company as it continues to develop its core business in Africa and its search for exceptional mineral acquisition opportunities."
The Company is also very pleased to announce that Mr. John Collier, one of the most respected names in the mining industry and a world-renowned discoverer and developer of world-class mines, has been appointed to Diamond Field's Board of Directors. Throughout his exceptional career, Mr. Collier has been involved in all phases of mining, including the discovery of the Australian Argyle diamond mine. He has held the titles of Chief Executive, Gold and Minerals Group, and Head of World-wide Exploration at Rio Tinto plc. "Mr. Collier's wealth of knowledge and experience, as well as his stature in the mining industry, represent a remarkable addition to the Board of Directors", stated Jean- Raymond Boulle.
In addition to Mr. Collier, Earl Young has been appointed as a Director of DFI. Mr. Young has a career background in the investment industry and is a director of the Corporate Council on Africa, a Washington, D.C. based organization with a membership that represents nearly 85% of all U.S. private sector investment in Africa. Mr. Young also serves as President of the U.S./Madagascar Business Council headquartered in Washington, D.C.
As well, Mr. Roger Daniel, DFI's Director of Operations, has been added to the Board of Directors to replace Mark Collins, who has resigned. Mr. Daniel, a sea diamond mining geologist, has world-wide mining experience encompassing mineral exploration, project assessment and mine project management at both operating and corporate levels, and has been intimately involved at a senior level in the southern African marine diamond business.
On behalf of the Board of Directors of Diamond Fields International, Mr. Sedun expressed his sincere appreciation to Mr. Boulle and Mr. Collins for their tireless efforts and significant contributions to DFI, as they came in during a difficult time in the Company's history and accomplished a considerable amount during their tenures.
The Company's shares are listed on the Toronto Stock Exchange under the symbol "DFI".
DIAMOND FIELDS INTERNATIONAL, LTD.
"Gregg J. Sedun"
Gregg J. Sedun
President and Chief Executive Officer
For further information contact: Earl Young (1-214-219-1439)
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 forwardlooking information represents management's best judgment based on information currently available. No forwardlooking 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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