| ||Thu Sep 4, 2003|
Diamond Fields - Greenland Nickel Discovery
| ||Diamond Fields International Ltd. ("TSX-DFI") is pleased to announce the commencement of fieldwork and preliminary findings on its newly acquired nickel discovery on Ammassilik Island off the south-east coast of Greenland. |
The nickel discovery is situated on the south coast of Ammassalik island 6 kms southwest of Tasiilaq, East Greenland. The initial discovery by Mr. Anders Lie, who now leads the exploration team, resulted from 52 meters of systematic chip sampling of the deeply weathered surface at the discovery outcrop yielding an average of 1% nickel, 0.3% copper, 0.012 g/t Platinum, 0.239 g/t Palladium, 0.155 g/t gold, 553 g/t cobalt and 2.4 g/t silver (Activation Laboratories, Canada). Mineralization at the discovery outcrop extends for 90 meters along strike and varies in width from 1 to 8 meters covering a total area of approximately 440 sq. meters. DFI Chief Geologist and qualified person, Randal Cullen, is also pleased to announce that Dr. Dennis Dunn has agreed to assist DFI in its analysis of this exploration program. Dr. Dunn led the exploration team of Diamond Fields Resources Inc. that discovered the massive Voisey's Bay nickel find in Newfoundland, Canada.
Recent fieldwork for this season began in August 2003. Initial fieldwork has traced nickel bearing massive sulphide boulders in scree over 9 kms along strike. In addition, similarly mineralized boulders have been found 4 kms across strike indicating a second horizon. Field tests indicate nickel, in unknown concentrations, is present within the sulphide boulders on both horizons, which boulders are angular (not well rounded) and therefore assumed to be close to source according to the exploration team. The team will continue to explore these horizons, attempting to establish their continuity while completing systematic sampling of the mineralized outcrop. Fieldwork is scheduled to continue until late September.
The Greenland Project covers 55,000 ha (137,500 ac) of gneiss and supracrustal rocks including banded iron formation and pods of serpentinized ultramafic rocks that are interpreted to represent similar geological terrane to that of Inco Ltd.'s famous Thompson Nickel belt in Manitoba, Canada. The property is centered on a nickel-copper-PGE-gold showing hosted by serpentinized ultramafics of potentially komatiitic affinity.
Infrastructure in the area is centered around the town of Tasiilaq, which has a population of approximately 1,500 people. The community is fully serviced by public amenities such as harbour, power plant, hospital, airport/heliport, schools and shopping facilities.
The Greenland Project was acquired from Mr. Jean-Raymond Boulle, DFI's controlling shareholder who was the founder, Chairman and Chief Executive Officer of DFI's predecessor Diamond Fields Resources Inc. ("DFR"), which discovered the massive Voisey's Bay nickel deposit in Newfoundland resulting in the purchase of DFR by Inco Ltd. for Cdn$4.3 billion in 1996.
DIAMOND FIELDS INTERNATIONAL LTD.
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 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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