| ||Mon Jul 18, 2016|
Diamond Fields Announces Update on Projects
| ||(July 18, 2016) -- Diamond Fields International Ltd. (TSX-V: DFI) ("DFI" or the "Company") is pleased to provide this update to its shareholders and the general public. |
Atlantis II Red Sea Project:
The Company previously announced it was in a dispute with Manafa International Commerce Company regarding the Atlantis II Red Sea project (see DFI press release dated January 30, 2014). Since that time, the Company's focus and efforts have shifted from seeking arbitration with Manafa to discussions with government. The Company has received preliminary indications that such discussions may be possible, and is pursuing that potential opportunity. The process is at an early stage, and there is no certainty as to whether they will occur or if so, what the result will be.
The Company continues to assert its rights to the project.
In addition to its initiative for governmental discussions, the Company is continuing its relationship with GEOMAR Helmholtz Centre for Ocean Research of Kiel, Germany ("GEOMAR"). GEOMAR is one of the world's premiere institutes for marine sciences. The Company's work with GEOMAR on the Atlantis II Red Sea deposit dates back several years (see for example the Company's press release dated February 14, 2011).
The Company is also considering retaining TECNIP to assist the Company on the project and is in discussions with TECNIP. TECNIP is a world leader in marine oil and gas project support. DFI believes TECNIP's vast experience in deep-sea oil and gas projects compliments DFI's experience as one of only a handful of mining companies to successfully conduct offshore marine mining.
South Africa -- Phosphates:
The Company's South African operator and subsidiary, Diamond Fields (South Africa) (PTY) Ltd. ("DFSA") is in negotiations with the Department of Mineral Resources, South Africa ("DMR") to re-delineate prospecting block sizes in the Outeniqua East and West concessions respectively. Further progress on the project is subject to environmental studies being conducted by the government.
Madagascar -- Valazoro:
The Company is maintaining the Nickel deposit while commodity prices are suppressed. It will regularly review the project to consider further development as conditions warrant.
Namibia -- Luderitz Offshore Diamonds:
DFI continues its joint venture with International Mining and Dredging Holding (Pty) Limited ("IMDH") (see DFI initial press release dated June 5, 2015). On June 23, 2016 the Namibian Competition Commission approved the joint venture without conditions. IMDH has completed the surveying and sampling Stages I and II to DFI's satisfaction and pursuant to the JV agreement, earned a 50% shareholding in the JV company. The joint venture is conducting the Stage III bulk sampling program with a focus on the ML-111 concession (see DFI press release dated July 12, 2016). The joint venture is also considering various programs for possible further development of concession ML-32.
Diamond Tenders Belgium ("DTB"):
DFI is in discussions with members of DTB to terminate the Company's arrangement for the sale of the Company's diamonds through DTB. Those discussions are ongoing and no agreement has been reached and may not be reached.
Potential Additional Property:
DFI continues to evaluate new projects and is currently investigating several new investment opportunities, including a zircon play in Madagascar.
Mr. van der Spuy commented: "DFI is excited about the opportunities in hand, and also with the trust and support shown by its controlling shareholder, Spirit Resources SARL (Jean-Raymond Boulle), allowing DFI to engage on a new, dynamic and future looking operational future."
DIAMOND FIELDS INTERNATIONAL LTD.
SIGNED: "Sybrand van der Spuy"
Sybrand van der Spuy, Chief Executive Officer
Contact: Earl Young at +1 214 566 3709
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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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