| ||Mon Jul 5, 2004|
Diamond Fields Announces Joint Venture and Property Acquisition in Greenland and Norway Drilling Update
| ||Vancouver, July 5, 2004 - Diamond Fields International Ltd. (DFI:TSX) is pleased to announce the expansion of its Greenland mineral property holdings and commencement of exploration for nickel, copper and platinum group elements(PGE) deposits on properties located on both the east and west coasts of Greenland. Work in 2004 is budgeted at US$750,000 and will target Voisey Bay, Thompson and Raglan style mineralization in the Greenland extension of the Torngat and Trans Hudson Orgenic belts.|
On the east coast, DFI's Ammasalik project area has been expanded through a joint venture agreement with adjacent land holder NunaMinerals A/S which will allow DFI to earn an initial 65% interest for exploration expenditures of US$1.7 million over 3 years at Diamond Fields' option
The Ammassalik project now encompasses approximately 63,737 hectares prospective for komatiite hosted nickel. Following the 2003 discovery of mineralization grading 1% in nickel with copper, cobalt, PGE and gold, exploration in 2003 identified nickel bearing boulders associated with extensive mafic volcanic horizons. Total strike length of these prospective horizons on the expanded Ammasalik claim area is over 40 kilometers. The 2004 program will consist of 2000 line kilometers of airborne geophysical surveys collecting magnetic and electro magnetic data with follow up sampling and mapping of the prioritized anomalies generated.
The Company would also like to announce the acquisition of a new Licensed Area at Nassuttooq in West Greenland. Diamond Fields' 100% owned Nassuttooq Properties cover 84,600 hectares interpreted to be the western continuation of the Nagssugtoqidian Orogen, collectively called the Norde Stromfjord Supracrustals. Prospective horizons including clusters of ultramafic pods interpreted as komatiites and layered amphibolites with co-incident nickel anomalies from regional stream sediment sampling programs. Field work in 2004 will focus on sampling and mapping over this extensive area with with emphasis on areas where geological interpretation indicates prospectivity for nickel bearing intrusive rocks
Diamond Fields would also like to announce the completion of a ten hole 1372.5 meter drill program on its Ogna project targeting geophysical anomalies associated with nickel, copper and titanium mineralization in the Bjorndalsnipa and Gulldragsvatn areas of southwestern Norway. The company is awaiting the results of geochemical analysis of drill core samples from the program.
The Company also announces that it has entered into a publicity agreement with Jefferson Financial, L.L.C. for the purpose of increasing investor awareness of the Company.
DIAMOND FIELDS INTERNATIONAL LTD.
Gregg J. Sedun
President and Chief Executive Officer
For further information contact Investor Relations (1-888-682-2113)
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.
You can return to the Top of this page