| ||Mon Jul 12, 2004|
Diamond Fields Sells 7,127 Carats of Diamonds for a DFI Record Average Price of US$239 per carat
| ||Vancouver, July 12, 2004 Diamond Fields International Ltd.(TSX:DFI) is very pleased to announce the sale of 7,126.92 carats on July 8, 2004 at an average price of US $239.16 per carat for a total sale of US $1,704,449. The average sale price of US $239.16 per carat is a record for sales of diamonds from DFI's marine concessions and a substantial increase over the US $143 per carat average in 2003. This parcel represents DFI's 50% share of the diamonds that were mined by the MV Kovambo between June 9 -- 20, 2004 and were tendered for sale in Antwerp, Belgium through Diamond Tenders (Belgium) N.V.|
The sale included a 5.26 carat diamond that sold for a DFI record of US $10,457 per carat for a total of US$55,009 more than doubling the Company's previous record of approximately US $ 5,000 per carat. This rare diamond was described to be of excellent purity, potentially VVS in polished quality with light blue colour. However, even excluding this special stone, the average carat price of the sale parcel still exceeds US$231 per carat.
Gregg J. Sedun, President and CEO of Diamond Fields stated: "This sale confirms the quality of DFI's marine diamond resource. With the substantial increase in diamond production from our marine concessions achieved by the Seabed Crawler recovery system and the significant price increase achieved for our diamonds, we continue to demonstrate the profitability of our marine mining. I am extremely pleased with our results to date and eagerly await future production results."
The Company would also like to make a correction to data presented in our press release dated July 6, 2004. The total resource for ML111 in the MRDI feasibility study was 896,000 carats indicated and 209,800 carats inferred. Overall resource grade from the MRDI feasibility study is 0.30 carats/m2 and the grade for the area that is currently being mined (MF5) is 1.01 carats/m2. We apologize if this created any misunderstanding or confusion. Randall Cullen is our Qualified Person under the National Instrument 43-101.
Diamond Fields International Ltd. is an internationally active exploration and mining company pursuing mineral exploration opportunities worldwide. The Company's corporate strategy is to maximize cash flow from its Namibian marine diamond concessions and systematically explore and develop its international mineral exploration projects. In addition, the Company continues to explore opportunities to acquire new economic mineral projects worldwide.
DIAMOND FIELDS INTERNATIONAL LTD.
Gregg J. Sedun
President and Chief Executive Officer
For further information contact
Investor Relations (1-888-682-2113)
Suite 1600 -- 777 Dunsmuir Street Tel: 1-604-682-2113
P.O. Box 10425, Pacific Centre Fax: 1-604-688-0094
Vancouver, BC, Canada V7Y 1K4 Toll Free: 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.
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