| ||Mon Nov 29, 2004|
Diamond Fields Announces Preliminary Exploration Results for Greenland and Update on other Projects
| ||Vancouver, November 29, 2004 --- Diamond Fields International Ltd. (DFI:TSX) is pleased to announce preliminary results from exploration on its properties in Greenland during the 2004 season.|
On the east coast 63,737 hectare Ammassalik project, field work included a 2000 line km airborne mag-EM survey completed in July, geological mapping and collection of 390 rock samples. High grade scree boulder and outcrop grab samples ranging from 0.5% to greater than 1% nickel (Ni) were collected in the southern part of the property within a 1.5 km radius of the initial discovery showing.
In addition, a new area of extended nickel mineralization ranging from 0.1% Ni to greater than 1% Ni over a 3.5km strike length in scree boulders and outcrop has been defined in the south eastern part of Diamond Fields' ground.
The Company is conducting an in depth analysis of the Ammassalik project geochemical results in conjunction with the airborne survey to define coincident anomalies and to outline 'look alike' geophysical targets in areas not yet sampled. Nassutooq results will be compiled on the recent geological mapping of the area in an attempt to constrain further work to the most prospective horizons. A final interpretation of the summer's exploration results is expected in late January 2005.
On the west coast exploration on the 84,600 hectare Nassuttooq Property delineated a 5km long zone of alteration within mafic volcanic rocks and discovered several outcroppings of massive sulphides.
Analytical results include nickel in the range of 0.1%Ni to 0.3% Ni, and copper (Cu) in concentrations from 0.1% Cu to 0.4% Cu (not coincident) in samples from outcrop and scree boulders within the alteration envelope.
Diamond Fields's east and west coast Greenland properties cover supracrustal rocks including mafic volcanics and komatiites of the Nagssugtoqidian Orogen believed to represent the eastward extension of the Trans Hudson Orogen, setting of the komatiite hosted Thompson Nickel deposits in Manitoba.
Crushing and geochemical analysis of the rock samples was carried out by ALS Chemex Ltd., Mississauga, Ontario, Canada (www.alschemex.com). All samples were processed using ICP methods.
Mr. Randal Cullen, P.Geol, Chief Geologist for Diamond Fields International Ltd., is a Qualified Person as defined by National Instrument 43-101 and is responsible for program design and quality control of exploration undertaken by Diamond Fields.
With respect to Diamond Fields Namibian marine diamond concessions, the Company's plans to refurbish the mv DF Discoverer and resume mining are on schedule for March 2005 which will give Diamond Fields 100% of diamonds mined. The Company is also considering the possibility of recommencing mining prior to this date with a contract vessel, but it is no longer continuing further joint venture discussions which would give up a portion of Diamond Fields' diamonds.
In West Africa, Diamond Fields is evaluating the possibility of developing an alluvial diamond mining operation on its Rainbow license on the Mano River, Sierra Leone where recovery of high value colored diamonds has been reported from local artisinal mining. The operation being considered would be based on pumping gravel from the river bed to a barge mounted diamond recovery plant, similar to operations currently underway in Angola. Also in Sierra Leone, after undertaking reconnaissance level stream sediment sampling for diamond indicator minerals the Company has decided to relinquish its rights to further tenure over the Foindu, Nomo and Kambia West properties to focus its resources on the more promising Rainbow license. The Company has shifted its kimberlite search to the Liberian portion of the Guinea craton where several kimberlite pipes have been discovered on a property adjacent to Diamond Fields' Ducor Joint Venture ground.
Diamond Fields International Ltd. is an operating marine diamond producer with a superior portfolio of mineral exploration properties in several areas of the world. Diamond Fields' 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" Gregg J. Sedun, President and Chief Executive Officer
For further information contact: Investor Relations (1-888-682-2113) extension 257 Website: www.diamondfields.com
All dollar values are stated in U.S. currency unless otherwise specified.
Forward-Looking Statements: Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in Diamond Fields' period filings with Canadian Securities Regulators. Such forward-looking information represents managements' 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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