(Vancouver, B.C.) — Diamond Fields International Ltd. (DFI:TSX-V) (“DFI” or the “Company”) announces that it has invoked binding arbitration to resolve a dispute with its Red Sea Joint Venture Partner, Manafa International Commerce Company of Saudi Arabia (“Manafa”) over Manafa’s compliance with its obligations under the Joint Venture Agreement (refer to DFI News Release dated June 4, 2010).
Manafa has purportedly cancelled the Agreement alleging failure by DFI to perform. DFI has responded that it has performed and that Manafa has failed to meet its obligations to DFI and the Joint Venture under the Agreement. DFI has invoked binding arbitration pursuant to the Agreement. Arbitration is to be pursuant to the rules of arbitration of the International Centre for Dispute Resolution (“ICDR”) before a single arbitrator. DFI has, however, informed Manafa that it is prepared to attempt to resolve the dispute amicably without the need for binding arbitration.
ON BEHALF OF THE BOARD
SIGNED: “Ian Ransome”
Ian Ransome, Chief Executive Officer
Contact Ian Ransome or Earl Young at + 1 604 685 9911
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.
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.