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Record Sales Price and Production Update
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(Cape Town, March 14, 2007) -- Diamond Fields International Ltd.
(DFI:TSX) ("DFI" or the "Company") is pleased to announce that a
Company record average sales price of US$258 per carat has been
realized for diamonds produced from joint operations mining with
Bonaparte Diamond Mines NL ("Bonaparte").
The first parcel of 1,343 carats of marine diamonds produced from
Namibian offshore mining in the Diaz Prospect 1 (DP1) joint operations
area with Bonaparte, has been sold in Belgium at an average value of
US$258 per carat, for total sales revenue of US$346,342. This is the
highest average per carat price received for diamonds recovered in the
Company's ML111 license area and reflects the high quality and larger
average stone size in the DP1 area. The parcel included a 1.78ct fancy
pink diamond that realized a price of US$25,888 and at US$14,544 per
carat this is also the highest per carat price received for an
individual rough stone.
The initial 1,343 carats was produced in the first 17.5 days from
commencement of mining in DP1 on January 27, 2007. Since then,
continued mining on the first anchor spread location up to March 12,
2007, has produced an additional 2,725 diamonds weighing 1,393 carats
at an average size of 0.51 carats/stone. Total production from
commencement of mining to date is currently an estimated 2,736 carats.
During February, availability of the dual airlift mining system was
below optimal capacity due to problems with certain mechanical
components requiring repair or replacement. These engineering works
have now largely been completed and improvement in mining system
availability and production is therefore now anticipated.
Bonaparte has the right to 30% of the proceeds from the sale of
diamonds recovered during the mining operations and is obligated to pay
30% of the operating and sales costs. The diamond sale was executed via
DFI's existing sales agreement with Diamond Tenders (Belgium) NV in
Antwerp, Belgium.
Since mining operations recommenced in late November 2006 and prior to
the commencement of joint operations mining with Bonaparte, an
additional 3,385 carats of diamonds have been recovered and sold for
total revenues of US$630,440 at an average price of US$186 per carat
with such revenues being entirely attributable to DFI.
DFI's President and CEO, Roger Daniel commented, "We are very pleased
with the sales results of the first parcel mined in terms of the mining
agreement with Bonaparte. The significant increase in value per carat
for diamonds recovered from the DP1 area strongly reflects the larger
average stone size and high quality of these goods."
Roger J. Daniel, B.Sc. (Hons) Geology, London, Pr.Sci.Nat., the
Company's President and CEO, is a Qualified Person in terms of National
Instrument NI43-101 and has compiled and reviewed the scientific and
technical information contained in this News Release.
DIAMOND FIELDS INTERNATIONAL LTD.
"Roger J. Daniel"
Roger J. Daniel, President and CEO
For further information, contact Roger Daniel at +27 21 425 1990
Website: www.diamondfields.com
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' 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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Copyright (c) 2007 DIAMOND FIELDS INTERNATIONAL LTD. (DFI) All rights
reserved. For more information visit our website at
http://www.diamondfields.com/ or send mailto:enquire@diamondfields.com
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