DFI announces mining agreement

DIAMOND Fields International Ltd announced this week that it has concluded a formal mining agreement with Bonaparte Diamond Mines NL, and also said that diamond production from the joint operations areas continued to deliver strong results.

In terms of the formal mining agreement, DFI will continue current mining with its vessel, the MV DF Discoverer offshore Luederitz, for a period of six months in 2007, with provision to continue thereafter for up to 12 months, by mutual agreement. Thereafter any additional mining would be subject to review by the parties of available resource at that time.DFI President and Chief Executive Officer, Roger Daniel said, the joint mining operations would be conducted on a 70 per cent (DFI); 30 per cent (Bonaparte) revenue- and cost-share basis.The initial mining operations in the joint operations area have continued to produce strong results, he said.A total of 2 612 stones with an average size of 0,53 carat/stone and weighing 1 343 carats (with the two largest stones being 9,20 carats and 5,81 carats) were produced in the first 17 days of mining since commencement of operations on January 27 2007.Daniel said this first parcel of 1 343 carats were for exportation and sale in the next two – three in Antwerp, Belgium .”We are delighted to have now signed the formal mining agreement with Bonaparte and are extremely happy with the continued strong results from the initial mining results from the DP1 joint operations area.We now look forward to the sale results from this first parcel,” said Daniel.DFI is a marine diamond producer, with mineral exploration properties in several areas of the world, which aims to maximise cash flow from its Namibian marine diamond concessions.Thereafter any additional mining would be subject to review by the parties of available resource at that time.DFI President and Chief Executive Officer, Roger Daniel said, the joint mining operations would be conducted on a 70 per cent (DFI); 30 per cent (Bonaparte) revenue- and cost-share basis.The initial mining operations in the joint operations area have continued to produce strong results, he said.A total of 2 612 stones with an average size of 0,53 carat/stone and weighing 1 343 carats (with the two largest stones being 9,20 carats and 5,81 carats) were produced in the first 17 days of mining since commencement of operations on January 27 2007.Daniel said this first parcel of 1 343 carats were for exportation and sale in the next two – three in Antwerp, Belgium .”We are delighted to have now signed the formal mining agreement with Bonaparte and are extremely happy with the continued strong results from the initial mining results from the DP1 joint operations area.We now look forward to the sale results from this first parcel,” said Daniel.DFI is a marine diamond producer, with mineral exploration properties in several areas of the world, which aims to maximise cash flow from its Namibian marine diamond concessions.