DFI operations in Marshall Forks

Diamond Fields International Ltd. announces that its mining ship, the DF Discoverer, has arrived at the Marshall Forks East region of DFI’s exclusive license area and will begin mining immediately. Commenting on the move, Wayne Malouf, Diamond Field’s CEO said, DFI has been excited about the resource in Marshall Forks. With the completion of the current phase of mining in the Dias Reef joint operations area of DFI’s ML 111 license, the marine team believes it the right time to shift focus to Marshall Forks, where the Company has exclusive rights.

Diamond Fields and Bonaparte Diamond Mines NL jointly announce that they have completed the current phase of joint mining operations in the Dias Reef joint operations area within DFI’s MIL111 mining license. Despite record sales prices and some recent vessel operating improvements achieved by the marine team, sharp increases in fuel and certain other supplies have led the parties to conclude that the economic return of mining the resources so far identified within the joint operation area does not warrant moving into the next phase of joint operations. Additional resources in the joint operations area will be available for future mining should the economics warrant.

Diamond Fields’ offshore Namibian mining licenses cover an area of approximately 719 square kilometres, of which approximately 708.8 sq. kilometres, or 98.5 percent, is outside the ML 111 joint venture area.

Source : http://www.diamondfields.com/

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