Commissioning of the mv Ivan Prinsep began May 24, 2001, at Diamond Fields’ Marshall Fork feature, Namibia. The commissioning phase is expected to take approximately one month, with full-scale diamond mining commencing by June 20, 2001, 5-1/2 months ahead of schedule.
The mv Ivan Prinsep was purchased by Diamond Fields’ joint venture partner, Trans Hex Group of South Africa, in March, 2001. The vessel will use proven airlift technology and is ideally suited for conditions found in the joint-venture areas. (A pdf version of this release containing a picture of the Ivan Prinsep is available on the Diamond Fields Web site at www.diamondfields.com.)
The joint venture is specifically focused on mining two areas, the Marshall Fork channel feature and the Diaz 12 zone of the Diaz Reef feature. Base case diamond production for the joint venture areas is projected to be 675,000 carats over the seven-year life of the agreement and 1.35 million carats inclusive of the sampling bias.
Francis J. Waldron, chief executive officer of Diamond Fields, comments: “This is a very exciting and rewarding day for Diamond Fields and its shareholders. It signals the company’s arrival as a significant new marine diamond miner in Namibia. Upon completion of successful commissioning, we will have achieved our stated goal of becoming an operator without debt or dilution. We look forward to receiving positive cash flow in the near future.”
WARNING: The company relies upon litigation protection for “forward-looking” statements.
