Diamond Fields International (DFI) has acquired the remaining 30-per-cent interest in International Gemstones Co. Ltd. (IGC), a private company incorporated in the Republic of Mauritius, increasing DFI’s interest in IGC from 70 per cent to 100 per cent. IGC owns 100 per cent of the issued shares of Gemstones International Madagascar SARL, which in turn holds all of the rights, title and interest in the company’s Madagascar licences and the two diamonds of 23 carats and eight carats, as disclosed in DFI’s news release in Stockwatch of Sept. 8, 2003. The company had acquired the original 70-per-cent interest in IGC by acquiring a 100-per-cent interest in Gem Fields Resources, Ltd., a British Virgin Islands company, as part of its acquisition of a number of land-based exploration projects initially announced in DFI’s news release in Stockwatch dated July 31, 2003. The remaining 30-per-cent interest in IGC was owned by individual shareholders, all of whom agreed to sell their interests in exchange for a total of 612,572 common shares in the capital stock of the company. Theses shares are subject to a hold period expiring Aug. 1, 2004.
In other news, further to the company’s news release in Stockwatch of Feb. 24, 2004, announcing the appointment of Ken Hecker as chief operating officer and chief financial officer of DFI, the company announces that Marcel de Groot, who acted as chief financial officer prior to the appointment of Mr. Hecker, has completed his employment with DFI. The company would like to express its sincere appreciation to Mr. de Groot for the excellent job he did as chief financial officer for the past year. He stepped in at a difficult time to fill the management void created and worked tirelessly and with tremendous enthusiasm and creativity in taking on all of the responsibilities of the office of chief financial officer, as well as assisting with the various acquisitions, financings and other special projects carried out by the company. Diamond Fields would like to wish Mr. de Groot great success in his future endeavours.
WARNING: The company relies upon litigation protection for “forward-looking” statements.
