Diamond Fields International Ltd. has released the results of recent
diamond sales from its Namibian marine mining operations in the Diaz Reef
area. At an average price of $186.67 (U.S.) per carat, 3,311.68 carats of diamonds were sold for gross proceeds of $618,186 (U.S.). Roger Daniel, president and chief executive officer of
Diamond Fields, commented: “The latest sales continue to confirm the quality
and consistent demand for DFI’s marine diamonds, but also reflect a slightly
weaker market for rough. All of the latest diamonds sold were mined in the
Diaz Reef area.”
Consistent with the relocation of its head office to Cape Town, South
Africa, and pending the completion of the merger with Moydow Mines
International Inc., reported in Stockwatch on March 1, 2006, the
company is pleased to announce the appointment of Waldo Pienaar, CA (SA), as
interim chief financial officer. Mr. Pienaar is replacing Darren McDonald who
is returning to Canada after completing the assignment of guiding the
transition of DFI’s head office from Vancouver to Cape Town. Mr. Pienaar
qualified as a chartered accountant in 2005 in South Africa, and has
undertaken varied financial contracting and consulting work in the commercial
sector after being with Deloitte & Touche for three years in South Africa and the
United States.
The appointment will be effective from June 30, 2006, and Mr. McDonald
will resign from the company on the same day. On behalf of the board of
directors, Diamond Fields would like to extend its appreciation to Mr.
McDonald for his excellent service and contribution to the company over the
past three years and wishes him the best of luck in his future endeavours on his
return to Canada. Mr. McDonald has agreed to make himself available to the
company on an ad hoc consulting basis.
Financing
As reported in Stockwatch on May 16, 2006, the company’s vessel
M.V. DF Discoverer is in Cape Town for its scheduled dry docking, maintenance
and refit program. The company is nearing completion of financing for the
vessel program and continuation of exploration in Liberia. It is expected
that details of the financing will be available for release shortly.
Diamond Fields International Ltd. and Moydow Mines International Inc., as reported in Stockwatch on March 1,
2006, have reached an agreement, effective Feb. 28, 2006, pursuant
to which Moydow security holders will exchange their Moydow securities for
securities of Diamond Fields. The acquisition remains
subject to various conditions as previously announced. Moydow, like Diamond
Fields, is engaged in mineral exploration and development worldwide.
