Diamond Fields International
Ltd. is filing this default status report
pursuant to CSA Staff Notice 57-301, failure to file financial statements on
time, management cease trade orders, in respect of the company’s
inability to file its annual audited financial statements for the year ended
June 30, 2006, by the deadline of
Sept. 28, 2006, as required by National Instrument 51-102, continuous
disclosure obligations. Further to the company’s application under 57-301, on
Sept. 29, 2006, and Oct. 3, 2006, the British Columbia Securities
Commission and the Ontario Securities Commission, respectively, issued cease
trade orders restricting trading in the company’s securities by specified
insiders of the company only, which orders will remain in effect until the
company files the annual financial statements and related annual filings. This
default status report is being filed to update the company’s notice of default
dated Sept. 29, 2006 (see Stockwatch, Sept. 29, 2006), as required by 57-301.
As a result of the factors noted in the notice of default, the company
has been unable to complete the annual financial statements and related annual
filings by the previously anticipated target date of Oct. 12, 2006, and now
expects to file the annual financial statements by Oct. 20, 2006. In
addition, as a result of the delays in completing the annual financial
statements, the company anticipates a delay in filing its interim financial
statements for the three months ended Sept. 30, 2006, which are due by Nov. 14, 2006.
There have been no other material changes to the information contained in
the notice of default, nor is there any material information concerning the
affairs of the company that has not been generally disclosed. The company
continues to use its best efforts and all available resources to complete the
annual financial statements as soon as possible, and, thereafter, will use its
best efforts to complete the interim financial statements by the Nov. 14,
2006, deadline or as soon as possible thereafter.
