Key points
- May 2007 production totaled 8,578 diamonds weighing 3,529 carats, averaging 0.41 carat per stone, exceeding April’s previous best of 3,189 carats.
- Total production since the joint operations began through May 31, 2007 reached 24,971 diamonds for 10,756 carats, averaging 0.43 carat per stone.
- A total of 6,766 carats have been sold at an average price of $222 (U.S.) per carat, generating revenue of $1,492,649 (U.S.).
- Under the joint operations agreement, Bonaparte Diamond Mines NL receives 30 per cent of sale proceeds and pays 30 per cent of operating and sales costs.
Diamond Fields International Ltd. is pleased with the continuation of excellent
production levels from marine diamond mining from its joint operations program
with Bonaparte Diamond Mines NL.
Gem diamond production from marine diamond mining operations in the Diaz
Prospect 1 joint operations mining area, offshore Namibia, continues to deliver
strong results. The previous best monthly production of 3,189 carats of
diamonds in April, 2007, has been exceeded in May, 2007, with the recovery of
8,578 diamonds weighing 3,529 carats at an average of 0.41 carat per stone. Total
production since commencement of joint operations mining up to May 31, 2007, now
stands at 24,971 diamonds for 10,756 carats at an average size of
0.43 carat per stone.
To date, a total of 6,766 carats have been sold at an average price of
$222 (U.S.) per carat generating total sales revenue of $1,492,649 (U.S.). A further sale of
approximately 3,850 carats is expected to be completed in June, 2007.
In terms of the joint operations mining agreement Bonaparte has the right
to 30 per cent of the proceeds from the sale of diamonds recovered during the mining
operations and is obligated to pay 30 per cent of agreed operating and sales costs.
Roger Daniel, DFI’s president and chief executive officer, commented, “The production and
sales results continue to be excellent and we are delighted with the ongoing
success of the joint operations with Bonaparte with whom we are currently
discussing further cooperation to extend the mining program and increase the
mining reserve for the project.”
Roger J. Daniel, BSc (honours) geology, London, PrSciNat, the company’s
president and chief executive officer, who is a fellow of the South African Institute of Mining
and Metallurgy (SAIMM), is also a registered geological scientist with the
South African Council for Natural Scientific Professions (SACNASP), and is
thus a qualified person in terms of National Instrument 43-101, has compiled
and reviewed the scientific and technical information contained in this news
release.