Diamond Fields International Ltd. (DFI) has entered into a
joint venture agreement with Silverhill Enterprises Ltd. to
further develop DFI’s Liberian gold project.
Under the terms of the agreement, Silverhill may earn up to 50 per cent of DFI’s
interest in the project in two phases. In the first phase, Silverhill will
invest $400,000 (U.S.) for 20 per cent of DFI’s interest in the project. In the second
phase, Silverhill has the option to invest an additional $600,000 (U.S.) to earn an
additional 30 per cent of DFI’s interest in the project.
Silverhill is a privately held entity headed by Ross Stanley. Mr.
Stanley has been involved in a number of successful mining projects, the most
recent being Equigold NL, which developed three gold mines in
Australia.
Compilation of the results from a field sampling program in 2007/2008
with data from a soil sampling program in 2005 show the existence of near
continuous anomalous gold mineralization over a strike length of 5.5 kilometres (km) and
total surface area in excess of 3.5 square kilometres (see DFI’s news release in Stockwatch dated Nov. 8, 2007).
The company undertook an exploration program for gold in the 2008 dry
season. A group of 1,500 soil samples have been analyzed by Alex Stewart
Assayers in the United Kingdom, a National Instrument (NI) 43-101-compliant laboratory. An initial appraisal of
the results indicates significant mineralization within disceter zones of
quartz veining. The company is preparing an aggressive reverse circulation
drilling program to drill its Bartejaam and Henry Town anomalies within the
Grand Geddah and Henry Town licence, respectively. A drilling rig has been
deployed and is scheduled to begin drilling by January, 2009, to further develop
the project and delineate the deposits.
“DFI is excited to be working with Silverhill, whose members have a track
record of developing promising gold prospects,” said Wayne Malouf, DFI’s chief executive officer.
The company is also pleased to announce that its joint venture with
Bonaparte Diamond Mine NL has now been concluded. As part of
the winding up of the joint venture, DFI has fully acquired Bonaparte’s
interests in DFI’s ML 111 and ML 139 Namibian marine diamond concessions, and
has received payment from Bonaparte in the amount of $275,000 (U.S.).
“DFI is delighted to have reacquired 100 per cent of the interests in the marine
concessions,” said Mr. Malouf, DFI’s chief executive officer. “It has been a positive experience
working with Mike Woodborne and his team at Bonaparte and we wish them the
best in their endeavours.”
