Diamond Fields: Good Preliminary Results at New Locations

15 08 2010

In its summary for 2007, Diamond Fields (DFI) has announced an increase in positive results at its alluvial mining project. The company, which shares a partnership with Bonaparte in the ML111 project off the Namibian Coast, reported a 68% increase in the number of samples with positive diamond recovery. The number of positive samples in which more than one diamond was discovered rose by 85% in the course of the year.

451 diamonds with an overall weight of 160 carats were recovered from 290 samples. The average size of the diamonds was 0.36 carats as compared to 0.47 carats a year ago.

Bonaparte funded the sampling project, using De Beers’ MV Douglas Bay sampling vessel on a 50m by 40m area. DFI’s President and CEO Roger Daniel noted: “We are delighted with the strong results from the Bonaparte joint operations sampling operations which have identified seven new diamond deposits which will support joint mining operations through 2008/2009. We expect these newly defined areas will be incorporated in the JO production plans early in 2008 to increase current production levels.”

In October, Diamond Fields sold a parcel of 1,889 carats from a joint marine mining operation. The sale brought in $388,303 at an average price of $205.55 per carat. Since the beginning of the year the company has sold 17,455 carats for $3,799,772 in total revenue, an average price of $217.69 per carat.

To date total production from the joint venture has reached 42,827 diamonds at an overall weight of 18,139 carats – an average size of 0.42 carats per stone.

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