Diamond Fields Receives Government Of Namibia's Fo
PRESS RELEASE
MARCH 12, 2001
DIAMOND FIELDS RECEIVES GOVERNMENT OF NAMIBIA'S FORMAL APPROVAL FOR JOINT
VENTURE
Diamond Fields International (DFI-TSE) is pleased to announce that it has
received formal approval from the Namibian Minister of Mines and Energy for the
joint venture agreement between DFI and Trans Hex Group Limited (TSX-JSE/NSX).
As reported on March 6, 2001, Diamond Fields, through its wholly-owned Namibian
subsidiary, has entered into a joint venture agreement with Trans Hex to mine
two areas within Diamond Fields' Namibian offshore Mining Licence 111, such
areas comprising the Marshall Fork feature and the Diaz 12 zone of the Diaz
Reef feature. The highlights from the joint venture agreement are:
* Mining operations will commence no later than mid-November 2001 from Trans
Hex's first vessel
* Trans Hex's second vessel will commence mining no later than October 31, 2002
* Both Trans Hex supplied vessels will be modern airlift-type diamond-mining
vessels, with enhanced visualization technology, associated equipment and
processing plants
* Revenues and direct operating costs will be shared 60/40in favour of Diamond
Fields until Diamond Fields recovers all of its acquisition, exploration and
development costs up to a maximum of U.S.$8.5 million. Thereafter, revenues
and costs will be shared equally.
* Joint venture term is seven years
* Expected production from joint venture area (Marshall Fork and Diaz 12 zone)
is 675,000 carats (base case) and 1,350,000 carats (inclusive of sampling bias)
* Operating costs are expected to be low, resulting in excellent profitability
Francis J. Waldron, Diamond Fields' Chief Executive Officer, stated that
"Diamond Fields and Trans Hex express their sincere appreciation to the
Government of Namibia and the Minister of Mines and Energy for demonstrating
such positive support for the joint venture and for their approval. We can now
look forward to being in operation before year end."
ON BEHALF OF THE BOARD OF DIRECTORS OF
DIAMOND FIELDS INTERNATIONAL LTD.
Francis J. Waldron
Chairman and Chief Executive Officer
For further information contact: (604) 682-2113
Investor Relations: Don Halliday (604) 608-0826
Website - www.diamondfields.com
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
