Diamond Fields Expands Sea Mining,
Eyes AIM Listing
By Jeff Miller
(Rapaport...October 11, 2005) With revenue of $5.3 million minus operating costs and sea
diamond vessel repairs, Diamond Fields International Ltd closed its 2005 fiscal year with a net
loss of about $3.8 million.
Shortly after its fiscal 2006 year began on July 1, 2005, Diamond Fields' sea vessel resumed
operations and by end of September had recovered 6,365 carats. Three parcels of rough (4,948
carats) were sold for $961,000.
The sea vessel, mv Discoverer, has experienced downtime and onboard equipment issues, but
Diamond Fields anticipates improved diamond recoveries long-term, according to the company.
Company executives intend to increase future diamond production by improving the ship's
systems and pursuing the deployment of the new Sea Diamond Miner (SDM) technology, as
well as undertaking sampling to identify additional areas of high-grade resource off the
Diamond Fields has also advanced its exploration project in Greenland by concluding two option
agreements with Inco Ltd., on the Ammasalik Island nickel properties. Inco recently completed
the summer season's drilling program on the properties.
In Liberia, further sampling and analytical work followed up on the initial reconnaissance
surveys on the Grand Gedeh (gold) and Grand Cape (diamonds/gold) properties. The Grand
Gedeh concession in central Liberia has yielded promising gold results from grid soil sampling
over the Bar Tea Jam artisanal workings, which measures about 5 km in strike length. The next
sampling program will be extended to cover the entire area of artisanal mining, followed by
drilling of identified targets.
On the Grand Cape property, which has long hosted artisanal miners recovering diamonds, is
adjacent to recent kimberlite discoveries on a concession held by another mining company.
Results in the Camp Alpha area have shown high levels of kimberlite indicator mine