Diamond Fields International Ltd. ("DFI" or the "Company") is pleased to announce the completion of a preliminary study of the feasibility of resuming mining in 2014 on its Mining Lease ("ML") 111 situated off the coast of Namibia. The study was undertaken by Afri-Can Marine Minerals ("Afri-Can") pursuant to an agreement between DFI and Afri-Can (www.afri-can.com).
Under the agreement, Afri-Can has an option to acquire 90% of DFI's interests in its Namibian offshore projects. The DFI/Afri-Can agreement is valid to March 2015. Under it, Afri-Can is required to spend $800,000 on DFI's Namibian MLs before the first year anniversary, and an additional $2.5 million before the second year anniversary. Should Afri-Can spend the required sums, it will have the option to acquire 90% of DFI's interests. (See DFI's March 21, 2013 press release for particulars of the Agreement).
"The completion of the prefeasibility study by Afri-Can is the next positive step in DFI's goal of restarting marine mining on its Namibian concessions. We look forward to continued progress toward that goal," said Ian Ransome, DFI's CEO.
DFI also regrets to announce that Michael Cuthbert has informed the Board that he is resigning as Chairman and a director of the Company, effective immediately. Mr. Cuthbert was recently appointed to the Board of World Titanium Resources Ltd. (WTR:ASX), and is departing DFI to devote more time to his responsibilities on that and other boards and to his business interests. Commenting on Mr. Cuthbert's departure, Ian Ransome said, "The Board and the Company are indebted to Michael Cuthbert for the sage leadership he provided. It was during his watch that the Company acquired its offshore phosphate project and progressed on its Namibian marine concessions. He will be missed, and on behalf of the Company and the Board, I thank him and wish him well in his future endeavors."
DIAMOND FIELDS INTERNATIONAL LTD.
Ian Ransome, Chief Executive Officer
Source: http://www.diamondfields.com/