This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Diamond Fields Signs Joint Venture Option With Afri-Can Marine Minerals To Further Develop DFI's Namibian Diamond Leases


VANCOUVER, March 21, 2013 /PRNewswire/ - Diamond Fields International Ltd. (DFI:TSX) is pleased to announce that it has signed a joint venture option agreement with Afri-Can Marine Minerals Corporation ("Afri-Can") to further develop the DFI's marine diamond leases in Namibia (the "Agreement").  Under the Agreement, Afri-Can and its local partner have the option to acquire a 90% interest in DFI's diamond Mining Leases numbered 111, 138, 139 and 32 located off the coast of Namibia in exchange for spending $3.3 million within 2 years on a program designed to place the properties back into commercial production.  Mining Lease ("ML") 111 hosts an historical resource of 950,000 carats of gem quality diamonds.

To earn the interest, Afri-Can must spend at least $800,000 on the Mining Leases within one year of any required regulatory approval to the transaction (the "Approval Date"), and at least an additional $2.5 million within 2 years of the Approval Date (the "Option Period").  During the Option Period, Afri-Can will also be liable for all costs associated with maintaining the properties in good standing.  DFI will retain a 10% interest in the properties and, importantly, will retain the right to 10% of all diamond production, without any liability for the capital and development costs for a period of two years from the date the option has been exercised by Afri-Can.

Ian Ransome CEO and President of Diamond Fields, stated that, "The Afri-Can agreement is a positive step forward in restructuring of the Company.  It further develops the Namibian concessions and allows DFI to focus its resources on advancing other components of its marine portfolio.  The agreement provides the Company with a realistic opportunity to generate a dependable revenue stream without significant further cash investment."

Pierre Léveillé, President and CEO of Afri-Can, stated that, "We are very pleased with this agreement. The DFI portfolio of Mining Leases complements EPL 3403 and offers very good development potential. It will enable us to get a resource base and then start production. We feel that we are sitting on a strong project in a very solid industry."

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,812.19 +19.51 0.11%
S&P 500 2,089.14 +2.55 0.12%
NASDAQ 5,102.8080 +0.33 0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs