VANCOUVER, Nov. 29 /PRNewswire-FirstCall/ - Diamond Fields International
Ltd. (DFI:TSX) is pleased to announce preliminary results from exploration on
its properties in Greenland during the 2004 season. On the east coast 63,737
hectare Ammassalik project, field work included a 2000 line km airborne mag-EM
survey completed in July, geological mapping and collection of 390 rock
samples. High grade scree boulder and outcrop grab samples ranging from 0.5%
to greater than 1% nickel (Ni) were collected in the southern part of the
property within a 1.5 km radius of the initial discovery showing. In addition,
a new area of extended nickel mineralization ranging from 0.1% Ni to greater
than 1% Ni over a 3.5 km strike length in scree boulders and outcrop has been
defined in the south eastern part of Diamond Fields' ground.
    The Company is conducting an in depth analysis of the Ammassalik project
geochemical results in conjunction with the airborne survey to define
coincident anomalies and to outline 'look alike' geophysical targets in areas
not yet sampled. Nassutooq results will be compiled on the recent geological
mapping of the area in an attempt to constrain further work to the most
prospective horizons. A final interpretation of the summer's exploration
results is expected in late January 2005.
    On the west coast exploration on the 84,600 hectare Nassuttooq Property
delineated a 5km long zone of alteration within mafic volcanic rocks and
discovered several outcroppings of massive sulphides. Analytical results
include nickel in the range of 0.1% Ni to 0.3% Ni, and copper (Cu) in
concentrations from 0.1% Cu to 0.4% Cu (not coincident) in samples from
outcrop and scree boulders within the alteration envelope.
    Diamond Fields's east and west coast Greenland properties cover
supracrustal rocks including mafic volcanics and komatiites of the
Nagssugtoqidian Orogen believed to represent the eastward extension of the
Trans Hudson Orogen, setting of the komatiite hosted Thompson Nickel deposits
in Manitoba.
    Crushing and geochemical analysis of the rock samples was carried out by
ALS Chemex Ltd., Mississauga, Ontario, Canada (http://www.alschemex.com). All samples
were processed using ICP methods. Mr. Randal Cullen, P.Geol, Chief Geologist
for Diamond Fields International Ltd., is a Qualified Person as defined by
National Instrument 43-101 and is responsible for program design and quality
control of exploration undertaken by Diamond Fields.
    With respect to Diamond Fields Namibian marine diamond concessions, the
Company's plans to refurbish the mv DF Discoverer and resume mining are on
schedule for March 2005 which will give Diamond Fields 100% of diamonds mined.
The Company is also considering the possibility of recommencing mining prior
to this date with a contract vessel, but it is no longer continuing further
joint venture discussions which would give up a portion of Diamond Fields'
diamonds.
    In West Africa, Diamond Fields is evaluating the possibility of
developing an alluvial diamond mining operation on its Rainbow license on the
Mano River, Sierra Leone where recovery of high value colored diamonds has
been reported from local artisinal mining. The operation being considered
would be based on pumping gravel from the river bed to a barge mounted diamond
recovery plant, similar to operations currently underway in Angola. Also in
Sierra Leone, after undertaking reconnaissance level stream sediment sampling
for diamond indicator minerals the Company has decided to relinquish its
rights to further tenure over the Foindu, Nomo and Kambia West properties to
focus its resources on the more promising Rainbow license. The Company has
shifted its kimberlite search to the Liberian portion of the Guinea craton
where several kimberlite pipes have been discovered on a property adjacent to
Diamond Fields' Ducor Joint Venture ground.
    Diamond Fields International Ltd. is an operating marine diamond producer
with a superior portfolio of mineral exploration properties in several areas
of the world. Diamond Fields' corporate strategy is to maximize cash flow from
its Namibian marine diamond concessions and systematically explore and develop
its international mineral exploration projects. In addition, the Company
continues to explore opportunities to acquire new economic mineral projects
worldwide.

    DIAMOND FIELDS INTERNATIONAL LTD.

    "Gregg J. Sedun"

    Gregg J. Sedun, President and Chief Executive Officer

    For further information contact: Investor Relations (1-888-682-2113)
extension 257
    Website: http://www.diamondfields.com

    All dollar values are stated in U.S. currency unless otherwise specified.

    Forward-Looking Statements:
    Statements in this release that are forward-looking statements are
subject to various risks and uncertainties concerning the specific factors
identified in Diamond Fields' period filings with Canadian Securities
Regulators. Such forward-looking information represents managements' best
judgment based on information currently available. No forward-looking
statement can be guaranteed and actual future results may vary materially.
Diamond Fields does not assume the obligation to update any forward-looking
statement.

Link to this page: