Commencement of Drilling at Beravina and Agreement to Extend Timetable
Commencement of Drilling at Beravina and Agreement to Extend Timetable
Vancouver, B.C. (11 November 2019) – Diamond Fields Resources Inc. (TSX -V: DFR)
(“DFR” or the “Company”) is pleased to announce that it has been notified by TMH
Acquisition Co (“TMH”) that the planned drill program at the Company’s Beravina Zircon
Project in Madagascar (“Beravina”) has commenced. Two drill rigs are being deployed as
part of the exploration and development work to confirm known mineralisation and test
extensions.
As previously announced, an Environmental Impact Assessment (“EIA”) covering the drill
program has been secured from the Madagascan authorities. The EIA process inevitably
impacted the timing for completion of the exploration work beyond the originally envisaged
period of 7 months from 16 May 2019 (“the Evaluation Period”). The Company and TMH
have now agreed to extend the Evaluation Period, without financial penalty, until 31 May
2020. A further extension to the Evaluation Period for up to three months remains a vailable
to TMH, provided development expenses have been incurred by TMH in an amount that
equals or exceeds US$500,000 and TMH makes a cash payment of US$250,000.
Ends
DIAMOND FIELDS RESOURCES INC.
Sybrand van der Spuy, CEO and Director
Contact: +27 78 4558700
Michael Oke/Andy Mills: +44 20 7321 0000
Aura Financial LLP: www.aura-financial.com
Notes to Editors:
DFR is a TSX Venture Exchange listed exploration and mine development company with assets in
Madagascar and Namibia. In Madagascar, DFR is developing the Beravina Project in cooperation
with Denham Mining Fund LP. Beravina is an advanced high-grade hard rock zircon exploration
prospect located in the west of the country, approximately 220km east of the port of Maintirano and
near a state road. DFR acquired Beravina from Pala Investments and Austral Resources in 2016. In
Namibia, International Mining and Dredging Holdings (Pty) Limited is undertaking an initial six
month (non-continuous) offshore diamond mining program on DFR’s ML 111 licence area. The ML
111 concession has a ten-year mining licence, effective until 4 December 2025, and lies within
Luderitz Bay between Diaz Point in the south and Marshall Rocks in the north and at depths of 15 to
70 metres.
Website: www.diamondfields.com
The Company’s public documents may be accessed at www.sedar.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this release.
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 the Company’s periodic filings with
Canadian Securities Regulators. Such forward-looking information represents management’s best
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judgment based on information currently available. No forward-looking statement can be guaranteed
and actual future results may vary materially. The Company does not assume the obligation to update
any forward-looking statement, except as otherwise required by law.