Diamond Fields extends Beravina Project discussions with TMH due to Covid-19 delay
Diamond Fields extends Beravina Project discussions with TMH due to Covid-19 delay
Vancouver, B.C. (June 1, 2021) – Diamond Fields Resources Inc . (TSX-V: DFR) (“DFR” or the
“Company”) announces that discussions are ongoing with TMH Acquisition Co (“TMH”) concerning the
advancement of its Beravina project pursuant to the agreement with TMH entered into on 16 May
2019 (the “Cooperation Agreement”). The Cooperation Agreement was previously extended, without
financial penalty, due to various delays in the implementation of the intended work program, which
were previously reported (see DFR Press Release 11 November 2019 and 29 May 2020). Continuing
uncertainty about the outlook for Covid-19 restrictions in Madagascar have been a complicating factor
and both parties are willing to conclude matters at the earliest opportunity. An announcement will be
made by the Company once these discussions are complete.
Ends
About Beravina
The Beravina Project is a hard rock zircon deposit with a NI 43-101 Inferred Mineral Resource estimate
of 1.5 million tons at 22.7% zircon (ZrSiO4) equivalent to 15.3% ZrO2 (see the NI 43-101 Technical
Report, with an effective date of 14 December 2018 and filed on the Company’s SEDAR profile on 29
January 2019) written by MSA Group (Pty) Ltd. (Michael S. Cronwright, Pr.Sci.Nat., FGSSA, John
Derbyshire, Pr.Eng., FSAIMM, Jeremy Witley, Pr.SCI.Nat., FGSSA and Andre van der Merwe, Pr.Sci.Nat.,
MAusIMM, FGSSA), each of whom is a “qualified person” for purposes of NI 43-101, and independent
of the Company as defined in NI 43-101. The Project, which covers 625 hectares, is located in Western
Madagascar. Results so far show that, utilizing industry standard beneficiation technologies, zircon
can be concentrated to levels of between 50% ZrO2 and 58% ZrO2 with varying levels of thorium
ingrained.
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, 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 atwww.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 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.
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