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DIAMOND FIELDS OPTIONS TWO PRODUCING KIMBERLITE DIAMOND MINES IN SOUTH AFRICA

 VANCOUVER, British Columbia, Nov. 22 /PRNewswire/ -- Mr. Jean- Raymond Boulle, President of Diamond Fields Resources Inc., announced that the company has signed an option agreement which will allow it to become the first Canadian company to acquire South African mining industry assets since the approval of the new South African Constitution and the recent U.S. and Canadian removal of economic sanctions.
 The option agreement gives the company the right to acquire a 66.67 percent controlling interest in two producing Kimberlite diamond pipes in the famous Kimberley region of South Africa. Both mines have a long history of profitable production under separate private ownerships. Diamond Fields intends to consolidate the current management and operations of the mines and to expand production via a three stage, three year expansion program.
 Prior to entering into the option agreements the company conducted its own due diligence investigations and site visits. The company has also received reports from Kimberley based senior experts retired from the DeBeers organization which confirm that production can be very substantially increased by upgrading the existing mining facilities and equipment. In addition, the company has contracted with Watts, Griffis & McOuat of Toronto to supply technical and due diligence reports to the company. The company has 24 days to complete its due diligence.
 Geologic opinions received by the Company indicate that the mines have sufficient tonnage to produce for 20 to 40 years at expanded rates of production as they are currently being mined to only 150 meters of depth, while other producing kimberlites in the district are mined to the 1,000 meter level.
 Diamond Fields' production from these mines will complement future production from the Company's Luderitz, Namibia sea diamond concession which is currently undergoing a pre-development sea-floor survey and on which the company is in joint venture discussions with a major mining company.
 Details of the transaction and further information on the assets to be acquired will be released upon the conclusion of due diligence.
 ON BEHALF OF THE BOARD
 DIAMOND FIELDS RESOURCES INC.
 Per: "Jean-Raymond Boulle"
 The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
 -0- 11/22/93
 /CONTACT: Jean-Raymond Boulle, president of Diamond Fields Resources, 604-688-7166/


CO: Diamond Fields Resources Inc. ST: British Columbia IN: MNG SU: PDT

MP -- NY028 -- 6729 11/22/93 10:00 EST
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Publication:PR Newswire
Date:Nov 22, 1993
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