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DIAMOND FIELDS RESOURCES INC. -- UPDATE

 VANCOUVER, British Columbia, Sept. 21 /PRNewswire/ -- Jean-Raymond Boulle, chairman of Diamond Fields Resources (Vancouver: DFR) (the company), announces that further to the company's news release of Aug. 23, 1993, the company is proceeding with its $5.0 million brokered private placement by the sale of 1,470,000 special warrants at $3.40 per special warrant. Each special warrant will be convertible into one common share of the company upon acceptance of a prospectus by the regulatory authorities. LB Mining Co. has agreed to subscribe for a total of $2.6 million of the $5.0 million Cdn. private placement at $3.40 per special warrant. Of this $2.6 million, $1.4 million will be available to the company on closing of the private placemnt with the balance of $1.2 million to be held in trust pending approval of the Vancouver Stock Exchange to the company's acquisition of LB Mining's Venezuelan properties. The company intends to complete the balance of the $5.0 million private placement through First Marathon Securities and Yorkton Securities Inc.
 Boulle also advises that the company has completed the acquisition of its interests in three sets of property leases located in Arkansas, as well as its interest in certain leases in Minnesota. In addition, the company has completed the acquisition of all of the issued and outstanding shares of The Diamond Mining Company of America, which owns an interest in the Crater of Diamonds project, as set out in the company's news release dated April 5, 1993. The company has issued 200,000 shares for each of the five acquisitions for a total of 1,000,000 common shares to the vendors of such interests. The 1,000,000 shares are being held in pool pursuant to a pooling agreement dated Feb. 23, 1993, bringing the total number of shares in pool to 7,499,994.
 Boulle is pleased to announce that Richard H.T. Garnett has joined the company as vice president, Namibian Operations. Garnett is a renowned consultant on ocean mining and the diamond industry. He is a graduate of the Royal School of Mines and holds a Ph.D. in Economic Geology and an MBA in Business Administration. Garnett was formerly employed in a senior capacity by both Anglo American Corp. and Minorco and brings to the company worldwide experience in underwater and alluvial gold and diamond mining. The company also announces that there has been a change in the officers of the company. Michael McMurrough has resigned as Secretary of the company and has been appointed as vice- president, Operations, North America. Beverly Downing has been appointed secretary of the company to replace McMurrough.
 The board of directors of the company has granted, subject to regulatory approval, stock options to employees and directors for an aggregate of 395,000 common shares exerciseable at $3.22 per share for a five-year term.
 Boulle advises that the Company has commenced discussions with a mining company regarding the possibility of a joint venture to explore and develop one of its diamond properties and that First Marathon Securities has been appointed as financial advisor in this connection.
 The Common shares of Diamond Fields Resources Inc. trade on the Vancouver Stock Exchange (symbol: DFR).
 -0- 9/21/93
 /CONTACT: Beverly Downing or Viriginia Chan, 604-688-7166/
 (DFR.)


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

MF-EH -- LA033 -- 4348 09/21/93 16:34 EDT
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Publication:PR Newswire
Date:Sep 21, 1993
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