Diamond Fields Resources Inc. V.DFI

RE: RE: DFI very undervalued

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DFI or the Company) is pleased to announce that its joint venture partner, Manafa International Trade Company of Saudi Arabia (Manafa) has been granted an exclusive mining license for a period of 30 years, extending over the Atlantis II Deeps, one of the largest hydrothermal polymetallic deposits in the world, located within the Red Sea

 

 

Diamond Fields International Ltd. (DFI:TSX) ("DFI" or the "Company") is pleased to announce that following acquisition of the Atlantis II Red Sea license, it has reached a further agreement with David Heydon to advise regarding the Atlantis II project financing.   Having obtained what it believes to be the world's first deep sea metal mining license, the Company is moving forward with its Saudi joint venture partner, Manafa International, on project financing and development.

Mr. Heydon is an authority on marine mining and was formerly President and CEO of Nautilus Minerals Inc. (NUS:TSX). He led that company in raising more than $350 million in corporate financing, and introduced companies such as Anglo American Plc, Teck Resources Limited, Barrick Gold and Metalloinvest as shareholders. The new agreement with Mr. Heydon to advise on financing Atlantis II replaces the now terminated DeepSea Mining Agreement announced in DFI's press release of March 24, 2010.

Capitalizing on its expertise in commercial marine mining, the Company announced in October 2009 that it was expanding its marine mining division to include base metal and other mineral marine deposits around the world.      In June 2010, the Company announced that its joint venture partner, Manafa International had been granted a 30 year exclusive mining license to the Atlantis II Red Sea deposit. Located approximately 115 kilometers west Jeddah, Atlantis II is widely acknowledged as the largest known poly-metallic marine SEDEX deposit in the world. DFI has the data generated from that program and has been reviewing, digitizing and updating it. The Company has also inspected some of the more than 600 core samples taken during the program.