Diamond Fields Ends Marine Deal With Afri-Can Marine Mineral Corp
September 24, 14Diamond Fields will develop the properties independently, and is planning a resource development program with the aim of recommencing mining before the end of 2015. DFI expects the first marine survey work to commence in October 2014.
DFI President and CEO Ian Ransome said: "We have identified a number of potential resource targets on the concessions, which we now intend to fully explore. We are extremely excited about the future prospects for this project."
Diamond Fields last year signed a joint venture option agreement with Afri-Can Marine Minerals to further develop DFI's marine diamond leases in Namibia. Under the Agreement, Afri-Can and its local partner had the option to acquire a 90 percent interest in DFI's diamond Mining Leases numbered 111, 138, 139 and 32 located off the coast of Namibia in exchange for spending $3.3 million within two years on a program designed to place the properties back into commercial production. Mining Lease 111 hosts an historical resource of 950,000 carats of gem quality diamonds.