Mr. Ian Ransome reports
DIAMOND FIELDS INTERNATIONAL LTD. - RED SEA PROJECT UPDATE
Diamond Fields International Ltd., following the acquisition of the Atlantis II Red Sea licence, 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 licence, 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 chief executive officer of Nautilus Minerals Inc. 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 deep sea mining agreement announced in DFI's Stockwatch 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 licence to the Atlantis II Red Sea deposit. Located approximately 115 kilometres west of Jeddah, Atlantis II is widely acknowledged as the largest known polymetallic marine sedex (sedimentary exhalative) deposit in the world. DFI has the data generated from that program and has been reviewing, digitizing and updating the data. The company has also inspected some of the more-than-600 core samples taken during the program.
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