Updated NI 43-101 Resource Estimate for Atlantis II Deposit to Include Manganese Values
SYMBOL: DFI
VANCOUVER, Nov. 1, 2011 /CNW/ - Diamond Fields International Ltd.
(DFI or the Company) is pleased to announce an update to the independent NI 43-101 compliant Technical Report on its Atlantis II deposit, to include manganese. The updated resource statement by ACA Howe International Limited estimates the deposit to contain approximately 80.9 million tonnes of sediment grading 2.69% manganese (tonnes and grade on a Dry Salt-Free basis) at the Inferred resource level, for a total of 2.18 million tonnes of manganese.The Company is currently examining the feasibility of recovering manganese by froth flotation as an additional metal credit to the base and precious metals contained within the deposit (26th July 2011 press release).
The Atlantis II basin containing the Atlantis II deposit is located in the Red Sea, approximately 115 kilometres west of the city of Jeddah. The Atlantis basin comprises four interlinked sub-basins which lie at depths of approximately 2,000 metres below sea level. Deep-tow seismic data from earlier exploration indicates that sediments in some parts of the Atlantis basin may reach in excess of 30 metres. On average only the top 8.5 metres of the deposits have been sampled by coring to date. The composition of the deeper sediments below 8.5 metres is currently unknown, but offers potential to host a further significant addition to the overall resource. On the basis of the data from core samples taken to date, the Company estimates that less than one quarter of the sediments by volume contained within the Atlantis II Deep have been sampled.
The updated NI43-101 resource estimate undertaken by ACA Howe will be published on SEDAR within the next 45 days.
The geological information in this press release has been reviewed by Mr. Ian Ransome (BSc. Hons.) Pr.Sci.Nat., who is a qualified person in terms of NI 43-101 regulations.
DIAMOND FIELDS INTERNATIONAL LTD.
SIGNED: Ian Ransome
Ian Ransome, Chief Executive Officer
Support for the historical geological data for this Release came from the Atlantis II Red Sea data and reports generated by Pressaug AG and from the following sources:
Blanc, and Anschutz, 1995. New stratification in the hydrothermal brine system of the Atlantis II Deep, Red Sea. Geology.1995; 23: 543-546
Guney M., Nawab Z., and Mahoun N.A., 1984: Atlantis II Deep's Metal Reserves and their Evaluation. OTC 4780, 16th Ann. Offshore Technology Conf. Texas.
Herzig P.M., Holroyd, R. Hardman, M. Osmaston, J. A. Karson, R. S. White and K. Rohr, 1999; Economic Potential of Sea-Floor Massive Sulphide Deposits: Ancient and Modern [and Discussion]. The Royal Society.
Herzig, P.M., Petersen S., and Hannington M.D., 2002: Polymetallic Massive Sulphide deposits at the Sea Floor and their Resource Potential. In Polymetallic Massive Sulphides and Cobalt-Rich Ferromanganese Crust: Status and Prospects. International Seabed Authority Tech. Rep. # 2.
Forward-Looking Statements:
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in Diamond Fields' periodic filings with Canadian Securities Regulators. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Diamond Fields does not assume the obligation to update any forward-looking statement.
Diamond Fields International Ltd.
CONTACT: Ian Ransome at 1-604-685-9911
Website: www.diamondfields.com