VANCOUVER, Nov. 11, 2019 /CNW/ - Diamond Fields Resources Inc. (TSX-V: DFR) ("DFR" or the "Company") is pleased to announce that it has been notified by TMH Acquisition Co ("TMH") that the planned drill program at the Company's Beravina Zircon Project in Madagascar ("Beravina") has commenced. Two drill rigs are being deployed as part of the exploration and development work to confirm known mineralisation and test extensions.
As previously announced, an Environmental Impact Assessment ("EIA") covering the drill program has been secured from the Madagascan authorities. The EIA process inevitably impacted the timing for completion of the exploration work beyond the originally envisaged period of 7 months from 16 May 2019 ("the Evaluation Period"). The Company and TMH have now agreed to extend the Evaluation Period, without financial penalty, until 31 May 2020. A further extension to the Evaluation Period for up to three months remains available to TMH, provided development expenses have been incurred by TMH in an amount that equals or exceeds US$500,000 and TMH makes a cash payment of US$250,000.
Notes to Editors:
DFR is a TSX Venture Exchange listed exploration and mine development company with assets in Madagascar and Namibia. In Madagascar, DFR is developing the Beravina Project in cooperation with Denham Mining Fund LP. Beravina is an advanced high-grade hard rock zircon exploration prospect located in the west of the country, approximately 220km east of the port of Maintirano and near a state road. DFR acquired Beravina from Pala Investments and Austral Resources in 2016. In Namibia, International Mining and Dredging Holdings (Pty) Limited is undertaking an initial six month (non-continuous) offshore diamond mining program on DFR's ML 111 licence area. The ML 111 concession has a ten-year mining licence, effective until 4 December 2025, and lies within Luderitz Bay between Diaz Point in the south and Marshall Rocks in the north and at depths of 15 to 70 metres.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Company's 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. The Company does not assume the obligation to update any forward-looking statement, except as otherwise required by law.