Diamond Fields International Ltd.

Diamond Fields International Ltd.

January 30, 2014 14:04 ET

Diamond Fields in Dispute with Red Sea Joint Venture Partner

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 30, 2014) - Diamond Fields International Ltd. (TSX VENTURE:DFI) ("DFI" or the "Company") announces that it has invoked binding arbitration to resolve a dispute with its Red Sea Joint Venture Partner, Manafa International Commerce Company of Saudi Arabia ("Manafa") over Manafa's compliance with its obligations under the Joint Venture Agreement (refer to DFI News Release dated June 4, 2010).

Manafa has purportedly cancelled the Agreement alleging failure by DFI to perform. DFI has responded that it has performed and that Manafa has failed to meet its obligations to DFI and the Joint Venture under the Agreement. DFI has invoked binding arbitration pursuant to the Agreement. Arbitration is to be pursuant to the rules of arbitration of the International Centre for Dispute Resolution ("ICDR") before a single arbitrator. DFI has, however, informed Manafa that it is prepared to attempt to resolve the dispute amicably without the need for binding arbitration.


Ian Ransome, Chief Executive Officer

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, except as otherwise required by law.

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.

Contact Information

  • Diamond Fields International Ltd.
    Ian Ransome
    + 1 604 685 9911

    Diamond Fields International Ltd.
    Earl Young
    + 1 604 685 9911
    + 1 604 718 2808 (FAX)