COMPANY NEWS Diamond Fields Fights for Independent Board

Jean-Raymond Boulle, former president and the largest shareholder of DIAMOND FIELDS INTERNATIONAL (26.3%), has announced his intention to oppose the re-election of the incumbent directors at the company's annual meeting on Nov. 21. He has offered a slate including himself and four of his business associates as an alternative.

The current board strongly objects to the change. "Whatever Mr. Boulle's plans are," it stated in a Nov. 12 news release, "it is clear that his immediate objective is to seize effective control of the management of your company without paying you anything for the privilege." The release goes on at length to outline the reasons for supporting the current board of directors. In October, Diamond Fields offered a seat on the board to Mr. Boulle, but as of Nov. 12 he had not responded to the offer.

Diamond Fields is interested in mining (of course) diamonds from the seabed off the Namibian coast beginning in 2003. Its leases have probable and inferred resources of 372.27 hectares averaging 0.30 carats/m3. Worth noting: Diamond Fields is the company from which Inco bought control of the rich Voisey's Bay Ni-Co deposits in Labrador in the mid-1990s.

For more on Diamond Fields projects in Namibia go to www.diamondfields.com