Canada-based Diamond Fields International Ltd. reported revenue $5.4 million (in U.S. dollars) for the year ending June 30, 2005. Operating costs, excluding repair and maintenance for the company’s undersea diamond mining ship, totaled $2.5 million, generating a gross margin of $2.9 million. After vessel repair and maintenance, general, administrative and other income and expenses, the company reported a net loss for the year of $3.8 million.

From July to October 2004, diamond mining at the Luderitz, Namibia offshore diamond concession produced 31,910 carats, of which Diamond Fields’ 50 percent share was 15,954 carats. The project is a joint venture with Samicor.

Diamond Fields resumed mining operations in June 2005 with its own mining vessel, the mv DF Discoverer, which it acquired in late 2004. As of the end of September, 6,365 carats had been recovered by the mv Discoverer and three parcels of rough diamonds totaling 4,948 carats had been sold at an average price of $194 per carat, for gross sale proceeds of $961,000. Diamond Fields said it anticipates improved diamond recoveries.

In Liberia, Diamond Fields did further sampling and analytical work on the initial reconnaissance surveys on the Grand Gedeh (gold) and Grand Cape (diamonds/gold) properties. The Grand Cape property has long hosted artisanal miners recovering diamonds, the company said, adding that the area is adjacent to recent kimberlite discoveries on a concession held by another mining company. Diamond Fields said that its results in the Camp Alpha area have shown high levels of kimberlite indicator minerals. The company plans to continue sampling and further define the prospect with a geophysics program this fall, followed by drilling.

Diamond Fields shares are traded on the Toronto Stock Exchange, and the company said it is trying to get its shares listed on the London Stock Exchanges Alternative Investment Market (AIM) as well.