January 23, 2003

News Release: Diamond Fields mines approximately 4,700 carats of 95% gem quality diamonds at its 100% owned Luderitz Concession - Grades exceed expectations

Mr. Jean-Raymond Boulle, Chairman and CEO of Diamond Fields International (TSX-DFI), is pleased to announce that diamond production from Mining License ML111 offshore Luderitz, Namibia has exceeded expectations.

Results to date from the mining programme utilizing the contract vessel m.v. Anya are extremely positive with approximately 4,700 carats of gem quality diamonds recovered to date.

DFI's Director of Operations Roger Daniel, stated: "We are delighted with the results to date. The additional capacity and power of the 24-inch airlifts with pebble jetting certainly offers significant improvement over the single 20-inch airlift system previously employed. We are generating highly profitable production from this and creating a positive cash flow." Additionally, DFI's Chief Geologist, Randal Cullen reported: "Recovered grades by the m.v. Anya to date have exceeded those determined by independent experts MRDI in their 2001 feasibility study, by more than 250%. Recoveries have also exceeded their predicted tool bias of 230% of estimated grades."

"Re-mining by the m.v. Anya in an area previously mined by the Trans Hex joint venture achieved a recovery of 0.5 carats per square meter, a highly mineable grade. We intend to further test recoveries from the previously mined area in parallel to the current mining programme."

These exciting results indicate that an upward revision of the resource estimate for the Marshall Fork feature may be justified and the Company will consider conducting an independent reassessment of the resource over the course of the next few weeks.

DIAMOND FIELDS INTERNATIONAL LTD.

Jean-Raymond Boulle
Chairman and 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 the 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.

For further information: Earl Young, (214) 219-1439; or H.D. Lee,
(604) 682-2113; Website - www.diamondfields.com

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