Diamond Fields Closes Non-Brokered $650,000 Financing

            Diamond Fields Closes Non-Brokered $650,000 Financing

PR Newswire

VANCOUVER, Jan. 7, 2013

VANCOUVER, Jan.  7,  2013 /PRNewswire/  -  Diamond Fields  International  Ltd. 
(DFI:TSX) ("DFI" or the "Company") is pleased to announce that on November 22,
2012 the  Toronto  Stock Exchange  ("TSX")  conditionally accepted  a  private 
placement by the  issuance of  convertible debentures in  the total  aggregate 
amount of $650,000 (the "Debentures") to  two insiders of the Company, one  of 
whom is the Company's controlling  shareholder (the "Insiders"). The  issuance 
of the  Debentures  was  subject to  receipt  of  "disinterested"  shareholder 
approval, which  was obtained  at the  Company's Annual  General Meeting  held 
December 20, 2012.

In accordance with the  provisions of Subscription  Agreements, on January  7, 
2013 the Company issued the Debentures, which are for a two year term maturing
January 7, 2015, with 8%  interest payable semi-annually. The Debentures  are 
convertible into a  total of 28,888,889  units (the "Units")  at a  conversion 
price of $0.0225 per Unit. Each Unit is comprised of one common share and one
share purchase warrant (the "Warrants"), each Warrant entitling the holder  to 
acquire one  additional  common share  (the  "Warrant Shares")  on  or  before 
January 7, 2015 at a price of $0.0315 per Warrant Share.

Any shares that may be issued on  conversion of the Debentures or on  exercise 
of the Warrants  will be subject  to a hold  period under applicable  Canadian 
securities laws expiring on May 8, 2013,  and will be subject to such  further 
restrictions on resale as may apply under applicable foreign securities laws.

Proceeds of  the  private placement  will  be applied  towards  advancing  the 
Company's exploration projects and for general working capital.

The Insiders, who  are accordingly related  parties under applicable  Canadian 
securities laws, may acquire up to  an additional 28,888,889 common shares  in 
the capital stock  of the Company  if they convert  the Debentures  (excluding 
Warrant Shares),  which will  increase  their pro  rata shareholdings  in  the 
Company (the "Related Party Transaction").  All of the independent  directors 
of the Company,  acting in good  faith, have determined  that the fair  market 
value of the securities being issued and the consideration paid is  reasonable 
and, as the value  of the Related  Party Transaction is less  than 25% of  the 
Company's market capitalization,  the transaction  is exempt  from the  formal 
valuation and  minority  shareholder  approval  requirements  of  Multilateral 
Instrument  61-101  Protection  of   Minority  Security  Holders  in   Special 
Transactions.

DIAMOND FIELDS INTERNATIONAL LTD.

SIGNED: Wayne Malouf

Wayne Malouf, Chairman and director

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.

SOURCE Diamond Fields International Ltd.

Contact:

contact Wayne Malouf at + 1 604 685 9911
Website:www.diamondfields.com
 
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