Diamond Fields Resources Closes Acquisition of Moydow Holdings Limited Subject to Final TSX-V Approval

Transformative acquisition of a portfolio of gold exploration and development projects in West Africa that positions DFR for future growth



Initial focus on Labola, a highly prospective gold exploration project in Burkina Faso with an Indicated Resource of 264Koz @ 1.52g/t and an Inferred Resource of 371Koz @ 1.67g/t[1]. New drill campaign already launched with results expected in Q3



Additional exposure to minority, joint venture interests in projects located in Mali (Kalaka - 40%) and Nigeria (up to 32.5%), providing multi-stage exploration prospects



Highly experienced management and Board with track record in discovering and developing gold projects in Africa



Strong shareholder base able to support DFR's ambitious growth plans with over $6M raised from existing shareholders as well as directors and officers since the announcement of the Moydow acquisition



Board changes to be effective following final approval of the TSX-V

VANCOUVER, BC / ACCESSWIRE / June 29, 2022 / Diamond Fields Resources Inc. (TSXV:DFR) ("DFR" or the "Company") is pleased to announce the closing of its acquisition of Moydow Holdings Limited ("Moydow") (the "Transaction") subject to final approval by the TSX Venture Exchange ("TSX-V").The Transaction received shareholder approval on June 9, 2022 and all closing conditions as set out in the Management Information Circular of April 29, 2022 have been satisfied. The Transaction was originally announced by DFR on August 25, 2021.DFR is now well positioned for future growth with an exciting portfolio of assets, a strong management team and Board as well as supportive shareholders.John McGloin, CEO of Diamond Fields Resources, stated: "The acquisition of Moydow is transformative for DFR, as it delivers a portfolio of attractive gold growth options in prospective regions at various stages of development. We are particularly excited by the highly prospective Labola gold project in Burkina Faso, where we have already identified many opportunities for resource expansion and launched a drill program that is expected to deliver results in the third quarter of 2022."I believe our strong management team, local presence on the ground and supportive shareholders means we have the necessary pieces in place to rapidly progress the portfolio of assets we have assembled and to create value for all stakeholders."