Petra Diamonds - Interim Results - Revenues rise 450%

Interim Results for the Six Months to 31 December 2005 (unaudited)

Highlights to 15 March 2006

• Group - expansion of operations on track in Angola, Botswana, Sierra Leone, and South Africa; base set for significant exploration developments and production upside in next six months

. Angola - kimberlitic occurrences at Alto Cuilo increased to approximately 1,323 hectares in estimated surface area (31 January 2006: 1,080); 33 kimberlitic occurrences (31 January 2006: 26) now confirmed by drilling; third core drill rig ordered to expedite drilling of the substantial number of anomalies; 350 alluvial pits (31 January 2006: 245) now completed

. Botswana - focus placed on the Gope area where there are diamondiferous kimberlites within Petra's licence areas; Falcon results for the Gope West flyblock identify 18 anomalies in the A block; 700km^2 low-level Xcalibur horizontal gradient magnetic survey in the immediate vicinity of the Gope kimberlites results in the selection of a further 24 target anomalies

• Sierra Leone - Kono project on track for first production from the Lion fissures by June 2006; Petra has earned a 51% interest in the Kono joint venture following expenditure of US$3 million on the Kono project

• South Africa - production growth target met of 167,000 carats for the twelve month period to 31 December 2005; on track for production of 200,000 carats for FY 2005/6 (FY 2004/5 actual: 143,673 carats); 76 carat (sold for US$465,000) and 67 carat diamonds recovered

Adonis Pouroulis, Chairman, said;

"Petra has established operations in some of the most prospective regions for diamond exploration across Africa. As production increases at our mines in South Africa, so too will our revenue streams, whilst we progress our exciting exploration projects and commence production in Sierra Leone. The next six months will provide a steady stream of news as we work to further realise the true value of our assets and we believe there is significant potential upside for the Company."

Summary of Results (unaudited)

6 months to 6 months to 6 months to

31 December 2005 30 June 2005 31 December 2004

Revenue * lb5.5m lb1.2m -

Production (carats) 88,640 78,530 65,143

Loss before depreciation, amortisation

and foreign exchange movements lb0.9m lb2.1m lb3.4m

Loss for the period lb1.1m lb7.2m lb4.3

Loss per share 0.79 pence 9.07 pence 6.28 pence

Cash at bank (period end) lb7.1m lb15.4m lb0.5m

* The results from the Crown South African production operations are included from June 2005 as the acquisition of Crown Diamonds was effective 1 June 2005.

For further information, please contact:

Petra Diamonds, South Africa Adonis Pouroulis//David Abery Tel +27 11 467 6710 John Baillie, Perth Tel +61 8 9381 8888

Parkgreen Communications, London Justine Howarth / Cathy Malins Tel +44 20 7493 3713 Field PR, Adelaide Kevin Skinner Tel +61 8 8234 9555, Mobile +61 414 822 631

_______________________________________________________

Cathy Malins

Account Manager

Parkgreen Communications

1^st Floor, Ireland House, 150 New Bond Street, London, W1S 2AQ

t: +44 20 7493 3713 f: +44 20 7491 3936 m: +44 7876 796 629

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