Acquisition

Petra Diamonds Ld
29 July 2003





29th July 2003
               Petra Diamonds acquires Falcon Kimberlite Project


Petra Diamonds Limited ('Petra'), the AIM quoted mining group, has acquired a
diamondiferous kimberlite project on the Kaapvaal craton in South Africa, which
it has designated the Falcon Project.

It has applied for a prospecting permit for the property. MSA Projects (Pty)
Ltd, the independent mineral exploration organisation based in Johannesburg,
will begin an exploration and work programme on Petra's behalf once the
prospecting permit has been issued.

The kimberlite was discovered some years ago and is estimated to be at least 2
hectares in size. Shortly after its discovery, the kimberlite was intersected by
borehole drilling. Various analyses, including a micro diamond analysis carried
out on a kimberlite sample, indicate that the kimberlite is diamondiferous.  An
aerial photographic study of the surrounding area delineated a number of
additional targets. The study indicates the possibility of additional
undiscovered kimberlite bodies in the immediate vicinity of the known body.

Adonis Pouroulis, Chairman of Petra, comments, 'This acquisition broadens our
diamond base in South Africa and complements the Syerfontein kimberlite
exploration project, which is located nearby.'

Petra and MSA Projects have agreed a detailed work programme and budget. The
work programme includes collection of a mini-bulk sample by MSA Projects.



                                      Ends



For further information, please contact:


Justine Howarth / Cathy Malins
Parkgreen Communications
Tel: [phone]



Notes To Editors:


MSA Projects (Pty) Ltd

MSA Projects works to high technical and ethical standards and has subsequently
earned itself an excellent reputation in the South African mining industry.

MSA Projects is a member of SAIMM, AusIMM and the Society of Economic
Geologists.

Its reputation has led to close working relationships with key people in the
mining industry and in government.  These relationships are essential
prerequisites to working successfully in southern Africa.






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