Exploration Update

Petra Diamonds Ld
14 March 2006

                             Petra Diamonds Limited



                    Exploration Update - Angola and Botswana





Petra Diamonds Limited ('Petra' or 'the Company'), the AIM-quoted and ASX-listed
diamond mining group, announces  important updates with regards to the Alto
Cuilo project in north-eastern Angola and the exploration programme in Botswana.



Alto Cuilo - Angola



Since the Company's last update on 31 January 2006, ongoing drilling of the
anomalies identified by the Midas low level helicopter aeromagnetic survey has
now resulted in the identification of a further 7 kimberlitic occurrences with
an estimated surface area of approximately 243 hectares. This takes the total to
33 kimberlitic occurrences with an estimated surface area of approximately 1,323
hectares, a significant increase over the results reported by the Company on 31
January 2006.



The estimated surface area of the kimberlitic occurrences is based on the
interpretation of the magnetic anomalies identified together with analysis of
drilling results.



A third core drill rig has now been ordered to assist in expediting the drilling
of the substantial number of anomalies and is expected to arrive on site by June
2006. The large diameter drill rig and 10 tonne per hour sample plant remain on
track for delivery in June 2006.





Kalahari Diamonds - Botswana



The Company's exploration activities are focused on the discovery of larger
kimberlites (categorised by Petra as kimberlites with a surface area in excess
of 25 hectares) primarily by the use of the Falcon gravity technology. However,
the discovery of smaller diamondiferous kimberlites is also a priority for the
Company and there have been some important developments in that regard.



In searching for kimberlites of less than 25 hectares in size, emphasis has been
placed on the Gope area where Sekaka Diamonds Limited ('Sekaka', a subsidiary of
Petra) holds prospecting licences covering ground that is known to host several
diamondiferous kimberlites. The Falcon results for the Gope West flyblock have
now been received with 18 anomalies so far identified for follow-up in the A
block (the one third of the flyblock closest to Gope). The sources of these
anomalies are estimated to have the potential to be 200 metres to 600 metres in
diameter.



The Company has also flown a 700km(2) low-level Xcalibur horizontal gradient
magnetic survey to cover Sekaka's prospecting licences in the immediate environs
of the Gope kimberlites. By utilising the signature of the response generated by
known kimberlites on Sekaka's ground (Gope 130, 137, 194 and 504), a further
twenty four target anomalies have been selected. These results are exciting as
the target sources are estimated to have the potential to be 200 metres to 400
metres in diameter and ground investigation of these anomalies is underway.





 Ends



Notes

1. The information in this update that relates to Exploration Results, Mineral
Resources or Ore Reserves is based on information compiled by Jim Davidson who
is a Member of the Geological Society of South Africa, a 'Recognised Overseas
Professional Organisation' ('ROPO'), included in a list promulgated by the ASX
from time to time. Jim Davidson is a full-time employee of the Company and has
sufficient experience which is relevant to the style of mineralisation and type
of deposit under consideration and to the activity which he is undertaking to
qualify as a Competent Person as defined in the 2004 Edition of the '
Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves'. Jim Davidson has given his written consent to the inclusion in
the report of the matters based on his information in the form and context in
which it appears.



2. It should be noted that the potential quantity in this report is conceptual
in nature, there has been insufficient exploration to define a Mineral Resource
and it is uncertain if further exploration will result in the determination of a
Mineral Resource.





For further information, please contact:


Petra Diamonds, South Africa             Parkgreen Communications, London

Johan Dippenaar/David Abery              Justine Howarth / Annabel Leather

Tel [phone]                      Tel [phone]



John Baillie, Perth                      Field PR, Adelaide

Tel [phone]                      Kevin Skinner

                                         Tel [phone], Mobile [phone]








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