Interim Results

Petra Diamonds Ld
28 March 2002



Interim Announcement

During the six-month period to December 31st 2001, Petra embarked on strategic
developments designed to build a revenue stream in the short-term. Inter alia;

•     Subsequent to the interim period it has entered into an agreement to
conduct a scoping study which it is anticipated will lead to a mining contract
to exploit two or more platinum deposits in South Africa.  Further particulars
are due to be announced shortly.

•     It raised money through a private placing to a leading Antwerp-based
diamontaire Finkelstein Ch. & Cie.  A significant feature of the Finkelstein
investment is an agreement by Finkelstein to fund the proposed bid for a
strategic equity interest in the Alexkor Diamond Mine.  Petra has positioned
itself to make a bid for the mine and the government of the Republic of South
Africa proposes to sell up to 51% of the equity before 31st December this year.

•     The final report and recommendation by Snowden Mining Industry Consultants
on the Value Add attributed to the Alexkor mine during the two-year period of
Nabera Mining (Pty) Ltd's Management Contract (in which company Petra owns
29.5%) is due at the end of May.  Petra and its partners have a positive view of
the Value Add process.  The interim figures that have been reported upon and the
figures for the last financial year reflect no contribution from any payment
that may take place in the future.

•      The company strengthened management significantly with the recruitment of
two new full time executives: Benjamin Trisk, who has been appointed to the
Board; and David Gadd-Claxton who is the Chief Operations Officer.


•     The company's Angolan strategy is being revisited in the light of
significant positive developments in that country and senior executives will
visit Luanda in April / May with a view to determining the way forward.  A
resumption of activities may be closer than was anticipated only three months
ago.



For the period under review the operating loss was £297,000 against £442,000 in
the previous corresponding period.  A reduction in the forex component of the
inter company transactions accounted for the improvement.  The overall result
for the period under review was a significant reduction of the loss per ordinary
share and, while management still anticipates a loss for the financial year to
June, it is confident that the next financial year will reflect a positive
contribution for ordinary shareholders interest and it has budgeted accordingly.



Benjamin Trisk (Director)

Dated 28 March 2002

                             PETRA DIAMONDS LIMITED

UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE SIX MONTH PERIOD ENDED 31
                                 DECEMBER 2001
                                                                 Unaudited figures      Unaudited figures
                                                                  1 July 2001 - 31          1 July 2000 -
                                                                     December 2001       31 December 2000
                                                                                 £                      £
Turnover                                                                         0                  3,310

Cost of mining operations                                                  (2,377)               (16,843)

Gross loss                                                                 (2,377)               (13,533)

Foreign exchange gains/(losses)                                            (4,327)              (190,788)

Other operating income and charges                                       (289,906)              (237,752)

Operating loss                                                           (296,610)              (442,073)

Share of operating profit/(loss) of associate                                (638)                (3,991)

Finance costs                                                             (24,911)               (11,829)


Loss on ordinary activities before and after taxation for the            (322,159)              (457,893)
financial period

Loss per Ordinary Share                                                    (0.72p)                (1.91p)







UNAUDITED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE SIX MONTH
PERIOD ENDED 31 DECEMBER 2001
                                                                 Unaudited figures      Unaudited figures
                                                                     1 July 2001 -          1 July 2000 -
                                                                  31 December 2001       31 December 2000
                                                                                 £                      £

Retained loss for the six month period                                   (322,159)              (457,893)

Exchange adjustments on translation of subsidiary undertakings            (34,575)                 67,985

Total recognised gains and losses                                        (356,734)              (389,908)





                                  PETRA DIAMONDS LIMITED

                         UNAUDITED CONSOLIDATED BALANCE SHEET
                                   AT 31 DECEMBER 2001

                                            Unaudited           Unaudited
                                             figures              figures            
                                       1 December 2001   31 December 2000
                       
                                                    £                   £

Capital and Reserves

Called up share capital                      4,488,562           3,882,356

Share premium account                       12,170,579          10,968,965

Other reserves

Foreign Exchange Translation Reserve           465,085            (344,420)

Profit and loss account                   (12,557,511)          (9,776,524)

Minority interest                                2,211               2,223

                                             4,568,926           4,732,600

Fixed Assets

Intangible assets                            3,756,932           5,268,143

Tangible assets                                136,527              52,882

Investments in associated companies             26,903               9,444

                                             3,920,362           5,330,469


Current assets

Stock                                                -                 229

Debtors                                        458,988             274,819

Cash and cash equivalents                      773,131              24,038

                                             1,232,119             299,086


Creditors:  Amount falling due
within one year                              (583,555)            (896,955)


Net Current Assets/(liabilities)              648,564             (597,869)

Total assets less current
liabilities                                 4,568,926            4,732,600



Notes to the Interim Financial Statements for the six months ended 31 December 
2001


1.    The unaudited interim financial statements for the six months ended 
31 December 2001 do not constitute statutory accounts within the meaning of 
section 240 of the Companies Act 1985.

They have been drawn up using accounting policies and presentation consistent 
with those applied in the audited accounts for the year ended 30 June 2001

2.    No dividends were proposed or paid during the period.



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