Lifting of Suspension

Petra Diamonds Ld
8 June 2001



                        PETRA TO RESUME TRADING TODAY


                            Petra Diamonds Limited

                           Restructuring Programme



                                  Highlights



               *     Trading in Petra ordinaries will recommence today;

         *     Has completed raising funds through a private placement to new
                and existing institutional investors at 50p per share;

          *     A US$5 million loan facility has been obtained from Minerva
                             Mining Corporation Limited;

              *     Acquisition of producing assets has been earmarked;

           *     Preparations underway for the bid for the privatization of
                      Alexander Bay Mining (Pty) Ltd (Alexkor);

                      *     Petra to become a UK domiciled Plc;

        *     Petra board to be restructured with a separation of the roles of
                            Chief Executive and Chairman;






Petra Diamonds Limited (Petra) is pleased to announce that it will recommence
trading in its ordinary shares on the Alternative Investment Market (AIM) of
the London Stock Exchange today.


Following the cancellation of the proposed merger between Petra and Oryx
Natural Resources, Petra's ordinary shares remained suspended whilst the
company restructured. The restructuring programme has been successful.


Petra's resumption of trading takes place at a time of significant development
for the company. These developments coincide with dramatic changes in the
diamond industry exemplified by the decision of De Beers to become a private
company after more than a 100 years of trading in its shares. Petra is well
positioned to maximize its opportunities at this time of unprecedented
fluidity in the diamond market.


Management has actively sought to make changes to the company's asset base to
reflect these opportunities and it is now in the process of aggressively
moving the business from being exploration focused to one in which there will
be solid earnings from diamond producing assets (as commented on below). In
order to do this Petra has engaged in a number of transactions that bring
significant benefits to the company and its shareholders. It has inter alia


  * Completed a private placing of 1,280,000 new ordinary shares at 50p per
    share to raise a total of £640,000. Application will be made for these
    shares to be admitted to trading on the Alternative Investment Market and
    trading in these new shares is expected to commence by Monday 18 June
    2001.


  * Petra has also agreed in principle to capitalise certain loans,
    including loans made to the company by the family interests of the
    Chairman, Adonis Pouroulis. These loans were principally for working
    capital purposes and amount to circa £300,000. Accordingly, these loans
    will now be capitalised by the issue of further ordinary shares at 50p per
    share.


  * Entered into a loan agreement with Minerva Mining Corporation Limited
    ('Minerva') representing a number of diamond dealers in New York and
    Europe. The loan agreement has a number of features:


                o     It provides a facility of up to US$5 million for the
                purchase of producing diamond assets;


                o     It is interest free;


                o     It has a five and a half year term which may be
                extended;


                o     Minerva has a lien against all diamond production from
                assets acquired with the Loan;


                o     At Minerva's discretion the principal amount of the loan
                can be converted into Petra shares at a conversion price equal
                to the lower of


                        -     The average of the preceding three month high
                        and low; or


                        -     The middle market price on the date of
                        conversion less ten percent;


                o     Conversion will be automatic in the event that Petra (or
                a Petra associated company), through a bid consortium, is
                awarded the tender to acquire all or part of the Alexander Bay
                Mining Corporation (Pty) Ltd (Alexkor) asset that is scheduled
                to be privatized by the Government of South Africa before the
                end of this year (see below);


        *     Shareholders will be aware that Petra led the consortium that
        won the two-year management contract for Alexkor. Alexkor is the
        second largest producer by carats in South Africa after the De Beers
        group and it mines some 150,000 carats of high quality diamonds per
        annum;


                o     At the time that Petra and its consortium partners won
                the management contract, Alexkor was in a parlous state. The
                company had run up enormous losses, vital exploration and
                development work had been left undone, security was poor and
                morale was low. Alexkor has now been restored to profitability
                and new reserves both on land and marine have been proven.
                Petra has led the management team that has achieved these
                outstanding results. The management contract has now come to
                an end and the mine is ready for privitisation.


                o     In line with the contract and the South African
                Government's undertakings, the mine is part of the
                government's privatization programme and tenders for the
                purchase of all or a significant part of the equity are due
                very shortly. Petra, with its consortium partners, intends to
                bid for the Alexkor assets. To do so Petra:


                        -     Has been working with its present Black
                        Economic Empowerment partners to strengthen the
                        credentials of the bid still further and a significant
                        announcement in this regard is expected shortly;


                        -     Has entered into negotiations for the
                        financing of the acquisition.


        *     The Alexkor management contract provided that the management
        consortium led by Petra, would, on completion of the contract earn a
        third of the increased value that it had added to the value of Alexkor
        over the period of the contract. Petra anticipates that its share of
        the earned added value will be significant for Petra's shareholders,
        and a further announcement in this regard will be made as soon as the
        Government valuators and the management consortium have arrived at
        agreement.


        *     As stated above, Petra will be using the funds secured from
        institutions and Minerva to acquire productive diamond mining assets
        in the low political risk countries of Southern Africa; namely South
        Africa, Namibia, Botswana and Lesotho. To this end it has identified,
        and been in negotiation with, a number of strategic smaller diamond
        producers who are willing to sell to Petra. If all these deals are
        concluded, Petra will acquire significant production and revenues.
        This excludes Alexkor which, if the tender is successful, will add a
        further material production capability with good cash-flow and
        earnings.


        *     Petra proposes to move its domicile and registration to London
        and become a UK Plc. Management expects the process to be completed
        this year. The board of directors feels that this move will enhance
        Petra's status as an investment for UK institutions and shareholders.
        It will also expedite the registration and transfer of ownership of
        shares;


        *     Petra has decided to make changes to its board of directors.
        Specifically


                o     Petra will fall in line with the current practice
                separating out the roles of Chairman and Chief Executive by
                appointing a new Chairman


                o     Petra intends to expand its board and appoint UK-based
                non-executive

          directors


        *     Petra has appointed Keith, Bayley, Rogers & Co as its
        stockbroker.


        *     Petra wishes to draw the attention of investors to the
        following:


                o     The intended reverse takeover that was proposed between
                Petra and New Diamond Corporation (Pty) Limited (a 100%
                black-owned company with diamond interests) has not been
                approved by the South African Reserve Bank (Central Bank).
                Accordingly the deal could not be concluded.


                o     Petra still considers its exploration assets to offer
                huge upside for investors. Some of the Angolan assets, in
                particular, have the potential to bring world-class kimberlite
                pipes to production and a cessation of hostilities,
                accompanied by a resumption of development work in the
                affected areas, will have a most positive impact for
                investors. The situation in Angola is being monitored closely
                by Petra and recent overtures by both parties to recommence
                peace negotiations bode well.


                o     The delisting of De Beers, and other significant
                developments and acquisitions in the diamond industry
                recently, means that Petra is one of the few remaining mining
                juniors with a focused diamond portfolio.




Chairman's Statement


'It has been a very difficult year for Petra; much of it outside the control
of the company. We have used the time to reposition ourselves and take
advantage of the unprecedented changes taking place in the industry. Petra
will be more earnings driven and has embarked on an aggressive programme to
acquire existing diamond producing assets. I am pleased that Petra contributed
significantly to returning Alexkor to profitability.


I would like to thank the shareholders for their patience and particularly our
institutional shareholders who have participated in this latest private
placement.


The future looks good.'

Adonis Pouroulis

(Chairman)

8th June, 2001



ENQUIRIES:


Adonis Pouroulis (Chairman)               0027 8249 01388


Brian Moritz (Grant Thornton)             0207 728 2367


Howard Drummon (Keith Bayley Rogers)      0207 827 9988


Cater Barnard                             08700 660 830