Recovery of 76 carat diamond

Petra Diamonds Ld
29 November 2005

29 November 2005

                             Petra Diamonds Limited

                           76 Carat Diamond recovered


Petra Diamonds Limited ('Petra' or 'the Company'), the AIM-quoted and ASX-listed
diamond mining group, announces the recovery of a 76 carat diamond from the
Sedibeng mine in South Africa. When sold, it is expected that the stone will
realise a sales value of approximately US$500,000.


The same mining complex produced several large stones last year, one of which
was a 57 carat stone that sold for US$489,000 and a 42 carat stone that sold for
US$282,000.


Adonis Pouroulis, Chairman of Petra, commented, 'We are delighted to announce
the production of this exceptional stone. The Sedibeng mine has consistently
produced high-quality diamonds and recoveries of such special stones combined
with the growth in total carat production means that the South African
operations will continue to generate increasing revenues for the group.'



Ends


For further information, please contact:


Parkgreen Communications, London

Justine Howarth / Annabel Leather

Tel [phone]



Petra Diamonds, Perth

John Baillie

Tel [phone]



Field PR, Adelaide

Kevin Skinner

Tel [phone]

Mobile [phone]



Notes to Editors:


Sedibeng mine (Messina and Dancarl operations)


Located in the Warrenton District, Northern Cape Province in South Africa, the
Sedibeng diamond mine property (composed of the Messina and Dancarl operations)
is composed of mining leases, diamond rights, surface rights and free holdings
on various farms in the Northern Cape Province. The fissure system consists of
three distinct vertical units which range in width between 20 and 110
centimetres and averages 55 centimetres.



In February 2005, Snowden Mining Industry Consultants published an updated Ore
Reserve Statement for the Messina portion of the mine. The ore reserve, after
applying the JORC guidelines, has been estimated to be 436,000 hoisted run of
mine (ROM) tones grading 28 cpht. Messina produced around 25,000 carats in the
2004 calendar year at an average price of US$259 per carat running at an average
grade of 25 cpht.



The Dancarl portion of the Sedibeng mine was purchased from De Beers in
September 2004 by way of a JV between Crown Diamonds and Sedibeng Mining,
Petra's Black Economic Empowerment partner in South Africa. In February 2005,
Snowden Mining Industry Consultants published an updated Mineral Resource
Statement for the Dancarl Mine. Snowden elected to classify the fissure resource
at Dancarl as inferred. The inferred resource, after applying the JORC
guidelines, has been estimated to be 483,000 fissure tonnes grading 70 cpht.



Messina and Dancarl are expected to produce at least 35,000 carats in FY 2005 /
2006 as underground mining gets underway at Dancarl and the ground is mined from
Messina infrastructure.


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