Statement re Nabera Mining

Petra Diamonds Ld
10 November 1999


                            PETRA DIAMONDS LIMITED
                        (Mining and Exploration  - AIM)
                                       

Petra  Diamonds  Limited ('Petra') is pleased to announce that  Nabera  Mining

(Pty)  (Ltd) ('Nabera')  in which Petra holds a 29.5% stake, has now  complied

with  all  the Conditions Precedent related to the Alexkor Management Contract

it was awarded in March 1999.  The South African Government has confirmed that

all  Conditions Precedent have been fulfilled and that  Nabera is now in  full

management control of the Alexkor diamond mine.



In  addition  to a management fee set at 20% of Alexkor's mining  profit,  but

with a minimum of R100,000 (£10,000) per month, the consortium is entitled  to

recover its direct costs up to R500,000 (£50,000) per month.



The  opportunity for Petra  other members of the consortium lies in its  right

to  33.1.3rd%  of  the  increased valuation  of  Alexkor  during  the  2  year

management  period.



Petra  believes  that  there is enormous potential in  Alexkor  thus  creating

financial benefits from increasing Alexkor's value over the two years  of  the

management contract. The consortium's strategy for success concentrates on the

main  elements  of  exploration which are increased  production  and   diamond

security.   It has long been accepted that the quality of Alexkor diamonds  is

very  high, particularly those recovered from marine mining, which has largely

been ignored in the past.



Remuneration  from  the Alexkor venture will comprise cash and  equities  thus

providing significant opportunities for the growth of Petra Diamonds Limited.



Since  assuming responsibilities in May for the management of Alexkor,   Petra

has been instrumental in improving production from 140,000 carats per annum to

174,000  carats.   Improvements continue to be made and  speaking  from  South

Africa, Petra's Chairman, Adonis Pouroulis said ' We are very excited  at  the

improvements achieved already and we are determined that Alexkor will become a

well-managed effective and efficient business entity'




EDITORS NOTES:

Alexkor is a state-owned diamond mine on the north-west coast of South  Africa

and  has  been  a  producing mine for over 70 years.  Alexkor owns  both  land

diamond  mining  concessions over an area of 100 kilometres and  5  kilometres

wide  (62.5   x 8.5 miles). Alexkor also owns 4,7000 square kilometres  (1,800

square  miles) of marine concessions. Diamonds were first discovered  in  this

area in 1927 since which time over 10 million carats have been produced.



Many  adverse factors, including maladministration and theft resulted in  this

huge asset moving from profitability to significant losses which persuaded the

Government to seek a private enterprise manager.



Enquiries:


PETRA DIAMONDS LIMITED

Adonis Pouroulis, Chairman & Chief Executive      0027 82 492 9100



GRANT THORNTON (Nominated Adviser)                0171 383 5100

Brian Moritz, Gerry Beaney



SEYMOUR PIERCE LTD.                               0171 648 8700

Mark Percy



BOSWELL CITY FINANCIAL PR LTD.                         0171 583 2001

Glenda Boswell                         Mobile          [phone]