Trading Statement

Petra Diamonds Ld
23 June 2003


Press Release

23 June 2003


           Petra discovers three diamondiferous kimberlites in Angola


Petra Diamonds Limited ('Petra') the AIM quoted mining group, announces that its
exploration programme on the Alto Cuilo concession in northern Angola has
yielded three new diamondiferous kimberlite orebodies.

The new kimberlites, designated AC2, AC3 and AC4, are clustered within a 2km
radius of AC1, the kimberlite discovered on Alto Cuilo by Petra in 1998.

The upper crater facies of the three kimberlites are exposed on surface, and
local artisinal miners are currently recovering diamonds, using picks and
shovels, from all three bodies. More than 400 artisinal miners are currently
active on the three kimberlites.

Tuffisitic sediments, fragmentals and kimberlitic nodules are abundantly evident
in all three discoveries. The four orebodies are structurally bound within
lineaments (major fault lines). The three new finds are coincidental with
geophysical anomalies identified by Petra's 1998 exploration campaign.

The structural extent of the kimberlitic bodies is not yet known, and Petra will
undertake comprehensive topographical and ground magnetometer geophysics surveys
to outline the orebody configurations of the three kimberlites. These surveys
are due to be completed by the end of 2003. Outline diamond drilling, to define
the kimberlite body geometry, is expected to begin in the third quarter of 2003.

Petra has appointed RSG Global Integrated Mining Solutions consultants as
independent consultants to review and verify these discoveries.

Adonis Pouroulis, the Chairman of Petra, said: 'Alto Cuilo has always been an
extremely exciting property. The discovery of AC1 in 1998 was recognised at the
time as a major find. We believe AC2, AC3 and AC4 add significantly to the
importance of Alto Cuilo. Petra will now be driving hard to establish the
economic viability of these orebodies.

'We are proud to be one of the first mining groups back in Angola and, with our
Angolan partners, to demonstrate that the peace dividend is paying out in this
country.'

Petra manages Alto Cuilo jointly with Angolan state diamond mining company
Endiama and private Angolan partner Moyoweno LDA.

The Alto Cuilo concession is approximately 3,000 square kilometres
(approximately 1,160 square miles) and is located in the Lunde Norte province of
Angola. Petra acquired the concession in 1997. In addition to the discovery of
the kimberlite now designated AC1, Petra exploration teams at the time
identified 31 additional geophysical anomalies by airborne surveys.  In 1998
renewed hostilities forced the company to suspend operations, but it returned to
the concession in 2002 following the cessation of hostilities. Petra completed
construction of its base camp in May 2003 after redeploying an exploration team
on the concession early in the same month.

Petra's 2003 work programme on Alto Cuilo also includes exploration of the
remaining geological anomalies on the concession, and exploration of potential
alluvial deposits in the concession area.

Ends


For further information, please contact:

Justine Howarth / Cathy Malins
Parkgreen Communications
Tel: [phone]


Notes to editors:

Petra Diamonds Ltd (LSE:PDL) specialises in the exploration and mining of gem
quality diamond deposits in Southern Africa. It has a geographically diverse
portfolio of projects throughout the region. Its main exploration assets are in
the Lunda provinces in northeastern Angola and the Limpopo and North West
provinces of South Africa.

Angola:

In 1998, Petra discovered the first new kimberlite orebody in Angola following
two decades of civil war. The discovery, on the 1,333 square mile Alto Cuilo
concession in the Lunda provinces in north-eastern Angola, was recognised as a
major find by Endiama, the Angolan diamond authority, and heralded as the most
important exploration project in Angola.  The promising initial results from
Alto Cuilo may indicate the potential for a major diamond mine.  Renewed rebel
acitivity forced Petra to abandon the Alto Cuilo concession in 1998, but the
company returned to the concession with the formal end to hostilities last year.
It is currently engaged in a more comprehensive exploration programme.

Petra has two further concessions in northeastern Angola, Medio Kwanza and
Muriege on which it has not yet begun exploration activities.

South Africa:

In 1999, Petra acquired Gold Fields South Africa's entire diamond portfolio,
comprising seven properties in the Limpopo and North West provinces.  In 2002,
Petra entered into an option agreement with Rio Tinto Mining and Exploration Ltd
to undertake a work programme on the six properties in the Limpopo Province.
Petra has commissioned an exploration and bulk sampling programme on the seventh
property, Syferfontein, in the North West province.

Petra is short-listed in the South African Government's tender process to
privatise its 51% share interest in Alexkor Ltd, the sea and land based diamond
mine on the West Coast of South Africa, which produces between 10% and 15% of
the country's annual gem-quality diamonds.  The privatisation is scheduled for
completion in June 2003.

As part of its strategy going forward, the Company is committed to moving away
from its pure exploration beginnings to a broader based group that can focus on
the mining of precious metals and minerals.  The Group has recently expanded the
scope of its operations to include physical mining.  The appointment of David
Gadd-Claxton (ex-De Beers and Southern Era) last year as an executive director
and chief operating officer is indicative of a capacity development strategy to
move the Company along in a new direction.  Currently Petra is actively
investigating other mining projects including diamonds and platinum.


                      This information is provided by RNS
            The company news service from the London Stock Exchange