Alto Cuilo Report

Petra Diamonds Ld
29 July 2003

29th July 2003

                       Alto Cuilo kimberlite verification

Petra Diamonds Limited ('Petra'), the AIM quoted mining group, announced on 23
June 2003 the discovery of three diamondiferous kimberlites ('kimberlites'), on
Petra's Alto Cuilo concession in the Lunda Norte province of Angola. This led to
the appointment of the independent mining consultancy RSG Global Integrated
Mining Solutions ('RSG') to review and verify the discoveries.

Petra today announces that RSG has now verified the location of two of the
kimberlites, named AC2 (Camambea) and AC3 (Chissombo), and verified that a
further kimberlite 'must exist' in close proximity to a geophysical target at a
third location (designated AC4 by Petra).  The original kimberlite discovered by
Petra in 1998 was designated AC1.

The RSG report also states that 'No accurate survey has yet been undertaken of
the size of the kimberlite bodies located. However there is evidence to infer
the possible pipe surface dimensions. Excavations into the kimberlite of up to
200m in one dimension have been observed. Associated vegetation features, which
may be related to an underlying kimberlite, have also been described; their
dimensions extend beyond 200m. One kimberlite exposure is located 300m south of
its magnetic target centre; another has no apparent relationship to a magnetic
anomaly. These observations, taken together with the crater facies kimberlite
lithotypes, hint at pipes of substantial size.'

Adonis Pouroulis, Chairman of Petra, comments, 'This report confirms our
original decision to concentrate our efforts on the Alto Cuilo project.  We are
very encouraged by the findings thus far.'

                                      Ends


For further information, please contact:

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

Notes To Editors:

RSG Global

RSG Global offers a comprehensive range of mineral exploration, mining
engineering and consultancy services to the international exploration, mining
and financial sectors.

RSG Global was established in September 2002 when Perth-based international
mining consulting firms, Resource Service Group (RSG) and Global Mining Services
(GMS), merged to form one of the largest Australian integrated industry
consulting groups.

RSG Global has grown to be one of the best known mining services groups
worldwide and is actively involved in numerous leading resource projects on five
continents.


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