Petra Diamonds Regulatory News (PDL)

7 Aug 2007 10:46

Petra Diamonds Ld07 August 2007 7 August 2007 AIM: PDL Petra Diamonds Limited Koffiefontein - Tender Results Petra Diamonds Limited ("Petra") announces the results of the first sales ofdiamonds from the Koffiefontein mine following the recent completion of theacquisition of the mine and associated assets from De Beers Consolidated MinesLimited. Highlights • 16,698 carats sold (all underground production) for a total consideration of US$6.85 million, being 16,637.80 carats (which included 35 stones larger than 10 carats each) as well as one exceptional stone of 60.25 carats • The average value achieved for all 16,698 carats (including the 60.25 stone) was US$410 per carat • The 16,637.80 carats achieved an average of US$367 per carat (excluding the 60.25 stone) • The 60.25 carat stone was sold for US$736,000 Adonis Pouroulis, Chairman of Petra, commented; "Petra is delighted with theprices achieved from the first sale of diamonds from Koffiefontein since Petrarecommenced operations. We expect a similar level of interest in futureKoffiefontein sales and prices at this level mean that Koffiefontein willcontribute far more to Petra's group turnover than originally anticipated." Koffiefontein is well known for the exceptional quality and value of itsdiamonds, as supported by the prices achieved for this first sale of 16,698carats. Should these valuations continue to be achieved in the longer term, thenPetra would expect gross annual revenues from the mine (as previously announced)of approximately US$20 million to be substantially exceeded (based on annualsales from Koffiefontein of approximately 95,000 carats), as Petra assumed aprudent value of US$245 per carat (underground production) when considering theacquisition of Koffiefontein. Petra's net interest in Koffiefontein is 70%, withits BEE partners holding the remaining 30%. Ends For further information, please contact: Justine Howarth Telephone: +44 (0) 20 7851 7480Parkgreen Communications, London Adrian Hadden / Chris Rollason Telephone: +44 (0) 20 7523 8000Collins Stewart, London This information is provided by RNS The company news service from the London Stock Exchange