Director/PDMR Shareholding

10 July 2008

                        Karelian Diamond Resources plc                         

                         ("Karelian" or the "Company")                         

                     Director's shareholding - correction                      

Further to clarification from Mr FitzPatrick's broker, the Company confirms
that on 8 July 2008 Seamus FitzPatrick, Non-Executive Director, purchased
10,000 ordinary shares in the issued share capital of the Company (the
"Ordinary Shares"), equivalent to 0.02 per cent. of the issued voting share
capital of the Company, at a price of 6.5 pence per share. He also purchased a
further 30,000 Ordinary Shares at a price of 7.5 pence per share, equivalent to
0.05 per cent. of the issued voting share capital of the Company.

In addition, on 9 July 2008 Seamus FitzPatrick purchased an additional 10,000
Ordinary Shares at a price of 7.5 pence per share, equivalent to 0.02 per cent.
of the issued voting share capital of the Company.

Following the purchases, Mr FitzPatrick now holds a total of 50,666 Ordinary
Shares, equivalent to 0.08 per cent. of the issued voting share capital of the
Company.

This announcement clarifies the announcement made yesterday regarding the
acquisition of Ordinary Shares by Mr FitzPatrick.

Further enquiries:                                                             
                                                                               
Karelian Diamond Resources plc                                00 353 1 661 8958
                                                                               
Professor Richard Conroy                                                       
                                                                               
John East & Partners Limited                                      020 7628 2200
                                                                               
Jeffrey Coburn / Virginia Bull                                                 
                                                                               
City Capital Corporation Limited                                  020 7842 5867
                                                                               
Charles Dampney                                                                
                                                                               
Lothbury Financial                                                020 7011 9411
                                                                               
Ron Marshman / John Greenhalgh