1st Quarter Results
Petra Diamonds Ld
31 October 2005
PETRA DIAMONDS LIMITED
QUARTERLY ACTIVITIES REPORT
FOR THE THREE MONTH PERIOD ENDED
30 SEPTEMBER 2005
(dateline 31 October 2005)
Petra Diamonds Limited ('Petra' or 'the Company'), the AIM-quoted and ASX-listed
diamond mining group, announces its quarterly activities report as required by
the ASX for the three month period ended 30 September 2005.
Highlights
• Angola - significant exploration developments at Project Alto Cuilo,
including the identification of major new kimberlitic and magnetic
anomalies
• Botswana - acquisition of 100% of Kalahari Diamonds Limited completed and
Petra exploration programme in place
• Sierra Leone - preparations on track for production H2 FY 2005/6
• South Africa - production of 45,498 carats for the quarter (quarter to 30
June 2005 38,472 carats), on track for 200,000 carats for FY 2005/6
• West Africa - proposed merger with Mano River Resources Inc announced
CORPORATE
Botswana - Kalahari Diamonds
On 30 September 2005 Petra acquired Kalahari Diamonds Limited ('Kalahari') in a
share-for-share transaction. The acquisition of Kalahari represents a
significant step in Petra's strategy of building a quality exploration portfolio
to complement its current producing mines and diversifying its asset base.
Kalahari, through its wholly-owned Botswana subsidiary, Sekaka Diamonds, is the
holder of approximately 77,000 km2 of highly prospective diamond prospecting
licenses in Botswana.
Botswana is the world's largest diamond producer by value, with large producing
mines at Jwaneng, Orapa, Letlhakane and Damatshaa. Botswana also offers a
modern, highly developed mining, commercial and financial environment.
Kalahari has an agreement with BHP Billiton to direct the deployment of BHP
Billiton's proprietary Falcon technology as well as to have access to an
experienced Falcon data acquisition and geophysical team. The Falcon technology
is a new dimension in diamond exploration as it is an airborne gravity system
that can cover large remote areas rapidly and cost effectively, and is able to '
see through' the sand cover which overlies much of Botswana. Kalahari sand
covers about 75% of Botswana and this, together with underlying Karoo lava, has
meant that ordinary diamond exploration programmes have faced difficulties in
the detection of kimberlites. Petra's access to the Falcon system will assist
in overcoming these difficulties.
The acquisition of Kalahari also introduces to Petra, kimberlites in the Gope
area, as well as other potential kimberlites in Sekaka's license areas. Petra's
track record in the development of medium sized ore bodies will enable us to
effectively evaluate the potential of these kimberlite occurrences and, if
economic, quickly turn them to account.
West Africa - proposed merger with Mano River Resources Inc
In early October 2005 Petra and Mano River Resources Inc ('Mano') signed a
preliminary agreement whereby it is proposed that Petra and Mano will merge to
create an enlarged diamond exploration and mining group.
The proposed merger remains subject to the satisfaction of certain conditions
precedent including the completion of mutual technical, financial and legal due
diligence, execution of the required legal and regulatory documentation and
obtaining all the required regulatory and shareholder approvals. It is
anticipated that the transaction will be effected by an offer of new Petra
ordinary shares to Mano shareholders in a share for share transaction, on the
basis of one new Petra ordinary share for each 5.5 Mano common shares.
Mano is an AIM and TSX listed exploration group focused on the discovery and
development of diamond, gold and iron ore deposits in the Archaean terrain of
the highly prospective and under-explored West African countries of Sierra
Leone, Liberia and Guinea. The company has over 25,000km2 under licence, close
to one million ounces of gold in resource, a cluster of diamondiferous
kimberlite pipes and the Kono dykes. Joint ventures are in place with Petra
Diamonds, Trans Hex Group, BHP Billiton, Golden Star Resources (gold) and
Navasota Resources (gold).
REVIEW OF OPERATIONS
Angola, Project Alto Cuilo
Highlights
• 70% of the 94 holes drilled to date have intersected kimberlitic material
• 19 kimberlitic complexes identified
• Kimberlitic anomalies identified covering a total area of 320 hectares
• Helimag results received in October add a further 150 targets, including
previously unidentified anomalies and identify a new major magnetic anomaly
of 148 hectares interpreted surface area
• Alluvial pits completed increase to 86 and a further 3 bulk samples
undertaken
• Total diamonds recovered to date 1,468 carats
Kimberlite Programme
A low level Midas helicopter survey was carried out in July and August,
identifying new anomalies of 26, 60 and 125 hectares in surface area, these
discoveries being in addition to the existing 109 hectare (approximately 115
million tonnes) deposit identified by Petra in 2004. Petra had been aware of
there being a small anomaly at the 125 hectare target and had drilled two holes
confirming its kimberlitic nature but, since the anomaly is under sand cover and
with a low magnetic signature, Petra was not aware of its magnitude as now
defined by the helicopter survey. This anomaly is larger in surface area than
the existing 115 million tonne (109 hectares) deposit at Alto Cuilo and is
within 500 metres of it. The 40 tonne sample (processed in September 2004),
which yielded a grade of 47 carats per hundred tonnes, was coincidentally taken
from outcrops at the periphery of this new anomaly where a river had incised
through the sand cover. Petra cannot yet confirm whether these outcrops are part
of this major new anomaly.
The helicopter survey entailed the flying of 13,183 line kilometres, covering
approximately 700km(2) (26%) of the total concession area. Initial results
showed significantly more anomalies than the original 1998 aeromagnetic survey,
due to the use of twin sensors at closer line spacing and lower flying height.
This data has now been fully processed and led to an increase of targets to 219
(an increase of 217%).
Drilling in excess of 12,119 metres on 94 holes has been undertaken to date,
with 66 of these holes intersecting kimberlitic material - a success rate of
70%. Drilling results indicate the presence of kimberlites with preserved crater
zones that have undergone very little erosion, thus underscoring the potential
for large size discoveries. Analysis of barren holes using new data has shown
that the siting of some of the previously drilled holes was not optimal; some of
these holes have been re-drilled and have now intersected kimberlitic material.
To date all the 19 anomalous complexes that have been drilled have intersected
kimberlitic material, with some holes intersecting kimberlitic material to
vertical depths of 280m, where drilling was stopped due to limitation of
drilling capacity but the kimberlitic material continued.
The drill programme, with a second core rig currently in transit due to the high
number of magnetic anomalies that require further investigation, will continue
with the expectation of significantly increasing the number of kimberlite
discoveries. A third drill, capable of drilling large diameter holes, is
scheduled to arrive in the first half of 2006. When this arrives it is intended
that it will take 200 tonne mini rock samples from the most prospective
anomalies. A 10 tonne per hour mobile plant has also been ordered.
Alluvial Programme
An alluvial pitting and trenching programme on the river flats and hillsides
continues in order to further evaluate the potential for economically viable
alluvial deposits. Along the Luangue River, 86 pits have been completed to date.
Some of these pits have intersected good gravels, whilst others were poor or had
to be abandoned due either to water or thick overburden.
A trench sample of 735 tonnes was treated through the diamond recovery plant,
yielding 104.63 carats. The average stone size was 0.28 carats (bottom screen
size of 2.0mm) with two gem quality stones of 2.88 and 1.88 carats being
recovered. A second trench sample was processed from which a good 5.6 carat
stone was recovered. This produced 58 diamonds totaling 24.61 carats with an
average stone size of 0.42 carats.
A third trench has just been completed which recovered 116 diamonds totaling
29.3 carats at an average stone size of 0.25 carats. The 65 tonnes per hour ('
tph') diamond recovery plant (MB100 and DMS) continues to be used mainly for the
treatment of alluvial samples. A total of 5,663 diamonds totaling 1,468 carats
at an average stone size of 0.26 carats have been recovered to date from both
alluvial and kimberlitic sources.
BHP Billiton Joint Venture
From 1 January 2005 (the date at which BHP Billiton elected to fund kimberlite
exploration within the ML Complex, part of the Alto Cuilo concession) to the end
of September 2005, BHP Billiton has advanced funding of approximately US$7.2m to
Petra Diamonds Alto Cuilo Limited ('PDAC') in respect of exploration at Alto
Cuilo. BHP Billiton will start earning a direct interest in PDAC when it has
advanced funding of US$7.5m.
Botswana
Petra's exploration programme plan in Botswana over the next year will focus on
systematically following up the large license areas that were flown by Falcon
prior to the acquisition of Kalahari. Petra will fly approximately 23,000 line
kilometres of Falcon over a block in Mabutsane commencing in November.
Thereafter, flying will cease until mid 2006 to allow detailed follow up on all
the data acquired to date. A further 60,000 kilometres will be flown in the
second half of 2006.
Follow up work has so far identified one anomaly which will be drilled in late
November. With regard to the Gope kimberlites an analysis of historical data is
underway
Sierra Leone - Kono Project
Highlights
• Manufacturing of the crusher circuit of the production plant has been
completed, manufacture of the dense media separation and final recovery unit
of the production plant will be completed by early November 2005. General
mining and engineering equipment and accessories will be containerised in
October for export in early November 2005
• Other plant vehicles, power generators and light utility vehicles
acquisition and delivery programme remains on track and delivery in Sierra
Leone will take place late in November 2005
• Experienced mining and engineering personnel from Petra's South African
operations have started with pre-deployment orientation and preparation. The
team will be transferred to Sierra Leone by mid December 2005
• Diamond production from treatment of bulk samples expected H2 FY 2006
Exploration developments
Petra personnel had a follow up visit to Sierra Leone in early September 2005.
During the visit a Memorandum of Understanding (MOU) was signed between Petra
and the Nimikoro Chiefdom allowing Petra access to and use of the old National
Diamond Mining Corporation facilities in the Yengema village. The MOU further
provides Petra access to all the kimberlite dykes in the chiefdom.
Various intrusion points were identified on the dykes and the terrain
preparation at the various intrusion points is expected to commence in late
December 2005. Further geological work is to be undertaken on the dykes in the
Kono region.
Discussions with the Tankoro Chiefdom for access to the Lion 5 kimberlite dykes
will be re-started in December 2005. The strike length of the Kono kimberlite
dykes exceeds the total strike length of Petra's South African kimberlite dyke
operations and Petra believes the Kono project has the potential to yield high
grades of approximately 100 cpht.
Site establishment
The necessary equipment to establish initial facilities on site will be shipped
from South Africa and is on track to be commissioned on site by end of March
2005. Petra's site establishment team will be transferred to Sierra Leone in mid
December 2005 and the site facilities should be fully established by January
2005. Terrain preparation at the various intrusion points for bulk sampling is
expected to commence in late December 2005.
Exploration/production plans
The manufacture of the crushing circuit of the 75 tph production plant has been
completed on schedule and will be containerised for shipment by mid November
2005. The dense media separation (DMS) and final recovery unit construction
schedule remains on track. The DMS and final recovery containerisation will
commence in mid November 2005 for shipment in early December 2005.
The initial mining and engineering equipment will be containerised in October
2005 for shipping in early November 2005. Terrain preparation started at the
NDMC site in Yengema and is expected to be completed by end of November 2005.
Bulk sampling terrain preparations at the various intrusion points are expected
to start in late December 2005 and be completed for bulk sampling mining
activities by end of January 2006.
Diamond production from treatment of bulk samples is expected H2 FY 2005/6.
South Africa
• Operations are on track to produce the production target of 167,000 carats
for the calendar year 2005 and 200,000 carats for FY 2005/6
• Stope faces increased by three at Star with significant build up in
production in the December 2005 quarter likely
• Production at Helam increased by 4,038 carats on previous quarter due to
increased yield and greater tailings production
• Production at Sedibeng increased by 3,487 on previous quarter due to
increased yield and greater tailings production
• Management structure has been revised, with the appointment of a group
operations manager and a dedicated production manager at the Star Mine
Star Mine
A total of 8,639 ROM fissure tonnes was delivered to the plant which is 383
tonnes higher than the previous quarter and returned 5,277 carats (inclusive of
98 carats recovered from tailings) at a grade of 61 cpht for the quarter. In
the June 2005 quarter a total of 8,256 ROM fissure tons was delivered to the
plant and returned 5,723 carats at a grade of 69 cpht. The reduced grade is the
result of the lower grade Wynandsfontein section being brought back into
production (historical mine grade 48 cpht).
During the quarter, 4,451 carats were sold for an average price of US$161 per
carat. In the June 05 quarter 5,641 carats were sold for an average price of
US$240 per carat. The lower prices achieved for the quarter, which were due to a
change in mix combined with quiet markets in July and August, are not expected
to continue and an increase in the prices received, compared to the September
quarter, has been seen in October.
The available stope-faces increased by three during the quarter, with nine
stopes now being available. With 15 level now established on both Burns and
Wynandsfontein sections, production build-up will increase significantly, and
even more so when multiple ends are established as was previously done on Burns
14 level east.
At the Wynandsfontein section, the establishment of 15 level, which is in good
ground conditions, has progressed well. The zero raises east and west have both
holed resulting in two new faces being established which will contribute to the
tonnage build-up for the mine. Sinking of the sub-vertical shaft has commenced
during the quarter and has reached a depth of eight metres. This sub-shaft
should be on level during the first quarter of 2006.
At the Burns section the establishment of 15 level, which is also in good ground
conditions, has progressed well. The zero raises east and west have been holed
resulting in another new face being established which will also contribute to
the tonnage build-up for the mine. Lateral development on this level has also
progressed well. 15 level and station establishment has progressed well with the
preparation for the sinking of the sub-shaft now complete. Ore pass
preparation, 15 to 14 level, is 50% complete with one ore pass having been
holed. This gives increased surge capacity and hoisting flexibility.
The raise boring project which was scheduled to be commenced during the fourth
quarter has now been rescheduled for the first quarter 2006.
Helam Mine
A total of 30,700 ROM fissure tonnes was delivered to the plant and returned
29,312 carats at a grade of 95.5 cpht. An additional 1,737 carats was recovered
from tailings re-treatment giving a total of 31,049 carats for the quarter.
In the June 05 quarter a total of 29,662 ROM fissure tons was delivered to the
plant and returned 26,907 carats at a grade of 90 cpht. An additional 797 tons
of tailings was treated, delivering 104 carats giving a total of 27,011 carats
for the quarter.
During the quarter, 32,677 carats were sold for an average price of US$86 per
carat. In the June 2005 quarter, 27,148 carats were sold for an average price
of US$88 per carat
The mechanisation programme continues to progress well with the John main shaft
now equipped to 19 level, and the developing of the pilot raise between the 19
and 20 level is 50% complete. The pilot raise from 21 to 20 level is now
complete and stoping of this section of the shaft will commence during the
current quarter. There have been minor re-schedulings to the remainder of this
capital project but this will have no material effect on the programme.
The re-establishment of Second Lease as a separate mining entity is also
progressing well and remains on schedule. It is still expected to see the first
production from this programme towards the end of this year. Minor technical /
logistical aberrations may cause delays but these will not be substantial.
At Edward shaft the mechanisation programme is fundamentally complete. The
envisaged modifications to the sub-shaft single drum winder should be completed
by the first quarter 2006.
Sedibeng (Messina and Dancarl operations)
Mining at Sedibeng has progressed well with the delivery of 32,555 ROM fissure
tonnes from the mining operation, which delivered 7,516 carats at a ROM grade of
23.1 cpht. In addition 1,656 carats were produced from the Dancarl tailings
operation at a grade in excess of 6 cpht. This resulted in a total of 9,172
carats for the combined operation.
In the June 2005 quarter, 31,081 ROM fissure tonnes was mined to yield 5,685
carats at a ROM grade of 18 cpht.
During the quarter, 7,007 carats were sold from the combined operation for an
average price of US$244 per carat. In the June 2005 quarter, 6,324 carats were
sold from the combined operation for an average price of US$271 per carat. The
lower prices achieved for the quarter, which were due to a change in mix
combined with quiet markets in July and August, are not expected to continue and
an increase in the prices received, compared to the September quarter, has been
seen in October.
At the Messina section the sinking of the West sub-shaft to 24 level has
progressed well. This has reached a depth of 20 metres below collar and is still
projected to be on level at year end. On 20 level the development into Dancarl
has delivered a good stope that is producing well. On 21 level we are close to
commencing development into the Dancarl section.
At the Dancarl section progress has again been good with 15 level having been
re-established. Attention is now being focussed on re-opening the ore passes and
loading arrangements to 151/2 level. Stopes have been established, both north
and south.
On 14 level north the stope has holed into the old Messina operation and is
being drawn down. On 14 level south the re-development to intersect the fissure
of the central zone after its displacement has been successful, delivering a
50cm fissure on which a stope is currently being established.
The upgrading of the Messina pan-plant so as to accept the combined ROM
production is proposed to commence during the first quarter of 2006.
DIAMOND PRODUCTION
Three month period to 30 September 05 Total Diamonds Carats per
Total Tonnes Tonnes Recovered 100 tonnes
Hoisted Treated (carats) treated
Star -ROM 14,199 8,639 5,179 59.9
Star - Tailings - 1,627 98 -
Helam - ROM 45,487 30,700 29,312 95.5
Helam - Tailings - 13,362 1,737 -
Sedibeng - ROM 41,392 32,555 7,516 23.1
Sedibeng - Tailings - 30,143 1,656 -
Total for quarter 101,078 117,026 45,498 38.9
Three month period to Tonnes Total Diamonds Carats per
Total Tonnes Treated Recovered 100 tonnes
Hoisted treated
(carats)
30 September 2005: ROM 101,078 71,894 42,007 58.4
30 September 2005: Tailings 45,132 3,491 7.7
30 June 2005: ROM 96,778 68,110 38,315 56.2
30 June 2005: Tailings 1,686 157 9.3
31 March 2005 92,709 77,644 40,058 51.6
30 December 2004 87,014 60,812 33,221 54.6
30 September 2004 86,887 62,032 31,922 51.5
JOHAN DIPPENAAR
CHIEF EXECUTIVE OFFICER
Notes
1. The information in this update that relates to Exploration Results, Mineral
Resources or Ore Reserves is based on information compiled by Jim Davidson who
is a Member of the Geological Society of South Africa, a 'Recognised Overseas
Professional Organisation' ('ROPO'), included in a list promulgated by the ASX
from time to time. Jim Davidson is a full-time employee of the Company and has
sufficient experience which is relevant to the style of mineralisation and type
of deposit under consideration and to the activity which he is undertaking to
qualify as a Competent Person as defined in the 2004 Edition of the '
Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves'. Jim Davidson has given his written consent to the inclusion in
the report of the matters based on his information in the form and context in
which it appears.
2. It should be noted that the potential quantity in this report is conceptual
in nature, there has been insufficient exploration to define a Mineral Resource
and it is uncertain if further exploration will result in the determination of a
Mineral Resource.
For further information, please contact:
Parkgreen Communications, London
Justine Howarth / Cathy Malins
Tel +44 20 7493 3713
Petra Diamonds, Perth
John Baillie
Tel +61 8 9381 8888
Field PR, Adelaide
Kevin Skinner
Tel +61 8 8234 9555
Mobile +61 414 822 631
Rule 5.3
Appendix 5B
Mining exploration entity quarterly report*
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98,30/9/2001.
Name of entity
Petra Diamonds Limited
ACN or ARBN Quarter ended ('current quarter')
114474574 30 September 2005
Consolidated statement of cash flows*
Current quarter Year to date
Cash flows related to operating activities £'000 £'000
3 Months
1.1 Net profit/(loss) before taxation 758 758
1.2 Adjustments for:
- Depreciation and amortisation 621 621
- Foreign exchange loss/(gain) (1,486) (1,486)
- Other non cash items 34 34
1.3 Operating profit /(loss) before working capital changes (73) (73)
1.4 (Increase)/Decrease in trade and other receivables (597) (597)
1.5 (Decrease)/Increase in trade payables 8 8
1.6 (Increase)/Decrease in inventories (390) (390)
Cash generated(used) in operations (1,052) (1,052)
1.7 Interest paid (111) (111)
Net Operating Cash Flows (1,163) (1,163)
Cash flows related to investing activities
1.8 Payment for a) development expenditure (552) (552)
b) instalment for acquisition of (2,434) (2,434)
Helam Mining Pty Ltd and Messina Investments Limited.
c) property plant and equipment (298) (298)
1.9 Proceeds from sale of: (a) prospects - -
(b) equity investments - -
(c) other fixed assets 7 7
1.10 Loans to other entities - -
1.11 Interest received 102 102
1.12 Other 1 1
Net investing cash flows (3,174) (3,174)
1.13 Total operating and investing cash flows (carried forward) (4,337) (4,337)
1.13 Total operating and investing cash flows (brought (4,337) (4,337)
forward)
Cash flows related to financing activities
1.14 Subscription for shares and notes - net of costs - -
1.15 Proceeds from sale of forfeited shares - -
1.16 Proceeds from long term borrowings 1,423 1,423
1.17 Repayment of borrowing (4,404) (4,404)
1.18 Dividends paid - -
1.19 Other (provide details if material - see attached) - -
Net financing cash flows (2,981) (2,981)
Net increase (decrease) in cash held (7,318) (7,318)
1.20 Cash at beginning of quarter/year to date 15,375 15,375
1.21 Exchange rate adjustments to item 1.20 3 3
1.22 Cash at end of quarter 8,060 8,060
Payments to directors of the entity and associates of the directors.
Payments to related entities of the entity and associates of the related
entities
Current quarter
£'000
1.23 Aggregate amount of payments to the parties included in item 1.1 N/A
1.24 Aggregate amount of loans to the parties included in item 1.17 N/A
1.25 Explanation necessary for an understanding of the transactions
N/A
Non-cash financing and investing activities
2.1 Details of financing and investing transactions which have had a material effect on consolidated
assets and liabilities but did not involve cash flows
• During the quarter 2,183,097 November 2005 Convertible Notes (A$392,957) were converted to
317,049 ordinary Petra Diamonds Limited shares.
• At the end of the quarter, 16,166,529 Petra Diamonds Limited shares were issued to acquire
Kalahari Diamond Resources Plc.
2.2 Details of outlays made by other entities to establish or increase their share in projects in which
the reporting entity has an interest
N/A
Financing facilities available
Add notes as necessary for an understanding of the position.
Amount available Amount used
£'000 £'000
3.1 Loan facilities 900 Nil
3.2 Credit standby arrangements Nil Nil
Estimated cash outflows for next quarter
£'000
4.1 Exploration and evaluation 583
4.2 Development 694
Total 1,277
Reconciliation of cash
Reconciliation of cash at the end of the quarter (as Current quarter Previous quarter
shown in the consolidated statement of cash flows) £'000 £'000
to the related items in the accounts is as follows.
5.1 Cash on hand and at bank 2,030 3,776
5.2 Deposits at call 6,030 12,000
5.3 Bank overdraft - (401)
5.4 Other (provide details)
Total: cash at end of quarter (item 1.22) 8,060 15,375
Changes in interests in mining tenements
Tenement Nature of interest Interest at Interest at
reference (note (2)) beginning of end of
quarter quarter
6.1 Interests in mining
tenements relinquished,
reduced or lapsed N/A
6.2 Interests in mining
tenements acquired or
increased N/A
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights
together with prices and dates.
Total number Number quoted Issue price per Amount paid up per security
security (see note 3) (pence)
(see note 3)
(pence)
7.1 Preference +securities
(description)
7.3 +Ordinary securities 147,633,033 147,633,033 - -
7.4 Changes during quarter
(a) Increases through
issues and conversions
for which quoted 317,049 317,049 0.53 0.53
(b) Decreases through
returns of capital,
buy-backs 16,166,529 16,166,529 0.85 0.85
200,000 200,000 0.375 0.375
7.5 +Convertible debt 13,895,095 13,895,095 - -
securities
11% pa Nov 2005
7.6 Changes during quarter
(a) Increases through
issues
(b) Decreases through
conversion 2,183,097 2,183,097 - -
7.7 Options (description
and conversion factor
- see details below) 6,031,802 NONE SEE BELOW
7.8 Issued during quarter 200,843 200,843 0.85
7.9 Exercised during 200,000 200,000 30.0, 35.0, 40.0,
quarter 45.0
7.10 Expired during quarter - -
Options
276,375 Employee Incentive Options expiring various dates, exercisable at $A1.12 each
86,250 Employee Incentive Options expiring various dates, exercisable at $A1.36 each
400,000 Director incentive Options expiring 11 April 2007 with exercise price of 30p, 35p, 40p and 45p
each for each 100,000 tranche.
1,500,000 Director incentive Options expiring 5 September 2013 with exercise price of 44p each.
750,000 Director incentive Options expiring 28 June 2014 with exercise price of 54.5p each.
2,250,000 Director incentive Options expiring 16 June 2015 with exercise price of 85p each.
385,000 Employee incentive Options expiring 5 September 2013 with exercise price of 44p each
133,334 Employee incentive Options expiring 28 June 2014 with exercise price of 54.5p each
50,000 Employee incentive Options by 13 September 2014 with exercise price of 56.75p each.
200,843 Options exercisable by 16 June 2008 at 85p each.
Warrants over ordinary shares
Exercise Expiry
Price
1,500,000 30p 31 December 2007
1,000,000 100p 31 December 2007
1,666,666 55.85p 14 August 2006
Petra and Societe Diamantaire Finkelstein Ch & CO NV have granted each other a mutual put and
call option for Finkelstein to subscribe for $US1.75 million of Ordinary shares. The option is
exercisable once the market value of Petra exceeds 75 pence for 15 consecutive days. The
subscription price will be equal to a 5% discount to that market price. The option is renewable
at the Company's choice on an annual basis.
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The company news service from the London Stock Exchange
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