Alto Cuilo Update

Petra Diamonds Ld
14 May 2007

                             Petra Diamonds Limited

                        Alto Cuilo; Bulk Sampling Update


Petra Diamonds Limited ('Petra'), the AIM-quoted diamond mining group, announces
an update with regards to the bulk sampling campaign at project Alto Cuilo ('
Alto Cuilo') in Angola.



Bulk Sampling

The initial phase of the large diameter drilling of kimberlite AC63 is complete
and the samples have been treated by the dedicated 10 tonne per hour Dense Media
Separation ('DMS') plant. Results from the AC63 mini bulk drill samples will be
announced as soon as picking of diamonds is complete and the associated data
collated and interpreted. It is expected that the results will be published
within the next two weeks.



A mini bulk drill sample was also extracted from kimberlite AC16, which is a low
priority target in the kimberlite technical ranking. AC16 was used to commission
and test the large diameter drill rig because of ease of access and the
proximity of AC16 to logistics support. The results from the AC16 samples will
be published at the same time as those for AC63.



BHP Billiton Joint Venture

The costs of exploration and associated activities at Alto Cuilo continue to be
funded by BHP Billiton in accordance with the Alto Cuilo JV agreement.  BHP
Billiton's cumulative spend with regards to Alto Cuilo as at 31 April 2007
amounted to US$40.33 million.



Ends



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, Pr.
Sci Nat (reg No 400031/06), 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 this announcement of the matters based on his information in
the form and context in which it appears. Jim Davidson is the Qualified Person
for the purposes of the AIM Guidance Note on Mining, Oil and Gas Companies dated
March 2006



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

Cathy Malins / Annabel Leather

Tel [phone]


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