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Xceldiam Limited (XLD)

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Friday 15 September, 2006

Xceldiam Limited

Interim Results

Xceldiam Limited
15 September 2006

                                Xceldiam Limited

                         ('Xceldiam' or 'the Company')

Xceldiam, the AIM quoted diamond exploration company, announces its consolidated
interim results (unaudited) for the 6 month period to June 30, 2006.

                               Interim Highlights

•    Kimberlite core drilling commences with very favourable shallow 
     intersections achieved;

•    To date 7 of the 20 high priority kimberlite targets have been drilled

•    Petra Diamonds Technical Co-operation Agreement expedites exploration at 
     reduced cost to the Company

•    Bulk sampling of alluvial deposits underway with production decision to be 
     made in Q1 2007


Xceldiam's operations are focussed on the 3000km2 Luangue Concession in north
east Angola where the Company has a 39% interest in a kimberlite exploration
license and a 40% interest in an alluvial exploration license. Xceldiam has
partnered on these operations with Endiama, the state appointed diamond
concessionaire and Bapsil Lda, an Angolan mining investment company.  Angola is
recognised as one of the key territories in the search for new diamond
production to meet the growing global deficit.

Kimberlite exploration

Over 70 kimberlitic type anomalies were identified following completion in May
2005 of the 22,000 line kilometre total magnetic radiometric and topographic
aerial survey over the entire concession. Of these, 20 targets have been
prioritised for immediate drilling and the remaining 50 will follow pending the
results of this programme.

The Sullivan diamond core drilling rig, which was mobilised at the Luangue
Concession during the period, is set up to recover two and half inch diameter
core up to depths of 400 metres and is operated by Gem Drill CC; sub-contractors
with several years of kimberlite drilling experience in Angola.

Core drilling undertaken to date has intersected sedimentary facies kimberlite
at extremely shallow depths of 23 metres.  Of the 20 high priority targets;
seven have been drilled to date.  The intersection on the HS-1 anomaly is
consistent with the Company's consulting geophysicists' interpretation and
geologists' expectations as significant overlying crater facies is generally
found above the Angolan kimberlite pipes.

The target (HS-1), was selected on the basis of its size (indicated by the
aeromagnetic survey to be in excess of 12 hectares), anticipated proximity to
surface and the occurrence of indicator minerals in the alluvial diamond
workings in the surrounding area, all of which showed potential for a nearby
kimberlite source. Mineralogical analysis of indicator minerals currently being
undertaken from the recovered core will confirm whether the kimberlite is
potentially diamondiferous and hence whether further delineation and large
diameter drilling should be undertaken. Assay results from the holes drilled to
date are expected to be announced to the market in the coming quarter.

With further consideration still to be given to the first pass drill holes on
the remaining 50 significant anomalies identified on the Luangue Concession, the
Board is confident the significant potential of the Luangue Concession will
continue to emerge over the coming period.

Alluvial exploration

Two areas of focus for the alluvial exploration have been identified, both of
which exhibit positive indicator mineralogy, indicating a nearby primary diamond
source. Initial exploration has been performed to delineate the extent of the
deposits and bulk sampling is underway to establish the grades and value of
diamonds present.  Processing of these larger samples will be done through the
70tph scrubbing and 20tph DMS plant. The smaller mobile 6tph plant is being used
to do scouting and preliminary mini point sampling of other areas within the
concession. The aim is to evaluate the alluvial potential by Q1 2007 and decide
whether production of alluvial diamonds is economically beneficial.

Preparation and clearance of over 45 kilometres of access roads has been cut for
further reconnaissance activities, as well as general access for drilling and
ground-truthing magnetometery surveys. In addition, regional scale topographic
surveys were conducted to establish sand cover over the concession area along
with mapping of the previous artisanal mining activities.  The Company is now
well positioned to progress the Luangue Concession into an advanced alluvial
exploration phase.

Corporate developments

Xceldiam concluded a strategic co-operation agreement with Petra Diamonds
Limited ('Petra Diamonds') in May which provides for the sharing of information
and co-operation on technical, operational and other related matters regarding
the development of the Company's Luangue Concession and Petra Diamonds'
neighbouring Alto Cuilo Concession. Bearing in mind the contiguous underlying
geology of these concessions and consequent kimberlite mineralogical
similarities, the comparison and profiling of the mineralogy of kimberlitic
occurrences in Luangue against the Alto Cuilo's kimberlitic occurrences will
enable Xceldiam to accelerate the assessment and development of its Luangue's
targets at a lower cost.  As detailed information on diamond content emerges in
the year ahead on the Alto Cuilo kimberlitic occurrences from large diameter
drilling ('LDD') and bulk sampling, this will significantly enhance the
selection and prioritisation of LDD targets on Luangue following the less
expensive small diameter drilling programme which is now underway.

Capital expenditure

Capital expenditure on the alluvial bulk sampling plant and earthmoving
equipment is complete and expenditure focussing on operational activities going
forward is some US$0.5million per month. The Company has also exceeded the
US$3million minimum expenditure required under the alluvial licence contract

The focus of capital spend in the year ahead will revolve around the kimberlite
exploration programme.  This will start with the small diameter core drilling of
kimberlites by Gem Drill and be augmented by sampling of positive targets by
large diameter drilling with an associated drill chip dense media treatment
plant. Expenditure on these activities is expected to total some US$2.9 million.

Results for the period

The Group loss for the period 1 January to 30 June 2006 was US$1.5 million. The
loss for the period includes US$ 1.98 million of expenditure related to the
exploration and development of operations on the Luangue concession and a profit
on foreign exchange translation of US$0.8 million.

Exploration Activities

Significant capital spend for this interim period 1 January to 30 June 2006
relative to the budget for the full 2006 financial year and 2005 has been as

Description                         Actual spend              Budgeted spend           Actual spend
                                    six months to             Financial year       to 31 December 2005
                                     30 June 2006                  2006
Earthmoving Equipment              US$  1 008 327              US$ 1,689,658            US$   1,483 932
Alluvial Sampling Plant            US$  1 379 537              US$ 1,592,728            US$    247, 954
Mobile Prospecting Plant           US$    144 270              US$   159,520
Site Equipment                     US$     83 692              US$   300,000            US$    356, 050
Aerial Surveying                       -    *                  US$   125,000            US$     307,546
Support Vehicles                   US$    134 000              US$   134,000            US$     125,000
Kimberlite Drilling                US$     37 500              US$ 2,026,300 **         US$      37,500
Kimberlite Sampling Plant              -   ***                 US$   930,000
Total                               US$ 2 787 326              US$ 6,957,206            US$   2,557,982

*     Positive ground magnetometer surveying results has allowed for the
postponement of further aerial surveying this year.

**   Based on positive mineralogy from the small diameter drilling warranting
large diameter drilling

*** The Kimberlite sampling plant has been ordered. An initial deposit of US$
225 676 was made in August 2006


Exploration licenses

Both the Luangue kimberlite and alluvial licenses provide for an initial three
year term, renewable to five years upon surrender of 50% of the exploration area
that is determined to not be prospective.  It is important, therefore, not only
to concentrate initially on the attractive areas of the concession, but to
ascertain which areas are of no further interest. Although alluvial evaluation
is reasonably rapid, the nature of kimberlite exploration is more prolonged,
requiring both small diameter drilling to identify diamondiferous targets
followed by large diameter drilling on selected positive targets allowing
greater volumes of kimberlite to be collected from depth and tested for diamond
content.  Following bulk sampling and confirmation of an economic kimberlite or
alluvial deposit, conversion to a dedicated mining licence occurs with the
interest of the Group being preserved at least at the percentage granted in
exploration phase in a special purpose company formed for the mining operations.

Diamond market

The outlook for the diamond market continues to be positive with a shortage of
rough diamonds.  This is likely to intensify over the next five to ten years as
growth in demand continues to outstrip supply.  Rough diamond prices, which rose
by about 50% between 2003 and 2005, are set to rise further over the next decade
and De Beers over the 18 months to June 2006 sold an unusual amount of rough
into the market. This expanded trade stocks too much and the companies average
2% rough diamond price increase in February had to be replaced by price
adjustments across the different categories. Fine, large gems were increased in
price and smaller, medium goods were adjusted downwards. The net effect is
estimated at a 5-7% reduction in De Beers overall prices. However Aber, which
holds 40% of Rio Tinto's big Diavik mine, also adjusted its prices which had the
effect of an overall average increase. The medium to long term picture remains
for significant average price rises as the supply squeeze intensifies and the
already existing shortage of fine gem of 4-5 carats plus widens out through the
broader supply spectrum.

For further information, please contact:

Xceldiam Limited                                                +44 7910 855 640
Tim George                                                     +27 (82) 573 4199

WH Ireland Limited
David Youngman                                                  +44 161 832 2174

Conduit PR
Leesa Peters                                                    +44 20 7429 6666
                                                                +44 20 7429 6600



As at 30 June 2006

                                                      Group   Group Audited Group Audited
                                              Un-audited 30     31 December  30 June 2005
                                                  June 2006            2005
                                     Notes              USD             USD           USD

Non-current assets                                5 473 205       2 754 562       747 929

Plant and equipment                    2          4 977 731       2 247 489       340 382
Intangible asset                       3            495 474         507 073       407 547
Loans receivable                       4                  -               -

Current assets                                    9 515 836      13 979 832       997 402

Trade and other receivables                          36 283          46 401        6  671
Cash and cash equivalents              5          9 479 553      13 933 431       990 731

Total assets                                     14 989 041      16 734 394     1 745 331

Equity and liabilities

Capital and reserves                             14 956 566      16 414 278       672 138

Issued share capital                   6             32 955          32 955        17 655
Share premium                          7         20 515 841      20 515 841     2 909 345
Other reserves                                      167 643         179 242             -
Accumulated loss                                (5 759 873)     (4 313 760)   (2 255 862)

Non-current liability                                                             553 054

Interest bearing liability             8                  -          26 541       553 054

Current liabilities                                                               520 139

Trade and other payables                             32 475         293 575       520 139

Total equity and liabilities                     14 989 041      16 734 394     1 745 331


Period 1 January 2006 to 30 June 2006

                                            Group Unaudited Group Audited    Group Audited 30 June
                                                    30 June   31 December                     2005
                                                       2006          2005
                                    Note                USD           USD                      USD

Interest received                                   145 956        72 657                   10 440

Interest paid                                             -      (35 345)                  (8 804)

Operating profit/(costs)             9          (1 592 068)   (4 351 072)              (2 257 498)

Loss for the period                             (1 446 112)   (4 313 760)              (2 255 862)


Period 1 January 2006 to 30 June 2006

                                                      Group Unaudited    Group Audited 31 Group Audited 30
                                                               30 June      December 2005        June 2005
                                              Note                 USD                USD              USD

Cash flows from operating activities                       (1 695 811)        (3 630 812)      (1 443 516)

Cash absorbed by operations                    10          (1 841 767)        (3 668 124)      (1 445 152)
Net interest received                                          145 956             37 312            1 636

Cash flows from investing activities                       (2 731 526)        (2 726 094)        (761 117)

Acquisition of plant and equipment                         (2 731 526)        (2 318 547)        (353 117)
Acquisition of intangible asset                                      -          (407 547)        (408 000)
Increase in loan receivable                                          -                  -
Acquisition of investment                                            -                  -

Cash flows from financing activities                          (26 541)         20 290 337        3 195 364

Issue of share capital                                               -         20 263 796        2 642 000
Increase/(Decrease) in interest bearing                       (26 541)             26 541          553 364

Cash and cash equivalents at beginning of                   13 933 431                  -                -

(Decrease)/ Increase in cash                               (4 453 878)         13 933 431          990 731
                                                             9 479 553         13 933 431          990 731

Cash and cash equivalents at end of period



Period 1 January 2006 to 30 June 2006

1.   Accounting policies

The financial statements are prepared in conformity with International Financial
Reporting Standards on the historical cost basis except where otherwise stated
and do not constitute statutory accounts within the meaning of section 240 of
the Companies Act 1985.

1.1       Plant and equipment

Plant and equipment are reflected at cost less accumulated depreciation.  Direct
costs and pre-production expenses relating to the erection, commissioning and
installation of major capital projects are capitalised until the projects are in
commercial operation.

Depreciation is charged on the straight-line basis over the estimated useful
lives of the assets.  The estimated maximum useful lives of items of plant and
equipment are :

Computer equipment                    3 years
Furniture and fittings                5 years
Motor vehicles                        5 years
Earthmoving equipment, and            over the life of exploration licence
Sampling equipment                    which is approximately 3 years

Carrying amounts of plant and equipment are impaired to the higher of value in
use or recoverable amount, where this is lower than the carrying amount.  The
expected future cash flows attributable to such assets are considered in
determining the recoverable amount.

The assets residual values and useful lives are reviewed and adjusted if
appropriate at each balance sheet date.

1.2  Provisions

Provisions are recognised when the company has a present legal or
constructive obligation as a result of a past event and when it is probable that
an outflow of economic benefits will be required to settle the obligation and a
reliable estimate can be made of the amount of the obligation.

1.3  Taxation

Where taxation is payable by the nature or situation of the
company's operations, the charge for current tax is based on the results for the
year adjusted for items which are tax exempt or are not tax deductible.  Tax is
calculated using rates that have been enacted or substantively enacted by the
balance sheet date.

1.4  Deferred taxation

Deferred taxation is provided on the comprehensive basis and is
calculated at current rates using the balance sheet liability method.  The
deferred taxation liability represents the amount of income tax payable in
future periods in respect of items of income and expenditure which are
recognised for income tax purposes in periods different from those in which they
are brought to account in the financial statements, allowing for the effect of
tax losses carried forward.  A deferred tax asset is recognised when it is
probable that the related tax benefit will be realised.

Deferred tax is calculated at current tax rates and is charged or
credited in the income statement, except when it relates to items credited or
charged directly to equity, in which case the deferred tax is also dealt with in

1.5  Foreign currency translations

Transactions denominated in foreign currencies are translated at the
rates of exchange ruling on the transaction date.  Monetary items denominated in
foreign currencies are translated at the rate of exchange ruling at the balance
sheet date.  Gains or losses arising on translations are credited to or charged
against income.

Financial statements of foreign operations are restated in US
Dollars by translating monetary balances at rates of exchange ruling at the
balance sheet date, non-monetary balances and components of equity at historic
rates and income statement items at an average rate for the period.  These
translation differences are taken to income for the period.

1.6  Exploration, evaluation and development expenditure

Development expenditure in respect of minerals, exploration and
evaluation expenditure is charged to the profit and loss account as incurred
except where :
•    the expenditure is directly attributable to a particular project;

•    it is expected that the expenditure will be recouped by future exploitation 
     or sale; or

•    exploration and evaluation activities have identified a mineral resource 
     but these activities have not reached a stage which permits a reasonable 
     assessment of the existence of commercially recoverable reserves.

in which case the expenditure is capitalised.

Administrative costs and exploration costs not directly attributable to a
particular project are expensed in the period in which they are incurred.

Intangible assets are tested for impairment annually either individually or at
the cash generating unit level.  Useful lives are also examined on an annual
basis and adjustments, where applicable, are made on a prospective basis.

1.7  Financial instruments

Financial instruments carried on the balance sheet include cash resources and
borrowings, other financial assets, receivables and payables. Financial
instruments are initially measured at cost, which includes transaction costs and
are generally carried at their estimated fair values.

Trade and other receivables are stated at cost less a provision for doubtful

Cash and cash equivalents and interest bearing liabilities are measured at fair

                                           Group 30 June 2006         Group 31 Group 30 June
                                                                 December 2005          2005
                                                          USD              USD           USD
2.   Plant and equipment


       Computer equipment                              84 402           33 966        20 429
       Furniture and fittings                          68 879           68 321
       Motor vehicles                                 325 200          125 000       125 000
       Equipment                                      219 510          219 510       207 688
       Equipment in progress                        1 108 461        1 871 750             -
       Processing plant                             1 523 808                -             -
       Earthmoving Vehicles                         1 719 814                -             -

                                                    5 050 074        2 318 547       353 117

       Accumulated depreciation                      (72 343)         (71 058)      (12 735)

       Carrying amount at end of period             4 977 731        2 247 489       340 382



Period 1 January 2006 to 30 June 2006

3.     Intangible asset

       The intangible asset comprises amounts relating to
       exploration, evaluation and development capitalised in
       respect of Project Luangue.

       The exploration and evaluation activities have identified
       a kimberlitic resource but activities have not reached a
       stage which permits a reasonable assessment of the
       existence of a commercially viable resource.

                                                                  Group           Group          Group
                                                                30 June 2006   31 December    30 June 2005
                                                                   USD             USD            USD

    Included in intangible asset is US$100,000 in respect
    of a payment to acquire the entire share capital of
    Frannor Investments and Financing (Pty) Limited, a
    company incorporated in South Africa ('FIFL SA').

    At the time of the acquisition, FIFL SA had not traded             495 474      507 073          407 547
    and its only assets, were the rights to a 40,0%
    interest in the Alluvial concession and a 39,0%
    interest in the kimberlite concession of Project
    Luangue in Angola.



Period 1 January 2006 to 30 June 2006

                                                         Group 30 June     Group 31   Group 30 June
                                                                  2006     December            2005
                                                                   USD          USD             USD

5.     Cash and cash equivalents

       Cash and cash equivalents                             9 479 553   13 933 431         990 731

6.     Share capital


       250,000,000 shares of USD 0,0006 each                   150 000      150 000         150 000


       54,924,831 shares of USD 0,0006 each                     32 955       32 955          17 655

7.     Share premium

       Share premium                                        20 515 841   21 424 408       2 909 345
       Share issue expenses                                               (908 567)               -

                                                            20 515 841   20 515 841       2 909 345

       During the 2005 year the following commissions
       paid to W H Ireland on the issue of shares were
       written off to the share premium account :

       - June placing                                                       145 818
       - November placing                                                   762 749

                                                                            908 567



Period 1 January 2006 to 30 June 2006

                                                            Group 30      Group 31     Group 30
                                                           June 2006 December 2005    June 2005
                                                                 USD           USD          USD

8.     Interest bearing liability

       Afgem Limited                                               -        26 541      553 054

       The loan is unsecured, bears interest at the
       average 12 month USD Libor rate over the period
       of the loan plus 2,0%.

                                                   Group 30 June    Group 31    Group 30 June
                                                            2006    December             2005
                                                             USD         USD              USD
9.      Loss before taxation

        Loss before taxation is stated after
        charging :

        Administration fees                              164 610      223 925          59 041
        Audit fees                                        18 874       11 150          11 149
        Camp supplies                                    374 235      139 406         139 406
        Consulting and listing fees                        4 814      726 975         319 000
        Depreciation                                       1 285       71 058          13 878
        Directors' emoluments - salaries                 121 594      267 000          84 000
        Security                                          93 154      181 534         121 915
        Foreign exchange gain                          (790 387)            -               -
        Travel - local and international                  59 221      428 404         346 000



Period 1 January 2006 to 30 June 2006
                                                      Group 30 June      Group 31 Group 30 June
                                                               2006 December 2005          2005
                                                                USD           USD           USD

10.     Note to the cash flow statement

        Cash absorbed by operations
        Loss for the period                             (1 446 112)   (4 313 760)   (2 255 862)
        Consulting and listing fees                               -       285 000       285 000
        Depreciation                                          1 285        71 058        13 878
        Net interest received                             (145 956)      (37 312)       (1 636)
        Share option expense                                      -        79 716             -

                                                        (1 590 784)   (3 915 298)   (1 958 620)

        Working capital changes                           (250 983)       247 174       513 468

        Trade and other receivables                          10 118      (46 401)       (6 671)
        Trade and other payables                          (261 101)       293 575       520 139

                                                        (1 841 767)   (3 668 124)   (1 445 152)

11.  Commitments

     Concession Spending Requirements

     The company is required to spend the following amounts to comply
with Concession Spending Requirements laid down by the Angolan Government.

•    Alluvial      -      USD 1.2 million on operating expenditure
                   -      USD 1.8 million on capital expenditure
•    Kimberlite    -      USD 6.0 million to be split between operating and 
                          capital expenditure

In order to comply with the Concession Spending Requirements, the above amounts
should be incurred over the three years following the grant of the initial
concession in April 2005.

To date USD 6.12 million has been expended on the concession area.  The spend
requirements on the Alluvial areas have been fulfilled with the balance of the
expenditure being apportioned to the Alluvial and Kimberlite areas.

12.  Contractual commitments

The Group has entered into various contracts for machinery and
equipment to begin the drilling phase of the prospecting programme.

At balance sheet date the following commitments existed for work
contracted for but not yet delivered.

                                                                      30 June 2006 31 December 2005     30 June
                                                                             Group              USD         USD

       Earthmoving and drilling equipment                                  681 331        1 689 658           -
       Alluvial processing plant                                           218 513        1 592 728           -
       Mobile sampling plant                                                20 141          159 520           -

                                                                           991 985        3 441 906           -

                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                                                                                               

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