Grant of Share Options

Petra Diamonds Ld 07 December 2007 7 December 2007 AIM:PDL Petra Diamonds Limited Directors Dealing Grant of Share Options Petra Diamonds Limited ('Petra' or 'the Company') announces that the Company's Remuneration Committee resolved on 6 December 2007 to grant the following share options over ordinary Petra shares: Adonis Pouroulis Chairman 300,000 Johan Dippenaar Chief Executive Officer 300,000 Jim Davidson Technical Director 300,000 David Abery Finance Director 300,000 Due to the confidential bid process for the Cullinan diamond mine which was underway from 8 October 2007 (when the Company released its preliminary results) to 22 November when the Company signed the agreements for the consortium to acquire the Cullinan mine, the Company has been in a close period and was therefore unable to grant options when the preliminary results were released, as it would ordinarily have done so. Therefore the Remuneration Committee has resolved that the exercise price for these options be the closing mid-market price of Petra's shares on 8 October 2007, being 125 pence per share, which is the exercise price at which the options would have been granted but for the close period due to the Cullinan bid process. The options granted to Directors will be subject to the satisfaction of appropriate performance conditions. Ends Cathy Malins Telephone: +44 (0) 20 7493 7671 Petra Diamonds, London Justine Howarth / Louise Goodeve Telephone: +44 (0) 20 7851 7480 Parkgreen Communications, London Adrian Hadden Telephone: +44 (0) 20 7523 8000 Collins Stewart, London This information is provided by RNS The company news service from the London Stock Exchange