Petra Diamonds Ld
17 August 2007
Petra Diamonds Limited
Koffiefontein - 135.6 and 74.7 carat diamonds recovered
Petra Diamonds Limited ('Petra') announces the recovery of two further
exceptional stones from the Koffiefontein mine. The stones weigh 135.6 and 74.7
carats; both stones are gem quality and can be expected to realise a significant
value on sale.
These stones are in addition to the 60.25 carat stone recently recovered which,
as announced on 7 August 2007, was sold for US$736,000.
Petra expects to put approximately 9,000 carats (including many stones larger
than 10 carats) on sale in early September, at which time these two special
stones will also be sold. Given the average value of US$367 per carat (excluding
the 60.25 carat stone referred to above) achieved in the last Koffiefontein
tender, Petra is expecting to realise substantial revenues at the September
tender.
Adonis Pouroulis, Chairman of Petra, commented; 'The acquisition of the
Koffiefontein mine was only recently completed, yet the recovery within a short
time frame of these exceptional stones, together with the high value run of mine
production, means Petra's expectations for revenue and bottom line cash flow
from the mine should be substantially exceeded.'
Ends
For further information, please contact:
Justine Howarth / Louise Goodeve Telephone: +44 (0) 20 7851 7480
Parkgreen Communications, London
Adrian Hadden / Chris Rollason Telephone: +44 (0) 20 7523 8000
Collins Stewart, London
This information is provided by RNS
The company news service from the London Stock Exchange