10th Dec 2007 07:01
Petra Diamonds Ld10 December 2007 10 December 2007 AIM: PDL Petra Diamonds Limited Cullinan Diamond Mine - New Order Mining Right Petra Diamonds Limited ("Petra") announces that the South African Department ofMinerals and Energy ("DME") has converted the old order mining right in respectof the Cullinan Diamond Mine ("Cullinan") into a new order mining right. On 22 November 2007 Petra, as a member of the Petra Diamonds Cullinan Consortium("PDCC"), entered into an agreement with De Beers Consolidated Mines Limited ("De Beers") to acquire Cullinan ("the Transaction"). It is a condition of theTransaction that the Cullinan old order right be converted into a new ordermining right (both in the name of De Beers), before the process of ceding thenew order right to PDCC can take place. Completion of the Transaction is now conditional upon the following remainingconditions: (i) approval by the South African Competition Authority; (ii) Ministerial consent to the cession to PDCC of the new order miningright in respect of Cullinan; (iii) the DME consenting to the cession, transfer and delegation of therehabilitation obligations and liabilities in respect of Cullinan from De Beersto PDCC; and (iv) all regulatory and other approvals as may be required. As stated within our announcement of 22 November, it is expected that theremaining conditions will be met between May and July 2008. A further announcement will follow in due course, which will include a resourcestatement for Cullinan, in accordance with the AIM Guidance for Miningcompanies, when the new order mining right is transferred to PDCC. Ends For further information, please contact:Louise Goodeve / Justine Howarth Telephone: +44 (0) 20 7851 7480Parkgreen Communications, London Adrian Hadden Telephone: +44 (0) 20 7523 8000Collins Stewart, London www.petradiamonds.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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