17th Aug 2007 09:56
Petra Diamonds Ld17 August 2007 Petra Diamonds Limited Koffiefontein - 135.6 and 74.7 carat diamonds recovered Petra Diamonds Limited ("Petra") announces the recovery of two furtherexceptional stones from the Koffiefontein mine. The stones weigh 135.6 and 74.7carats; both stones are gem quality and can be expected to realise a significantvalue 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 largerthan 10 carats) on sale in early September, at which time these two specialstones will also be sold. Given the average value of US$367 per carat (excludingthe 60.25 carat stone referred to above) achieved in the last Koffiefonteintender, Petra is expecting to realise substantial revenues at the Septembertender. Adonis Pouroulis, Chairman of Petra, commented; "The acquisition of theKoffiefontein mine was only recently completed, yet the recovery within a shorttime frame of these exceptional stones, together with the high value run of mineproduction, means Petra's expectations for revenue and bottom line cash flowfrom the mine should be substantially exceeded." Ends For further information, please contact:Justine Howarth / Louise Goodeve Telephone: +44 (0) 20 7851 7480Parkgreen Communications, London Adrian Hadden / Chris Rollason Telephone: +44 (0) 20 7523 8000Collins Stewart, London This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Petra Diamonds