26th Aug 2005 07:00
Petra Diamonds Ld26 August 2005 26 August 2005 Petra Diamonds Limited Alto Cuilo - further new kimberlitic anomaly identified Petra Diamonds Limited ("Petra" or "the Company"), the AIM-quoted and ASX-listeddiamond mining group, announces the discovery of a 60 hectare kimberliticanomaly on the Alto Cuilo project in north eastern Angola. This discovery is inaddition to the 125 and 26 hectare anomalies announced on 8 August 2005 and theexisting 109 hectare (115 million tonne) deposit. Petra had been aware of there being an anomaly at this target and had previouslydrilled seven holes that showed it to be a kimberlitic deposit, with one of theholes intersecting kimberlitic material to a thickness of 90 metres. The surfacearea of this anomaly has now been defined and enlarged by the ongoing processingof data from the low level Midas helicopter survey that was undertaken in Julythis year. The anomaly is 4.5 kilometres from the cluster of anomaliespreviously announced on 8 August 2005. A magnetic image of this new anomaly can be viewed at www.petradiamonds.com Adonis Pouroulis, Petra's Chairman, commented, "We are delighted to report thatyet another substantial kimberlitic anomaly has been found at Alto Cuilo. Thefact that this is further afield from our other targets is encouraging as thiscontinues to confirm the scope and scale of the project." Ends For further information, please contact: Petra Diamonds, South Africa Parkgreen Communications, LondonAdonis Pouroulis/Johan Dippenaar Justine Howarth / Cathy MalinsTel +27 11 467 6710 Tel +44 20 7493 3713 Field PR, AdelaidePetra Diamonds, Perth Kevin SkinnerJohn Baillie Tel +61 8 8234 9555Tel +61 8 9381 8888 Mobile +61 414 822 631 Notes to Editors: In December 2004 Petra implemented a formal Joint Venture Agreement with BHPBilliton World Exploration Inc ('BHP Billiton') regarding the Alto Cuilo diamondproject in north eastern Angola. Under the terms of the Joint VentureAgreement, BHP Billiton can, by investing up to US$60 million in Petra DiamondsAlto Cuilo Limited, the JV vehicle ('Vehicle') which holds Petra's share in AltoCuilo, acquire a share of up to 75% of the Vehicle. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Petra Diamonds