Petra Diamonds finds more kimberlites at Alto Cuilo09:47,...

Petra Diamonds finds more kimberlites at Alto Cuilo
09:47, Wednesday, 26 April 2006

Sydney - Wednesday - April 26: (RWE Australian Business News) -
Petra Diamonds Ltd (ASX code: PDL) today announced an update on the Alto
Cuilo project in northeastern Angola.

Since the company's last update on March 15 within the interim
results statement, solid exploration progress has been made at Alto
Cuilo, with a further increase in the estimated surface area of
kimberlitic occurrences to around 1437 hectares.

Ongoing drilling of the anomalies identified by the Midas
low-level helicopter aeromagnetic survey has resulted in the
identification of a further five kimberlitic occurrences with an
estimated surface area of 114 hectares.

This takes the total to 38 kimberlitic occurrences with an
estimated surface area of 1437 hectares, a significant increase over the
results reported by the company last month.

Drilling in excess of 19,196 metres on 140 holes has been
undertaken to date, with 104 of these holes intersecting kimberlitic
material, a success rate of 74 per cent.

The estimated surface area of the kimberlitic occurrences is
based on the interpretation of the magnetic anomalies identified,
together with analysis of drilling results.

The third core drill rig, which will serve to further accelerate
the rate of discoveries and information flow, is now expected to arrive
on site earlier than expected, in April, two months ahead of schedule.

The large-diameter drill rig and 10 tonne-per-hour sample plant
remain on track for delivery in June.

Also, the alluvial pitting and trenching program has continued
in order to further evaluate the potential for economically viable
alluvial deposits, with 412 pits already completed.

An economic feasibility study is under way on an area of
specific interest.

Petra shares last traded at $2.07.

ENDS