Petra Diamonds Ltd. announced that the old order mining right for the Cullinan Mine, which it is acquiring from De Beers, has been converted into a new order mining right by the South African Department of Minerals and Energy (DME). This fulfills one of the conditions for the sale of Cullinan to the Petra Diamond Cullinan Consortium to be completed.

Completion of the sale is now conditional upon:

• approval by the South African Competition Authority
• ministerial consent to the cession of the new order mining right to the Petra buying consortium and
• the DME’s agreement to this cession and transfer of the rehabilitation obligations and liabilities from De Beers to the Petra consortium.

 It is expected that these remaining conditions will be met between May and July 2008.