GFSA G4s Plc

RNS No 8232k
PETRA DIAMONDS LIMITED
10th March 1999


                 PETRA DIAMONDS LIMITED
                           AIM
               PETRA ACQUIRES GOLD FIELDS
            SOUTH AFRICAN  DIAMOND INTERESTS

Petra  Diamonds Limited ("Petra") is pleased to  announce
that it has acquired the entire diamond interests of Gold
Fields  of  South Africa Ltd  ("Gold Fields") which  were
sold  as  a  result of the restructuring of that   group.
These  interests consist of a mixture of  mineral  rights
and   options  to  mineral  rights  over  ten  properties
comprising  a  total  area of  84  square  miles  in  the
Northwest Province of South Africa.

Of  particular interest is the option over  the  recently
discovered  Syferfontein kimberlite. This  kimberlite  is
3.4  acres in surface extent and is estimated to  contain
3.83  million tons of ore to a depth of 623  feet.   Gold
Fields work on this kimberlite consisted of defining  the
extent  of  the pipe and the sinking of 15  drill  holes.
Both  macro  and micro diamonds were recovered  from  the
drill  cuttings.   During the due diligence period, Petra
has  confirmed  the  drilling results  and   carried  out
further  exploration.  In addition  to  establishing  the
presence of diamonds at Syferfontein, this  work has also
defined  a well-constrained kimberlite indicator  mineral
anomaly on the adjoining Eleazar property, on which Petra
also  holds  an option.  Test drilling has  commenced  on
this anomaly.

At  Syferfontein,  excavation of a  large  sample  is  in
progress  in  order  to obtain an indication  of  diamond
grade  and  quality.  A successful result  will  lead  to
initial trial mining ahead of full-scale production.

The  remaining properties are all situated in  favourable
geological environments for the presence of diamonds  and
are scheduled for initial prospecting shortly.

The  consideration for the acquisition from  Gold  Fields
will be satisfied by the issue of  133,800 ordinary Petra
shares.  Application for admission to trading on AIM  has
been  made  for 133,800 ordinary shares of  10p  each  in
Petra.  Trading in these shares is expect ed to  commence
on 15 March 1999.

Commenting on the acquisition,  Petra's Chairman,  Adonis
Pouroulis,  said  "We  are  actively   looking  for   new
deposits  and  the  Gold  Fields  properties  present  an
opportunity for the company to potentially bring  another
mine on stream in South Africa."

Copies  of  this announcement will be available   to  the
public free of charge from  the office of Grant Thornton,
Grant  Thornton  House,  Milton  Street,  Euston  Square,
London  NW1  2EP  during normal office hours,  Saturdays,
Sundays  and Bank Holidays excepted, for a period  of  14
days from the date of this announcement.
                            

Enquiries:
Petra Diamonds Limited:                  00 27 82 492 9100
Adonis Pouroulis, Chairman

Grant Thornton                           0171 383 5100
Brian Moritz

Boswell City Financial PR Ltd.           0171 256 9575
Glenda Boswell
Mobile 0468 235 735


END

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