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Annual Report and Accounts 2011

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Exploration:

 

Botswana – Kalahari Diamonds

Petra's exploration activity is focused on Botswana, which is considered to be one of the best addresses in the world for diamond exploration, given its stability, its attractive fiscal regime and its superb geological prospectivity.

During FY 2011, large tracts of well-explored ground that had come to the end of their seven year licence tenure were relinquished, resulting in a total current landholding of some 22,250km2, which is one of the largest diamond exploration holdings in the country.

Geophysical ground follow-up and Heavy Mineral Analysis of 46 high priority targets selected from High Resolution Airborne Magnetic data were completed across Petra's various project areas. At the end of the Period, six targets had been drilled as part of an ongoing exploration drilling campaign – no additional kimberlites were discovered.

In addition, a 4,500 line km Xcalibur HiRes Airborne Magnetic Gradiometer survey was successfully commissioned and conducted over historical kimberlite indicator mineral recoveries in the Kukama East project area. The application of Xcalibur Airborne Geophysics' horizontal gradient magnetic acquisition system remains Petra's primary exploration tool to be utilised in clearly defined areas of interest and a 22,000 line km survey covering newly acquired ground is planned.

Delineation/evaluation drilling (five boreholes, totalling 1,730m) undertaken on the diamondiferous KX36 kimberlite discovered last year was completed by Period end. All boreholes were surveyed (directional) and a down-hole geophysical wireline logging programme was successfully completed. Following detailed lithological logging of all drillcore retrieved, samples were submitted for petrographic and micro-diamond analyses. All results (expected early FY 2012) will be used to update the existing 3D geological (Gemcom) model to assist with the calculation of material volumes and a preliminary grade estimate.

Significant progress has also been made with both the geophysical and geological 3D modelling of the portion of kimberlite BK1S discovered on Petra ground adjoining the Damtshaa Mining Licence in mid-2008. Results will be used for the calculation of material volumes for the portion of the kimberlite body BK1 that falls outside the Debswana Mining Lease and within Petra's prospecting licence.

map

Kalahari Diamonds:

Exploration programme in Botswana

Best address in the world for diamond exploration

» Botswana is world's largest
   producer of diamonds by value

» Petra has one of the largest
   diamond exploration land
   holdings in the country

» Current landholding of
   22,250km2

Kalahari Diamonds Limited is a diamond exploration company that has been active in Botswana since 2002.

Initially formed to explore for diamonds under an exploration alliance with BHP Billiton, it has achieved considerable success under Petra's management as evidenced by the discovery of five new kimberlites since 2006.

Kalahari Diamonds holds its exploration licences in Botswana through its wholly owned subsidiary Sekaka Diamonds (Pty) Ltd ("Sekaka Diamonds").

The map on the left shows Sekaka Diamonds' current landholding in Botswana (as at 30 June 2011).