African Diamonds PLC
23 January 2004

AFRICAN DIAMONDS plc

Contacts:

John Teeling, Chairman Tel: +353 87 2581178

Jim Finn, Director Tel: +353 86 2581178

Redleaf Communications

Nick Lambert Tel: +44 (0) 7811 358 764

www.afdiamonds.com
23rd January 2004

AGM STATEMENT AND TRADING UPDATE

The following highlights will be announced by the Chairman of African Diamonds
plc, John Teeling, at the company's Annual General Meeting, which is due to be
held at 12.30 pm today.

Production

African Diamonds will be producing gem quality diamonds within 8 weeks.

The 240 ton a day pilot mining plant on Pipe 3 in Koidu, Sierra Leone will
be operational in March. Initially we will process 10,000 tons to establish
the grades.

We have high hopes for this plant. The new DiamondWorks mine on Pipes 1
and 2, three kilometres away, is reporting outstanding grades of 67 carats
per hundred tons, as well as finding 25 plus carat stones. Koidu produces
some of the highest quality diamonds in the world. Pipe 3 has every chance
of becoming a high grade commercial mine.

At Kolo, in Lesotho, production will commence on our 55% owned joint
venture, in the 2nd quarter of this year. Initially a total of 30,000 tons
will be mined, from which we expect to recover 5,000 carats including some
large stones. This too is expected to continue into full commercial
production.

Drilling results

We are getting spectacular results from our kimberlite dyke mapping
and sampling programme in Sierra Leone. So far we have mapped 11.5 kilometres of
dykes averaging 1 metre wide. Early stage analysis suggests grades of 1 carat
per cubic metre. Our neighbour, Mano River Resources is finding similar results
on an adjacent licence. If confirmed we have the potential for a mine of high
quality.

In March we will report detailed results from our drilling programme
on 5 kimberlites on our Orapa Licence. We already reported the discovery of two
high quality diamonds from pipe BK10. More will emerge from the detailed
analysis. Expectations at this time are to move to trial mining on BK10.

The search for the lost Orapa alluvial diamonds continues. The 42 holes drilled
in Serowe Botswana are being analysed. We know that we have found river
channels. We are now looking for Orapa gravels and diamond indicators in the
channels. Follow up work will continue during the year to look for Plunge Pools,
which may hold large, gem quality stones. This project has the potential to be a
company maker.

An extensive sampling programme is underway on our three Guinea alluvial
licences. By midyear we will have a resource estimate on the Bomboko and Seria
licences. We have already recovered diamonds from this area.

Corporate

We are at an advanced stage in negotiating an exploration joint
venture on certain of our properties. I hope to make an announcement shortly.

We are also at an early stage in discussing possible joint activities
with a diamond-mining partner.

The funds we received last year will last until June. We have been
offered funding for our on going work but we are reluctant to issue shares at
present prices given the expected flow of good news.

Conclusion

We have had a very good first year as a listed company. It is difficult to
rank the prospectivity and value of our various properties but the
spectacular grades being obtained around us in Sierra Leone offer massive
upside.

We are very well placed with an excellent portfolio and growing interest
in our company.

African Diamonds is a diamond exploration company traded on the AIM market.
Ticker symbol (AFD)

African Diamonds PLC
03 March 2004

AFRICAN DIAMONDS plc.



3rd March 2004



African Diamonds lists on Botswana Stock Exchange

More Diamonds Discovered



African Diamonds is pleased to announce the discovery of two additional diamonds
from the ongoing analysis of drilling samples from our 19 hole drilling
programme on our licence in Orapa, Botswana.

The latest discovery, a 0.26 carat white gem, was found in a small sample of
AK8.

In addition, a gravity survey of kimberlite pipe AK8 suggests that it is bigger
than the 1.5 hectares we have previously estimated.

We have now discovered diamonds in all three pipes analysed to date, BK10 AK9
and AK8. Processing of drill material from a fourth kimberlite, AK12, has
commenced.

The concentrate will be shipped to South Africa for X-ray analyses as soon as
the preliminary analysis is completed on site.

Speaking at the listing of African Diamonds on the Botswana Stock Exchange, Mark
Scowcroft, Managing Director said, 'I see it as a good omen that we discover a
white gemstone as we begin our life on the Botswana Stock Exchange. Botswana has
a fabulous future in diamonds. Looking forward, the four producing diamond mines
will be joined by others. African Diamonds expects to be one of these new
miners. We have excellent ground in Orapa and Serowe, good local management and,
importantly, good drilling results'.



African Diamonds plc



'These excellent results are complemented by the exploration potential which we
have in Botswana. In the Orapa area we have over 1,000 km of quality ground with
excellent potential. To the north of Serowe we believe we are on the trail on a
new kimberlite field, and we continue to hunt for the lost Orapa alluvial
diamonds.

Botswana is an excellent country in which to operate with good title,
regulations, infrastructure and people. It has among the best diamond potential
in the world. Our listing in Botswana shows that we are here for the long run. I
look forward to a growing and profitable future'.



Contacts:



African Diamonds Plc
John Teeling Tel: +353 87 2581178
Mark Scowcroft Tel: +267 713 02471

Redleaf Communications
Nick Lambert Tel: +44 (0) 7811 358 764


Rowan Dartington
Barrie Newton Tel: +44 (0) 1179 330011

Capital Securities
Rupert McCammon Tel: +267 3188886




www.afdiamonds.com

whats the next move for this stock,as its falling since the good news,why?it should be rising,but i think profit takers are taking care of this at the moment by the looks of things.

I find this a difficult stock to read. I am by no means an expert, but, I think this stock is purely sentimental value. It wants to level off probably at high 40's to 50p. Soon as there is news, not even positive results, just keeping us briefed, the price shoots up.
I thought they were to release the analysis results of one of their explorations (pipes) this month. I haven't a clue as to the stocks potential, but it did hit 0.91p on 05.02.04, so how far can it go with positive news????

Looks like this stock has recovered from the days weakness. Is this due to news or just people stocking up on while they are weak?

Is this stock going to keep falling? Is there light at the end of the tunnel?wHATS GOING ON CAN SOMEBODY HELP?

must admit this is a funny stock at present,just check the rise from 47.5 to 52.50p within a minute.at 4pm.

This stock seems to be hovering around 50p. Is this the true level for now? Certainly 80p seemed unsustainable without further developments. I suspect that for now this about right until more news comes out.

This stock is even gone down further by 8 pence today,which is 16% down from previous close ,is it time to sell or shall we still hold for couple of weeks or months?

ateeq180,

nobody here is probably qualified to answer that question, you really have to make your own decision.

IMHO the chart seems to have support at 38p, otherwise at a much lower level in the 20's. so I would certainly be keeping a very careful eye on the price over the next few days!

tomorrow could be interesting!

I don't see any inspiration at all in the charts!

Any ideas as to the big rise over the last 2 days?

yes....RNS expected anyday regarding the results of a testing in a diamond pipe. Results are expected to be good.....

Does anyone have any information regarding the possible tie up between De Vere and African Diamond?

JAHYTON76,

It's DE BEERS!

Today's Guardian commented on a RUMOUR about a conection between De Beers and AFD, but at this stage it is only a rumour reported in one newspaper.

andy, also brokers cazenove, tie up with de beers on the cards.

aldwickk,

Ok, but is it the same rumour from the same source, or did they source it independently?

IMHO, until it's hard fact, it remains a rumour!

good luck if you hold.

Could be big news out in the morning. (so I am told)

GF.

Hi.

Are everyone as suprised as me regarding the share price response to todays interim news. We are holding shares that must surely have huge upside potential, todays news was surely good. I really thought we would see a major gain, certainly a spike around 90 like before.

Does anyone have any ideas???

i keep hearing people talking about african diamonds. looking at the chart i am not able to conclude if this is a good buy or not because of the lack of trading years but analysts seem to think this is a great buy. i assume they are going by knowledge of the company and accounts. can someone enlighten me as to why this is such an eager buy and why certain people are talking about this company so much?

thanks

javid

I think Afr. Dia. are suffering because of the huge spike we saw in feb. Every time they have good news people will be worried they have missed the boat when the price rises and may be inclined to wait for the drop. Regardless of this they seem to have generally good newsflow and I assess are definately worth following. I am holding for now to my stock. Its a risky area because of the current speculation in mining but there is definately good potential there.