AFD RBC Diamond Day 2008

1. African Diamonds PLCAfrican Diamonds PLC
Developing the AK6 Kimberlite
Diamond Mine in Botswana
Presented to RBC Diamond Conference
May 15th 2008 London
AK6 geological model to 756m
Open Pit Mine Plan
Small Volcano

2. Important NoticeImportant Notice
♦ This presentation does not constitute or form part of any offer for sale or solicitation of any offer to buy or subscribe
for any securities in African Diamonds plc nor shall it or any part of it form the basis of, or be relied on in connection
with, or act as any inducement to enter into, any contract or commitment whatsoever. No reliance may be placed for
any purpose whatsoever on the information or opinions contained in this presentation or on any other document or
oral statement or on the completeness, accuracy or fairness of any such information and/or opinions. No undertaking,
representation, warranty or other assurance, express or implied, is made or given by or on behalf of African
Diamonds plc or any of their respective directors, employees or advisers, as to the accuracy or completeness of the
information or opinions contained in this presentation, and (save in the case of fraud) no responsibility or liability is
accepted by any of them for any such information or opinions or for any errors, omissions, misstatements, negligence
or otherwise contained or referred to in this presentation. The contents of this presentation have not been approved
by an authorised person within the meaning of the Financial Services and Markets Act 2000.
♦ This presentation does not constitute an offer to the public as referred to in section 85 of the Financial Services and
Markets Act 2000 (as amended) of the United Kingdom and accordingly has not been nor will it be approved by any
competent authority in the United Kingdom. This presentation is not a prospectus within the meaning of the
Prospectus (Directive 2003/71/EC) Regulations 2005 of Ireland and therefore has not been approved by the Irish
Financial Services Regulatory Authorities being the competent authority for the purposes of Directive 2003/71/EC in
Ireland. This presentation is not an offering document for the purposes of section 49 of the Investment Funds,
Companies and Miscellaneous Provisions Act 2005 of Ireland.
♦ This Presentation has been prepared by the Directors of African Diamonds plc and is being issued solely to and
directed at persons who have professional experience in matters relating to investments falling within Article 19(1)(a)
of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 ("FPO") or (b) high net worth
entities and other persons to whom the presentation may otherwise lawfully be communicated, falling within Article
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receipt of the presentation each recipient warrants and represents that he or it is a person falling within that
description. Delivery of this information to any other person or reproduction, in whole or in part, without the prior
consent of African Diamonds plc is prohibited.
♦ This information is being supplied to you, in whole or in part, for information purposes only and not for any other
purpose. In particular, the distribution of this document in jurisdictions other than United Kingdom or Ireland may be
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jurisdictions.

3. 3 of 24
HighlightsHighlights
A diamond development and exploration company
♦ Developing the world-class AK6 diamond discovery in JV with De
Beers. Start up expected early 2010, fully funded
♦ Evaluating the small AK8 kimberlite discovery. Decision time Q3
2008
♦ Exploring in the best ‘Diamond Address” in the world: the Orapa
region of Botswana:
– Ongoing JV with De Beers: 30 kimberlites and 3,743km2 of
ground
– Prospecting has commenced on the 100% AFD owned Kedia
anomalies to the west of Orapa
♦ Outside Botswana:
– 35.42% of Bugeco which has discovered 10 diamondiferous
kimberlites in the Congo. In JV with De Beers
– 12.5% of West African Diamonds PLC (quoted on AIM), a
diamond explorer in Sierra Leone and Guinea

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DIAMOND MINING MARGINS
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
JwanengVenetia
Letlhakane
Saxendrift
D
uas
Barras
Pim
enta
Bueno
AK6
O
rapa
H
olpan/Klipdam
D
iam
ond
Area
N
o.1Letseng
W
outerspan
LiqhobongBraunaFinschC
atoca
BakenC
ullinan
PROFIT/REVENUE(%)
Global importance of theGlobal importance of the
AK6 discoveryAK6 discovery
♦ Commercial kimberlite
discoveries are very rare
♦ 17 hard-rock diamond mines
operating now, expected to drop
to 12 by 2012
♦ Significant diamond supply
deficit expected by 2012
♦ Diamond prices expected to
significantly increase over time,
especially in the higher value
categories
♦ AFD will be one of 5 listed hard
rock diamond miners and AK6
will be in the top 5 hard rock
diamond mines in the world
when measured by Profit /
Revenue ratio
10
100
1000
H
arry
W
inston
D
iam
onds
G
em
D
iam
onds
Shore
G
old
Petra
D
iam
onds
African
M
inerals
(SLD
C
)
M
ountain
Province
D
iam
onds
Archon
M
inerals
African
D
iam
onds
Trans
H
ex
Firestone
D
iam
onds
Stornow
ay
D
iam
onds
Pangea
D
iam
ondfields
R
ockw
ellD
iam
onds
D
w
yka
D
iam
onds
BR
C
D
iam
onds
D
iam
ondcorp
D
ianorR
esources
Vaaldiam
R
esources
TargetR
esources
ArchangelD
iam
onds
Brazilian
D
iam
onds
MarketCap(GBPM)
Source: RBC Capital Markets
Source: Google Finance

5. 5 of 24
The diamond industryThe diamond industry
♦ Retail market remains strong but
might not be immune to
economic trends
♦ Low growth in supply
♦ Growing gap between supply and
demand, particularly in the larger
better quality goods
♦ Few large discoveries
♦ Long lead times on mine
development
♦ Result; Upward pressure on
rough and polished prices
Reproduced with kind permission of WWW International
Diamond Consultants Ltd & Ambrian Partners Limited
90
100
110
120
130
140
150
1996 1998 2000 2002 2004 2006
0.5ct 1ct 3ct 5ct

6. 6 of 24
CorporateCorporate
♦ Quoted on AIM (London) since July 2003 and on the Botswana Exchange
since March 2004
♦ 76.2M shares issued: 79.5M fully diluted
♦ Market cap: £70M @ £0.86:
– Range in last 12 months £0.75 - £1.50
♦ Directors, family and associates: 25%.
♦ Institutional investors:
– Investec Botswana (10%)
– JP Morgan (10%)
– Black Rock (5%)
♦ De Beers holds 6%
♦ c. 1,500 shareholders (c.300 in Botswana and growing rapidly)
♦ Broker/Nomad: RBC Capital Markets
♦ Liquid, 9 market makers
♦ Debt free, with £3.25M in cash (May 2008) and mine development fully funded

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BotswanaBotswana
♦ Since gaining independence in 1966, it has
become one of the richest and most stable
African countries. It is called the ‘Switzerland
of Africa’:
♦ It is the largest diamond producer by value in
the world. With four large mines producing
– The Orapa mine, producing 17M carats a year,
is the second largest diamond mine in the world
– Jwaneng is the richest mine of any type in the
world, with a profit to revenue ratio in excess of
90%
– The Letlhakane mine producing $250M a year of
gem stones is located close to the AK6 AFD/De
Beers discovery
– Damtshaa (4 kimberlites), the latest mine is
adjacent to the AFD ‘Folio 12’ licences
Angola
12%
Australia
4%
Botswana
24%
Canada
12%
Dem. Rep. of Congo
6%
Namibia
7%
Russia
17%
South Africa
11%
South America
2%
Other
5%
Value of rough diamond supply by country (2006),
reproduced with kind permission from De Beers

8. 8 of 24
Diamond Mine DiscoveryDiamond Mine Discovery
-- Botswana: AK6 kimberlite mineBotswana: AK6 kimberlite mine
♦ World class discovery 2004, coming on
stream early 2010
♦ Ownership:
– AFD: 28.381%
– De Beers: 66.215%
– Local interests: 5.404%
♦ Mine development fully funded
♦ Indicated resource to 400m (+1mm):
– 11.1M carats & 51.8M tonnes
– Average grade 22cpht & modelled
diamond value $131/ct
– > USD1,400M in the ground
♦ >400m additional deposit potential
– 400-756m: 22.28M tonnes
♦ NB. De Beers data, which AFD
believes to be conservative
CS1 model based on
Phase 1 drilling
Development of Geological Model
Bulk Sampling on AK6

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AK6 MINE DEVELOPMENTAK6 MINE DEVELOPMENT
♦ Mining Licence Q2 2008
♦ Start up Q1 2010
♦ CAPEX: $220m, fully funded
♦ OPEX: $8/ton
♦ REVENUE: Above $30/ton
♦ FUNDING: 75% project finance,
25% equity
♦ No dilution to AFD, equity portion
loaned by De Beers
Public Participation
Mine Layout
Open Pit Mine Plan

10. 10 of 24
AK8 DiscoveryAK8 Discovery –– At Evaluation StageAt Evaluation Stage
Located 10km away from AK6 & 10km away from the
Orapa Mine
♦ Potential satellite producer for AK6 or stand
alone operated by African Diamonds
♦ Resource (+1mm):
– 5 Hectare kimberlite pipe
– Southern lobe (2.5Ha): grade c.5 cpht, sections
higher
– Northern/eastern lobe: grade c.1-2 cpht
– 20M tonnes to 300m
– Modelled diamond value of USD100/carat
♦ Current phase of work:
– Assessment of possible economic options
– Target completion date early Q3 2008
Geological Model

11. 11 of 24
AK6
Exploration ActivitiesExploration Activities -- BotswanaBotswana
–– AFD operates a JV with De Beers as well asAFD operates a JV with De Beers as well as
running a 100% owned operationrunning a 100% owned operation
♦ The 3,743 km2 yellow ground is
the AFD/DB (70/30) joint venture
♦ The AFD/DB joint venture controls
30 out of the 70 known kimberlites
in Orapa
♦ Large scale exploration
programme continues, including
the application of new prospecting
technology
African diamonds 100% owned
exploration
♦ New ground (3481km2)
♦ Additional licences applied for in
Orapa area
♦ Prospecting started May 1st 2008

12. 12 of 24
Botswana Exploration Projects (DB JV)Botswana Exploration Projects (DB JV)
BK6 (3.5 Hectares)
♦ Mini-bulk sampling completed
– results awaited
BK7 (2.5 Hectares)
♦ Mini bulk-sampling completed
– results awaited
AK9 (3 Hectares)
♦ Mini-bulk sampling completed:
localised grades of up to
10cpht. Next stage being
evaluated
♦ Reassessment of 18
kimberlites known to contain
diamonds

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♦ The Congo is one of the last places left
in the world that has elephant hunting
potential for high-value discoveries
♦ AFD owns 35.42% of Bugeco SA, that
owns exploration licences in the Congo
which are in JV with De Beers
♦ Two new high interest kimberlite
clusters have been discovered with 10
kimberlite pipes (>35Ha in total size)
showing good mineral chemistry and
the existence of micro-diamonds
♦ Bulk sampling is planned on some of
the kimberlites during 2008
♦ De Beers carries out all exploration
activities in the joint venture area at no
cost to Bugeco
Airborne Geophysics
Kimberlite Pipe
Geophysical Signature
Activities outside Botswana;Activities outside Botswana;
Congo (DRC)Congo (DRC)

14. 14 of 24
Activities Outside BotswanaActivities Outside Botswana
-- Sierra Leone & GuineaSierra Leone & Guinea
♦ AFD owns 12.5% of WAD an AIM listed company
developing projects in Sierra Leone and Guinea
♦ Development:
– Plant 11 Development: 7Mt dump containing gold &
diamonds
– Bomboko alluvials: >25cpht and potentially >0.75M
carats.
Mining 2008
♦ Advanced projects:
– Droujba kimberlite pipe, >2M cts to 120m (>80cpht)
– Droujba alluvials: 0.3 – 0.5M carats exploration
potential
– Kimberlite ‘Pipe 3’: grade re-assessment completed:
now 20cpht
– Kimberlite dykes: 14-km of strike mapped
Over 1,100 cts
@ USD228/ct
from SL Pipe 3

15. 15 of 24
ManagementManagement
John Teeling (62) - Executive Chairman
•30 years’ resources experience.
•20 years African management experience.
•Established a number of AIM companies.
•Doctorate from Harvard.
James Campbell (43) – Managing
Director
•Over 20 years’ diamond experience with
Anglo American plc & De Beers.
•Had world-wide responsibility for
diamond resource delivery in De Beers.
•Previously Personal Assistant to Nicky
Oppenheimer.
•Degrees in Geology and Business.
Alex Van Zyl (63) – Technical Director
•Over 40 years’ diamond experience with
Anglo American plc and De Beers.
•Had worldwide responsibility for
diamond exploration and evaluation.
•Led the discovery of Venetia Mine.
James Finn (49) – Finance Director
•20 years’ experience in exploration
companies.
•Currently Director of 5 AIM companies.
•Degrees in Accounting and
Management.
David Horgan (48) – Director
•Holds a Law degree from Cambridge
and an MBA from Harvard.
•He is Managing Director of AIM listed
Middle East oil explorer Petrel
Resources plc and Oil & Gas producer
Pan Andean Resources plc.
Ribson Gabonowe (52) – CEO Kukama
•Over 25 years’ mining industry
experience
•10 years as Director of Mines in
Botswana overseeing mining licences
administration.
•Degrees in Mining, Economics and an
MBA

16. 16 of 24
SummarySummary
PRODUCTIONRESERVESRESOURCESDEPOSITS
GRASS ROOTS
EXPLORATION
INCREASING KNOWLEDGE, CONFIDENCE & BANKABILITY
AK9Several
anomalies
AK6BK3
BK6
BK7
AK8
>6,000>6,000
kimberlites
850850
Diamondiferous Kimberlites
5050
Economic Kimberlites
Less than 20% of Kimberlites contain diamonds: only 1% of kimberlites are significant mines
FOCUSFOCUS
♦♦ Hard rock diamondHard rock diamond
mine coming onmine coming on
stream 2010stream 2010
♦♦ Strong explorationStrong exploration
portfolioportfolio

17. 17 of 24
Any Questions?Any Questions?
♦ Please visit:
– http://www.afdiamonds.com
– http://www.westafdiamonds.com
– http://www.bugeco.com

18. AppendicesAppendices

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Crudely concentric structure
Crust
Solid lower and upper mantle
Liquid outer core
Solid inner core
Evolution of the earthEvolution of the earth

20. 20 of 24
Crater
Diatreme
Xenoliths
Root
Eruption of a kimberlite volcanoEruption of a kimberlite volcano

21. 21 of 24
Diamondiferous kimberlitesDiamondiferous kimberlites
mobile belt craton
lithosphere
diamond stability zone

22. 22 of 24
Diamond depositsDiamond deposits

23. 23 of 24
Global diamond depositsGlobal diamond deposits

24. 24 of 24
Why the Orapa Area?Why the Orapa Area?
♦ AK6 discovered by De Beers in 1969 from follow-up
of geophysical surveys
– Declared to be low interest due to small size (c.3.3 ha
Figure 1) and a preliminary assessment of the
diamond grades (3cpht).
♦ The area was revisited in 1998 due to improved
exploration technologies: geophysical surveys and
drilling undertaken (Figure 2)
♦ 2003/2004: 100-tonne (5 x 12” holes) bulk sampling
across kimberlite to test for macro-diamonds:
– Modeled global grade of 25cpht & diamond value of
US$138/ct (+1mm)
♦ 2004/2005: 6.5-inch Percussion drilling (44 holes,
6,376m) to delineate surface outline:
– Surface area of 9.5Ha and 40M tons (10M carats) at
deposit level to 400m
♦ Results led to current Mining Lease application
Hypothesis: there are perhaps more AK6’s to be found!
Figure 1 Early plan of AK6 showing locations of drill holes & pits.
Figure 2 Ground geophysical survey over AK6.