May 28, 2003

News Release: Renewal of Zambian Crude Oil Contract

DiamondWorks Ltd. ('the Company) is pleased to announce that, through its wholly owned subsidiary Trans Sahara Trading (IOM) Limited ('TST'), the contract to supply crude oil to Zambia, which expired on 15 May 2003, has been extended.

The Company has received confirmation from the office of the Vice President of Zambia that the crude oil supply agreement has been extended for a further 450,000 metric tons of crude oil. The authorisation is currently going through the requisite administrative procedures in Zambia. The stock currently in the system, together with the 450,000 ton extension, is anticipated to be sufficient for the country's total consumption until October 2004. TST is currently in negotiations to increase the contract from 450,000 tons to 900,000 tons of crude oil.

The first 70,000 tons, currently onboard the vessel Ruby 3, is awaiting discharge.

DiamondWorks Ltd. is a mining and mineral exploration company engaged in the acquisition, exploration, development and mining of diamond and other mineral properties. The Company's principle mineral properties are located in Sierra Leone, Angola and Central African Republic. The Company's wholly owned subsidiaries Otterbea International (Proprietary) Limited and Petroplus Africa Limited specialize in commodities trading, the supply and sale of crude oil and refined petroleum products and procurement and logistics for the mining industry in Africa.

This news release contains forward-looking statements that are subject to various risks and uncertainties. The Company's actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors that may be beyond the Company's control. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made.

For further information: please contact: DiamondWorks - Rob Rainey, Tel: +27 11 454 3055, Fax: + 27 11 454 1674, info(at)diamondworks.com; Jimmy Kanakakis, Tel: +27 11 454 3099, Fax: + 27 11 454 1674, tash(at)diamondworks.co.za

WEBSITE EMAIL