Motapa provides Q3 financial report

Motapa Diamonds Inc. has filed its interim consolidated financial statements and its Management Discussion and Analysis of the 3 months ended November 30, 2007 with regulatory authorities. The interim consolidated financial statements were prepared by management in accordance with Canadian generally accepted accounting principals and were not reviewed by Motapa’s auditors.

Highlights of Motapa’s exploration activities during its third quarter of fiscal 2008 are:

- Mothae, Lesotho: Development work for excavation and processing of an initial 30,000 tonne bulk sample from the Mothae kimberlite is being funded by Lucara Diamond Corporation. During the third quarter, fabrication of a 40 tonne per hour diamond recovery plant was largely completed. At the Mothae site, plant site grading, and access road construction was completed. Mining operations have commenced with stripping of overburden material and stockpiling kimberlite for plant commissioning and initial sample processing. Subsequent to November 30, the processing plant was mobilized to site, erected, and plant commissioning is underway.

- Kavango, Namibia: Partial analytical results from downhole heavy mineral samples collected by Namdeb in the prior quarter have been received and are being reviewed. Plans for additional drilling and/or airborne geophysical work will be reviewed once complete analytical results are available. The Kavango project is being funded by Namdeb Corporation.

- Sua Pan, Botswana: Drilling of airborne magnetic and gravity anomalies was carried out during the quarter; 7 of 13 planned holes were completed. Early rains precluded access to the remaining drill targets and the program was suspended. No kimberlite was intersecting in any of the completed holes. The Sua Pan drilling project is being funded by Stornoway Diamond Corporation.

- Uranium Joint Venture, Gabon - Geochemical sampling was carried out in areas of interest identified from the airborne magnetic and radiometric survey completed in the second quarter. Analytical results are pending. Uranium exploration work in Gabon is being funded and directed by Cameco Corporation and Pitchstone Exploration Ltd in terms of an option agreement with Motapa.

In addition, Motapa has determined that additional work on the Mulonga Plain project in Zambia is no longer of continuing interest and, on behalf of the Mulonga Plain Joint Venture, notified Zambian authorities that the Mulonga Plain license would be allowed to expire in December, 2007. Motapa is currently in discussions with its joint venture partner, Caledonia Mining Corporation regarding both the disposal of the Kashiji Plain license and termination of the Mulonga Plain Joint Venture Agreement.

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