1. Private & Confidential Tel Aviv Presentation February 2008

2. 2 An emerging integrated diamond explorer and producer in Africa November 2007 Disclaimer This presentation has been compiled by Stellar Diamonds Limited (“the Company”) for information purposes only and is not advice upon which it is intended that recipients should rely in deciding whether or not to invest in the Company. It is provided solely for use by recipients to consider the proposed business of the Company and is not an offer of shares or an invitation to subscribe for shares or to make any loan or other funding available to the Company. This document is only being distributed to persons who are reasonably believed to be sufficiently expert to understand the risks involved as described in the Financial Services and Markets Act (Financial Promotions) Order 2001. The recipients accept that they will make their own investigation, analysis and decision relating to investing in the Company and will not rely upon or use this document to form the basis or any decision on such an investment. This document does not take into account the particular investment objectives, financial situation or the needs of individuals investors and you should consider whether it is suitable for your circumstances and, if necessary, seek professional advice. The directors and advisers of the Company make no representation or warranty themselves, express or implied, as to the accuracy, reasonableness or completeness of the information contained in this document and it should not be relied upon as such. It contains statements and estimates with respect to the future anticipated performance of the Company. Such information may or may not prove to be correct. To the extent that it is lawfully able to do so, the Company and its advisers exclude liability for any representation or as to the accuracy of such statements, estimates or projections. This document is confidential. It is only for the use of those to whom it is issued. It must not be copied or distributed to third parties (other than in confidence to the recipient’s professional advisers). The Company’s affiliates, officers, directors, advisers and employees, including persons involved in the preparation or issuance of this document may from time to time have holdings in the Company’s securities.

3. 3 An emerging integrated diamond explorer and producer in Africa November 2007 Introduction Created in May 2007 as part of reorganisation of Mano River Resources Focussed diamond mining and exploration company Active in Sierra Leone, Liberia, Guinea and DRC JV partners include: BHP Billiton, De Beers, Petra Diamonds, Trans Hex AIM listing planned for first half of 2008 (future TSX Listing under consideration) Financing of up to £10 million

4. 4 An emerging integrated diamond explorer and producer in Africa November 2007 Current Capital structure Stellar Diamonds Ltd 28.1m shares 3.2m warrants* Mano River Res. Inc 68.5% Search Gold Res. Inc. 9.5% Seed and Pre-IPO Investors 22.0% * 3,016,967 warrants exercisable at £1.20 * 260,390 broker warrants exercisable at £0.87

5. 5 An emerging integrated diamond explorer and producer in Africa November 2007 Experienced Board Karl Smithson, Chief Executive Officer Diamond Geologist and MBA with 20 years African experience, including 8 in West Africa. Senior management positions with De Beers, SouthernEra and Mano River Lord Peter Daresbury, Non-executive Chairman Involvement in emerging markets since 1994. Previously Chairman of De Vere Hotels plc 2000-2005, Highland Gold Mining Ltd 2002-2004 and Chairman of KazakhGold Group Ltd 2005-2007 Luis da Silva, Executive Director Mining Engineer and MBA with 14 years industry and corporate experience with Blue Circle Industries and Lafarge SA. CEO Mano River Resources Steven Poulton, Non-executive Director Mining geologist with entrepreneurial track record, previously 7 years with Mano River. Founder of Ariana, African Aura and Altus Strategies. Philippe Giaro, Non-Executive Director Geologist with 23 years experience in mineral exploration and engineering. President of TSX-V listed SearchGold Resources Paul Rankine, Non-Executive Director Mining engineer and MBA with 22 years experience including Zambesi Nickel (founder and CEO), Citigroup Asset Mgt., and De Beers. Director of Altima Partners Guido (‘Guy’) Pas, Non-Executive Founder, Co-founder or seed investor of, Addax&Oryx, Samax, Eastbound, Mano River, Oxus, Afren, AfricaWest, Siberian Diamonds

6. 6 An emerging integrated diamond explorer and producer in Africa November 2007 Corporate Strategy Focus on advanced projects to generate cash flow in 2008 –Bring alluvial project into production at Mandala, Guinea –Continue underground trial mining in Kono, Sierra Leone Continue key exploration projects –Bulk sample high grade kimberlites at Tongo and Bouro –Increase alluvial resource in Guinea –Discover new diamondiferous kimberlites in Liberia and North DRC

7. 7 An emerging integrated diamond explorer and producer in Africa November 2007 Production expected from 2008 200820092010 Sierra Leone ($200 per carat)* 6,50020,00030,000 Guinea ($60 per carat)* 25,000102,000 Note: * director’s estimate

8. 8 An emerging integrated diamond explorer and producer in Africa November 2007 Africa Focussed West Africa Historical Production: 150 million carats worth $15billion Mostly alluvial sources North DRC Production in 2006: 146,000 carats, >$100/ct All alluvial sources

9. 9 An emerging integrated diamond explorer and producer in Africa November 2007 Emerging Democracies Sierra Leone peaceful since 2002. Two free and fair democratic elections, change of government in 2007 when President Koroma elected. Liberia peaceful since 2004. Ellen Johnson Sirleaf elected first woman president of Africa in 2006. Guinea never at war. New Government appointed by President Conte. DRC stabilising under President Kabila. Massive investment in the resources sector confirms these countries as acceptable and improving investment destinations.

10. 10 An emerging integrated diamond explorer and producer in Africa November 2007 West Africa Portfolio (15,112 km 2 )

11. 11 An emerging integrated diamond explorer and producer in Africa November 2007 Sierra Leone - Overview Historical diamond production estimated at 50 million carats Current diamond production over 600,000 carats valued at $144million Stellar holds licences in Kono and Tongo, the key diamond districts 970ct ‘Star of Sierra Leone’ found in Kono (world’s 3rd largest diamond) 970 ct ‘Star of Sierra Leone’

12. 12 An emerging integrated diamond explorer and producer in Africa November 2007 Sierra Leone, Kono JV 49:51 JV with Petra Diamonds Underground bulk sampling underway Grades between 50cpht to 80cpht Diamond value of $200/ct forecasted Production decision in 2008 75tph DMS plant site at Kono Trial mining shaft site

13. 13 An emerging integrated diamond explorer and producer in Africa November 2007 Sierra Leone, Kono JV

14. 14 An emerging integrated diamond explorer and producer in Africa November 2007 Sierra Leone, BHP Billiton JV (Tongo) BHP spending $3.4 million for 51% 4 kimberlite dykes Grab sample grades up to 385cpht 1,200kg yielded 1,894 diamonds (2.05 carats) Grade estimate of over 500cpht Historical value reported $175/carat

15. 15 An emerging integrated diamond explorer and producer in Africa November 2007 Guinea Projects

16. 16 An emerging integrated diamond explorer and producer in Africa November 2007 Guinea - Overview Highly prospective Man Craton as found in Sierra Leone and Liberia Alluvial diamonds mined since 1935 Under explored for primary sources, with no hard rock diamond mining Stellar has kimberlite and alluvial diamond projects: –Mandala alluvial diamond project –Bouro kimberlite project

17. 17 An emerging integrated diamond explorer and producer in Africa November 2007 Guinea, Mandala Alluvial Project 536,000 carat indicated resource 144,000 carat inferred resource $60/ct estimate Largest diamond 21.47 carats MB100tph plant under construction Mine fleet purchased and shipped Production expected H2-08 Attractive margin / low capex mining operation giving early cash flow Mandala Valley MB100 Plant in DRC

18. 18 An emerging integrated diamond explorer and producer in Africa November 2007 Guinea, Mandala Project Scenarios Budgeted Mining Capacity Increased Mining Capacity Capital ($2.6m spent)$5.2million$5.8million Life of Mine60 months40 months Carats per annum102,000151,600 Gross revenue - annual$6,120,000$9,096,000 Cost per cubic metre$17.49$13.94 Cost per carat$37.21$29.66 Revenue per carat$60 Capital paybackOctober 2011June 2010 Note: These diamonds were recovered from Search Gold’s bulk sampling in 2002 to 2004 which produced 6,571 carats

19. 19 An emerging integrated diamond explorer and producer in Africa November 2007 Guinea, Bouro Kimberlite Project Formerly held by De Beers Four dyke zones drilled and sampled 5km Bouro North dyke focus 1,920kg = 4,635 diamonds (10.44 cts) Grade estimation over 500cpht Bulk sample planning stage

20. 20 An emerging integrated diamond explorer and producer in Africa November 2007 Liberia Projects

21. 21 An emerging integrated diamond explorer and producer in Africa November 2007 Liberia - Overview Highly prospective, unexplored craton with numerous diamond areas Artisanal production approximately 150,000 carats pa at ±$150 / ct (est. Rapaport 4/5/2007) Diamond sanctions lifted in May 2007 Stellar holds strong ‘first mover’ land position in Weasua & MCA

22. 22 An emerging integrated diamond explorer and producer in Africa November 2007 Liberia, Weasua JV Project 50:50 JV with Trans Hex Group 5 diamondiferous pipes (1ha - 6ha) Significant tonnage potential Bulk sampling in progress Further kimberlite discoveries expected

23. 23 An emerging integrated diamond explorer and producer in Africa November 2007 Liberia, MCA Licence 11,550km 2 of Archaean craton Active artisanal diamond mining Sampling completed Airborne geophysics completed Several new targets defined New pipe discoveries expected

24. 24 An emerging integrated diamond explorer and producer in Africa November 2007 DRC Projects

25. 25 An emerging integrated diamond explorer and producer in Africa November 2007 DRC - Overview DRC is world’s 3 rd largest diamond producer by volume 2006 production of 32 million carats, valued at $540 million ($17/ct) mostly from southern DRC Stellar has properties in the under explored north DRC Estimated production in north DRC valued at $20m per year at >$100/ct Unexplored, highly prospective Archaean craton yielding gem diamonds

26. 26 An emerging integrated diamond explorer and producer in Africa November 2007 North DRC, BHP Billiton JV 10,852 km 2 JV with BHPB Stellar to earn 50% interest 500t bulk sample triggers 50% Activity artisanal mining Value reported to be >$300/ct 39 ct stone reported Note: These diamonds were observed by Competent Person John Brook in buying offices in Medje and Isiro during his site visit in September 2007. Medje is located in the southern BHPB JV area. from buying office in Medje200 carat parcel from Medjefrom buying office in Isiro

27. 27 An emerging integrated diamond explorer and producer in Africa November 2007 North DRC, Remec JV 1,308 km 2 JV with REMEC Stellar can earn 75% interest Diamond mining town of Panga Contiguous with De Beers Panga Suspected Artisanal diamond workings

28. 28 An emerging integrated diamond explorer and producer in Africa November 2007 CountryProject%£mJV PartnerUse Sierra LeoneKono49%2.3Petra Diamonds Maintain equity in underground development and mining GuineaBouro/Mandala100%3.9Finish capitalising and w/c for alluvial mine LiberiaWeasua pipes50%0.4Trans HexBulk sampling and exploration LiberiaNorth Bea0%0.1African AuraGeophysics and drill testing LiberiaMCA + Alpha70%0.0Gov’t of LiberiaExploration – JV discussions GuineaRegional100%0.2De BeersExploration DRCRegional0%0.5BHPBExploration DRCRegional0%0.8RemecExploration Corporate0.7 IPO, legal and audit fees0.7Estimated cost 18 Month Budget9.6 Use of Proceeds – 18 months

29. 29 An emerging integrated diamond explorer and producer in Africa November 2007 Summary Balanced portfolio of assets in West and Central Africa –Near production, bulk sampling & exploration with excellent discovery potential Cash flow expected from Guinea and Sierra Leone in 2008 Experienced management team Industry leading JV partners Strong platform for future growth

30. Private & Confidential 32 Bloomsbury Street, London, WC1B 3QJ, United Kingdom Tel: + 44 (0) 207 299 4212 / Fax: + 44 (0) 207 299 4209 / Cell: + 44 (0) 778 370 7971 www.stellar-diamonds.com