Motapa First Quarter Financial Statements and Interim MD&A

Motapa Diamonds Inc. (TSX VENTURE:MTP) has filed its interim consolidated
financial statements and its Management Discussion and Analysis for the 3 months
ended May 31, 2008 with regulatory authorities through SEDAR. 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.


Overview

Highlights of Motapa's exploration activities during its first quarter of fiscal
2009 are:


- Mothae, Lesotho: With completion of the erection and commissioning of the
processing plant in late February, processing of the planned 30,000 tonne
composite bulk sample commenced. Processing of individual samples from different
kimberlite phases during the quarter provided an early indication of the diamond
potential of these phases, with a total of 480 diamonds, together weighing 234.7
carats, having been recovered by quarter end. By the end of the Phase 1 sample
this number had increased to 1,296 diamonds weighing a total of 585.15 carats,
with tailings audit results still outstanding.


- Kavango, Namibia: Additional analytical results on kimberlite indicator
minerals recovered from stratigraphic drill tests carried out in 2007 have been
received. The recovery of ilmenite, chrome, diopside and additional pyrope
garnet mineral chemistry provide encouragement for a local diamond bearing
kimberlite source. Reverse circulation drilling commenced in early May with a
further 15 holes planned. Ground gravity surveys were also completed over
previously identified magnetic targets located adjacent to 3 previous drill
holes which had returned high indicator mineral recoveries. The Kavango project
is being funded by Namdeb Diamond Corporation. 


- Uranium project, Gabon: Work included collection of closely spaced stream
geochemistry and rock chip samples as well as prospecting with hand-held
scintillation counters. Additionally, a helicopter-borne time domain
electromagnetic geophysical survey was completed during May 2008. 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, based on the non-kimberlitic geochemical signature from the 13
samples collected from drill holes completed in 2007, Stornoway Diamond
Corporation has elected to not fund any further work on the Sua Pan project in
Botswana and has therefore forfeited its right to earn a 50% interest in this
project. 


Further, the Kashiji Plain license expired on May 14, 2008 and having no further
assets, the Mulonga Plain Joint Venture in Zambia was terminated. 


Cash and cash equivalents decreased during the period by $611,545 (2007:
$3,759,003 increase) largely as a result of the increased expenditure on the
Mothae kimberlite, which were partly offset by the significant increase in
accounts payable at quarter end.


Exploration expenditure for the quarter ended May 31, 2008 totaled $1,271,198
(2007: $404,047) almost exclusively due to expenditure of $1,257,540 (2007:
$79,692) on the bulk sampling program at the Mothae kimberlite in Lesotho. The
Kavango project in Namibia was advanced with minimal spending by the Company as
our joint venture partner, Namdeb Diamond Corporation, funded all exploration
work during this quarter. The Gabon uranium project also progressed during the
quarter with all required funding provided by our joint venture partners, Cameco
Corporation and Pitchstone Exploration Ltd.


Corporate expenditure (excluding stock option expenses) for the period ended May
31, 2008 totaled $200,253 (2007: $183,354) due to personnel costs of $89,400
(2007: $99,226), auditing and accounting services of $28,282 (2007: $21,317) and
investor relations services of $23,634 (2007: $nil). Motapa recognized an
incentive stock option expense of $1,512 (2007: $5,616) in the current quarter. 


On behalf of the Board

MOTAPA DIAMONDS INC.

Dr. Larry Ott, Chief Executive Officer

This news release may contain assumptions, estimates, and other forward-looking
statements regarding future events. Such forward-looking statements involve
inherent risks and uncertainties and are subject to factors, many of which are
beyond the Company's control that may cause actual results or performance to
differ materially from those currently anticipated in such statements.