Motapa Third 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 of the 3 months
ended November 30, 2007 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 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.


Cash and cash equivalents decreased during the period by $254,457 (2006:
$776,270), to $8,761,342 (2006: $3,217,870) leaving the Company in a very strong
cash position. A further $845,000 was received as a cash call advance from
Lucara Diamond Corporation towards costs on Mothae, Lesotho during the quarter,
taking the total advances received for operations at Mothae to $2,745,000.


Exploration expenditure for the quarter ended November 30, 2007 totaled $172,667
(2006: $628,847) largely due to expenditure of $67,442 (2006: $157,568) on final
phase of work on the Lebiri permit in Gabon, and $96,557 (2006: $36,396) on
project generation work. The Sua Pan (Botswana), Kavango (Namibia), Mothae
(Lesotho) and Gabon Uranium joint venture projects were all advanced during the
quarter through expenditures by the Company's joint venture partners on each of
these projects.


Corporate expenditure (excluding stock option expenses) for the period ended
November 30, 2007 totaled $159,209 (2006: $205,224) largely due to personnel
costs of $74,589 (2006: $106,611), conferences and promotional materials of
$16,686 (2006: $23,226) and audit and other compliance related costs of $37,863
(2006: $19,007). Motapa recognized an incentive stock option expense of $279,836
(2006: $25,317) 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.