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 for the 3 months
ended November 30, 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 second quarter of
fiscal 2009 are:


- Mothae, Lesotho: As at December 31, 2008 4,370 diamonds had been recovered
from Mothae weighing 1,826.94 carats. In terms of the earn-in agreement with
Lucara Diamonds Corp all diamonds recovered during processing of the 100,000
tonne bulk sample are the property of Motapa.


- Mothae, Lesotho: A preliminary valuation of 1,673 diamonds recovered from
Mothae was conducted by Galaxy Diamond Expertise SA. Galaxy determined a value
of US$441 per carat for this parcel and modeled a predicted value of US$822 for
Mothae run of mine production. Galaxy noted that this modeled value had a high
degree of uncertainty as a result of the small parcel size, and that a parcel of
approximately 10,000 carats would be needed to produce a more reliable modeled
value.


- Mothae, Lesotho: Drilling operations commenced at the end of November. Sixteen
holes comprising 2,500 m are planned to begin delineating the extent of the pipe
and the internal geological variation.


Cash and cash equivalents decreased during the period by $2,027,382 (2007:
$254,457) to $5,417,335 (2007: $8,761,342).


Exploration expenditure for the quarter ended November 30, 2008 totaled $229,150
(2007: $172,667) almost exclusively due to expenditure on the drill target
selection program in Democratic Republic of Congo. The second phase of the bulk
sampling program at the Mothae kimberlite in Lesotho was fully funded during
this quarter by Lucara which is funding the first $4.2 million of phase 2
expenditures. The Kavango project in Namibia was advanced with minimal spend 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
November 30, 2008 totaled $173,444 (2007: $159,210) largely due to personnel
costs of $97,097 (2007: $74,589), audit, legal and other compliance related
costs of $38,660 (2007: $47,030), investor relations and conferences expenses of
$12,227 (2007: $19,589), and travel and subsistence costs of $11,590 (2007:
$16,686). Motapa recognized an incentive stock option expense of $12,216 (2007:
$279,836) 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.