TIDMPRG 
 
Paragon Diamonds Limited / Index: AIM / Epic: PRG / Sector: Resources 
 
12 December 2014 
 
        Paragon Diamonds Limited (`Paragon Diamonds' or the `Company') 
 
                    Share Buy Back and Total Voting Rights 
 
Paragon Diamonds Limited, the AIM quoted diamond development company, announces 
that further to the announcements of 11 November and 9 December 2014, the 
Company has completed the purchase of 63,000,000 ordinary shares in the Company 
at a price of 3p per share. The shares so purchased have been cancelled. 
 
Paragon Diamonds' CFO Simon Retter said, "I am pleased to announce the 
successful completion of the buy back of a significant interest in the Company 
from Lanstead Capital. Cancelling these shares will have an antidilutive effect 
for all current shareholders and I strongly believe this will add significant 
value to the Company. Another step has been taken in progressing the Company 
towards its goal and a tidier shareholder register should enable future gains 
to be enjoyed by our existing and loyal shareholders. 
 
"We are progressing well on both the corporate and operational fronts ahead of 
our upcoming stage 1 production (subject to financing), and look forward to 
updating shareholders again in the near future." 
 
Following this transaction the Company's issued share capital comprises 
275,524,654 ordinary shares. The Company does not hold any ordinary shares in 
treasury. Therefore, the total number of ordinary shares with voting rights is 
275,524,654. This figure may be used by shareholders in the Company as the 
denominator for the calculations by which they will determine if they are 
required to notify their interest in, or a change in their interest in, the 
share capital of the Company under the FCA's Disclosure and Transparency Rules. 
 
                                   **ENDS** 
 
For further information please visit www.paragondiamonds.com or contact: 
 
Philip Falzon Sant     Paragon Diamonds Limited        +44 (0) 20 7182 1920 
Manduca 
 
Simon Retter           Paragon Diamonds Limited        +44 (0) 20 7182 1920 
 
Edward Hutton/Gerry    Northland Capital Partners      +44 (0) 20 7382 1100 
Beaney                 Limited 
 
                       (Nominated Adviser) 
 
John Howes/Charles     Northland Capital Partners      +44 (0) 20 7382 1100 
Laughton               Limited 
 
                       (Sales and broking) 
 
Felicity Winkles       St Brides Media and Finance Ltd +44 (0) 20 7236 1177 
 
Frank Buhagiar         St Brides Media and Finance Ltd +44 (0) 20 7236 1177 
 
Notes 
 
Paragon Diamonds has a pipeline of projects in Lesotho, Botswana and Zambia, 
the most advanced of which is its Lemphane Kimberlite Pipe Project in Lesotho, 
located close to the world class Letseng mine, Lesotho's largest diamond mine. 
Lemphane is the last known kimberlite to be developed in Lesotho. Among the 
stones recovered in the Company's 2013 bulk sampling programme were several 
large high value stones of up 8.9 carats in size and individual diamond values 
in excess of US$2,400/ct have been achieved, demonstrating the potential for 
Lemphane to hold large and valuable diamonds. The first of a two stage 
production programme is currently expected to commence Q1 2015 (subject to 
financing) which will further define the resource at Lemphane. As increased 
tonnages of kimberlite are processed the proportion of larger diamonds 
recovered will improve, increasing the average value of diamonds recovered at 
the project, as was the case at Letseng. 
 
Stage 1 production will cover a two year period during which approximately 1 Mt 
of kimberlite will be mined and processed out of the currently estimated 48.6Mt 
of kimberlite (to 350m depth) at the site, using a 75 tonne per hour processing 
plant. The Company is targeting 20,000 carats during Stage 1 production with an 
estimated minimum value of US$930 per carat that is expected to generate 
revenues in excess of US$9m per annum. Cash flow will be reinvested to further 
develop Lemphane and complete a bankable feasibility study, a 3D geological 
model and a substantial inferred resource ahead of commencing the Stage 2 
production phase. Stage 2 will see production ramped up to 3Mt/year with peak 
production expected to hit 65,000 carats per year of high value diamonds. 
 
It is the intention of the Company to become a fully integrated diamond company 
maximizing the margins gained from being exposed from the mining to selling of 
diamonds. 
 
 
 
END
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