KDC Kimberley Dia

    17 May 2007

Company Announcements Office
Australian Stock Exchange Limited
20 Bridge Street
SYDNEY NSW 2000

Kimberley Diamond Company NL (ASX: KIM, AIM: KDC)
GRANT OF 1,000,000 UNLISTED OPTIONS

Further to the Company's Appendix 3B lodged on 7 May 2007, we advise that
1,000,000 unlisted options exercisable at $0.80 expiring on the third
anniversary of date of grant (the Options) were issued to Societe Generale
Australia Branch, Sydney, on 15 May 2007. No funds were raised on the grant of
the Options.

The grant of the Options was in accordance with terms and conditions of a
letter agreement entitled "15 April 2005 Facility Agreement as amended -
Financial Covenant Compliance" dated 3 May 2007 between Kimberley Diamond
Company NL and Societe Generale.

A copy of the terms of the Options is attached hereto.

Jean Mathie
COMPANY SECRETARY
Kimberley Diamond Company NL
(ABN 91 061 899 634)

TERMS AND CONDITIONS OF 2010 UNLISTED OPTIONS

 a. The options are not to be listed on Australian Stock Exchange Limited
    ("ASX").
   
 b. Each option has the right to subscribe for one ordinary fully paid share in
    the capital of the Company.
   
 c. Each option may be exercised at any time prior to 5pm (WST) on the third
    anniversary of date of grant and any option not exercised on or before that
    date will expire and cease to carry any rights or benefits.
   
 d. The exercise price of each option is $0.80.
   
 e. Options can be exercised by an option holder delivering to the Company's
    registered office or share registry a notice (in a form prescribed by the
    Company from time to time) stating the number of options to be exercised
    and accompanied by the relevant holding statement(s) and a cheque (in
    Australian currency) made payable to the Company for an amount being the
    result of the exercise price multiplied by the number of options being
    exercised.
   
 f. Within five business days of receipt of a properly executed exercise notice
    and application monies in respect of the exercise of any options, the
    Company will issue the resultant shares and deliver notification of share
    holdings.
   
 g. The Company shall make application to have shares (issued pursuant to an
    exercise of options) listed for official quotation by ASX within three
    business days of the date of issue.
   
 h. Shares issued pursuant to an exercise of options shall rank, from the date
    of allotment, pari passu with existing shares of the Company in all
    respects.
   
 i. The options have no right to participate in pro-rata issues of securities
    to shareholders unless the options are exercised prior to the record date
    for determining entitlements to the relevant pro-rata issue.
   
 j. Each option holder will be notified by the Company of any proposed pro-rata
    issue of securities to shareholders at least ten business days prior to the
    record date and, if the option is exercised before the record date, the
    option holder can participate in a pro-rata issue to shareholders.
   
 k. In the event of a reorganisation (including reconstruction, consolidation,
    subdivision, reduction, or return) of the capital of the Company, the terms
    of the options will be changed to the extent necessary to comply with the
    requirements of ASX Listing Rules (in force at the time of the
    reorganisation) for the reorganisation of capital.
   
 l. Each share issued pursuant to an exercise of an option shall be issued free
    of any encumbrance.  
   
12 WALKER AVENUE WEST PERTH 6005 WESTERN AUSTRALIA PO BOX 806 WEST PERTH
WESTERN AUSTRALIA 6872
TEL (+61-8) 9321 5887 FAX (+61-8) 9321 5884 EMAIL general@kimres.com.au WWW
www.kimberleydiamondco.com.au

END

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