Minority Directors of Rockwell Desperately Attempt to Distract

TORONTO - Pala Investments Holdings Limited (”Pala”) dismissed today’s announcement by the Minority Directors relating to a highly conditional “financing” for Rockwell Diamonds Inc. (”Rockwell”, TSX: RDI, JSE: RDI, OTCBB: RDIAF).

“The Minority Directors have failed to successfully organize a financing over the past six months yet miraculously, on the eve of a pivotal shareholders’ meeting, they contrive a purported solution,” stated Colin Murray, Chief Operations Officer of Pala Investments AG, the exclusive advisor to Pala. “Rockwell Shareholders cannot but see this for what it is, a desperate attempt to draw attention away from the real issue facing Rockwell - quality of leadership.”

Rockwell shareholders’ meeting will be held June 17, 2009, in Vancouver, British Columbia. Pala’s Proxy Circular was distributed to shareholders on May 20, 2009, and is available on www.sedar.com. Pala recommends shareholders vote in favour of all items on the BLUE proxy.

About Pala

Pala Investments Holdings Limited, based in Jersey, Channel Islands, is a US$1.0 billion multi-strategy investment company with a particular focus on mining and natural resource companies in both developed and emerging markets. Pala Investments’ exclusive investment advisor, Pala Investments AG, is a Switzerland-based team with extensive experience within the mining and natural resource sectors. Pala Investments seeks to assist companies in which it has long-term shareholdings by providing strategic advice and innovative financing solutions.

Certain statements in the press release are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Important factors that could cause actual results to differ materially from the expectations of Pala include, among other things, general business and economic conditions globally or in particular geographic regions in which Rockwell and its subsidiaries conduct business, the inability to attract and retain qualified employees, competition, regionally and internationally, changes in law, disruptions in business operations due to reorganization activities, and interest rate and foreign currency fluctuations. Such forward-looking statements should therefore be construed in light of such factors, and Pala is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Information concerning Rockwell contained in this press release has been taken from, or is based upon, publicly available information and records on file with Canadian securities regulatory authorities and other public sources. Rockwell has not reviewed this press release and has not confirmed the accuracy and completeness of the information in respect of Rockwell contained herein. Although Pala has no knowledge that would indicate that any statements contained herein concerning Rockwell taken from or based on such documents and records are untrue or incomplete, neither Pala, nor any of its affiliates, nor any of their respective directors or officers, assumes any responsibility for the accuracy or completeness of such information or for any failure of Rockwell or its directors or officers to disclose events or facts which may have occurred or which may affect the significance or accuracy of any such information but which are unknown to it.

For further information: Colin Murray, Pala Investments AG, +41-41-560-9070; Craig Rogers, Northern Securities, +1-416-644-8187; Katie Clark, Edelman Public Relations, +1-416-979-1120 ext. No. 231

Source: Pala Investments Holdings Limited

For further information: Colin Murray, Pala Investments AG, +41-41-560-9070; Craig Rogers, Northern Securities, +1-416-644-8187; Katie Clark, Edelman Public Relations, +1-416-979-1120 ext. No. 231