London, 23,June, 2008 : Rio Tinto has announced that it has lodged mining lease applications for its Bunder Diamond Project in the Bundelkhand region of Madhya Pradesh, India, which is a vital step in the development of what could be the first significant world class diamond mine in India.%%Rio Tinto also announced the exploration target for diamond mineralisation at the Bunder project of 40-70 million tonnes at a grade of between 0.3 and 0.7 carats per tonne. The targeted diamond grades are at least three times greater than the grade of the Panna mine, India’s only other hard rock diamond mine.%%The original discovery was made as part of a regional exploration reconnaissance in 2002. A Prospecting License was executed in September 2006, which allowed exploration activities to continue, and an order of magnitude study was commenced to evaluate the economic viability of the eight diamondiferrous lamproites. The results of this are expected by the end of Q3,2008.%%{{Diamonds Integral Part of Indian History}} :%%Nik Senapati, Managing Director of Rio Tinto in India, said, “Diamonds are a significant part of the history of India and an important product for Rio Tinto. We have spent more than 100 crore rupees (US$25 million) over the last six years on diamond exploration and evaluation in India, and remain excited about the prospects for the Bunder Project. The application for mining leases is confirmation of our commitment to both mining in India and the global diamond industry.”%%Bill Champion, Managing Director of Rio Tinto’s diamond business commented, “We are delighted with the progress of the Bunder Project, which has the potential to be a world class operation. Rio Tinto has a strong track record of introducing new productions into the market and significantly enhancing their value. We are committed to ensuring a stronger, healthier and environmentally secure community at Bunder, as we have done across all of our diamond operations.”%%{{Importance of India}} :%%Currently, Rio Tinto processes the majority of its diamonds in India and independently markets the diamond productions from its Australian, Canadian and African mines, with a well established presence in all the major diamond centres of the world. Rio Tinto’s strategic alliance with the Indian diamond industry, built over the past 25 years, has enabled it to gain a deep understanding of India as the world’s largest diamond cutting centre and as one of the key emerging markets for diamond demand.%%{{Work in Progress}} :%%Work on the Bunder Diamond Project to date includes mapping, 48 drill-holes and five surface bulk samples. Drilling is continuing and further surface bulk sampling to support diamond valuation is underway. Environmental approval for a 10 tonne per hour Dense Media Separation Plant is expected soon from the Madhya Pradesh government, which allows processing of bulk samples at the project site.

Following the completion of the order of magnitude study in the second half of 2008, a pre-feasibility study would involve further social and environmental studies including further drilling and below the surface bulk sampling. In total Rio Tinto has spent over 75 crore rupees (US$19 million) to date on evaluation of the deposit. Plans are in place to spend around a further 135 crore rupees (US$30 million) to support continued evaluation of the deposit.%%{{Exploration Targets }}:%%The Exploration Targets (being reported under Section 18 of the JORC Code) are based on assessments of prospects within Rio Tinto’s Bunder Project prospecting licenses which are supported by drilling, geophysics, surface bulk sampling and modelling undertaken over the last the years. However there may be changes during evaluation of this mineralization which can only be established through further work.%%The potential quantity and grade is conceptual in nature, there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in discovery of a Mineral Resource.%%The information in this presentation that relates to Exploration Results is based on information compiled by Stefanie Loader who is a member of the Australian Institute of Geoscientists. Stefanie Loader is a full-time employee of Rio Tinto and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Stefanie Loader consents to the inclusion in the presentation of the matters based on her information in the form and context in which it appears.%%{{Mining Group Rio Tinto}} :%%Rio Tinto is a leading international mining group headquartered in the UK, combining Rio Tinto plc, a London and NYSE listed company, and Rio Tinto Limited, which is listed on the Australian Securities Exchange. %%Rio Tinto’s business is finding, mining, and processing mineral resources. Major products are aluminium, copper, diamonds, energy (coal and uranium), gold, industrial minerals (borax, titanium dioxide, salt, talc) and iron ore. Activities span the world but are strongly represented in Australia and North America with significant businesses in South America, Asia, Europe and southern Africa.%%Rio Tinto has a global diamond exploration portfolio encompassing six continents and including projects in Canada, India, southern and western Africa, Brazil, Russia and Australia.