GGL Diamond Corp.
TSX VENTURE : GGL

GGL Diamond Corp.

May 12, 2006 19:17 ET

GGL Diamond Corp.: Grant Stock Options and Exercise Price of Stock Options Amended

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 12, 2006) -

NOT FOR DISSEMINATION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

GGL Diamond Corp. (TSX VENTURE:GGL) (the "Company") announces that on May 12, 2006, the Board of Directors of the Company, based on the recommendations of the Compensation Committee, granted stock options to directors, officers, employees and consultants to purchase a total of 695,000 common shares at $0.26 per share exercisable until May 12, 2011.

The Company also announces that on May 12, 2006, the Board of Directors reduced the exercise price of stock options granted on August 15, 2003 to purchase a total of 50,000 common shares at $0.45 per share, stock options granted on January 19, 2004 to purchase 405,000 common shares at $0.50 per share and stock options granted on June 29, 2004 to purchase a total of 45,000 common shares at $0.50 per share to $0.26 per share because the original exercise price of these options is out-of-the-money and provides no incentive to the optionees.

The grant of the new stock options and the reduction in the exercise price of the foregoing stock options is subject to acceptance for filing by the TSX Venture Exchange.

To find out more about GGL Diamond Corp. (TSX VENTURE:GGL) visit our website at www.ggldiamond.com.

GGL DIAMOND CORP.

Raymond A. Hrkac, President & CEO

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "US Securities Act") or any state securities laws and may not be offered or sold within the United States or to US Persons unless registered under the US Securities Act and applicable state securities laws or an exemption from such registration is available.

Forward-Looking Information

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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