GGL Diamond Corp.
TSX VENTURE : GGL

GGL Diamond Corp.

October 30, 2007 08:00 ET

GGL Reports on Activities for the Third Quarter Ended Aug. 31, 2007

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 30, 2007) - Raymond A. Hrkac, President and CEO of GGL Diamond Corp. (TSX VENTURE:GGL) has reported on the activities of the Company for the third quarter ended Aug. 31, 2007 and on events taking place subsequently, up to October 22, 2007.

Below are highlights of the third quarter report, available in full on the GGL website (www.ggldiamond.com):

Nickel exploration, Northwest Territories, Canada - the Providence Greenstone Belt (PGB)

Exploration work to date has confirmed and enhanced the potential for magmatic nickel deposits.

Reconnaissance mapping has shown that the komatiites within the greenstone belt, which we are now calling the Providence Greenstone Belt (PGB), are much more extensive than previously noted and commonly contain geochemically anomalous nickel values. Economic nickel sulphide deposits associated with komatiitic rocks in greenstone belts are a substantial source of the world's nickel supply. In nickel exploration, the recognition of the presence of komatiites is of great importance.

For a rich concentration of magmatic nickel sulphides, a source of sulphur is required. Disseminated to massive sulphides are common within the belt and we have confirmed that this requirement has been met.

The komatiites occur as north- to northeast-trending linear belts, which are typically outlined by strong magnetic anomalies. Sporadic rock outcrops of komatiites were found along some of the belts. The areas of coincident EM conductors and magnetic anomalies are prime areas for exploration.

Geochemical analyses received to date for rock samples collected from komatiites show anomalous total nickel values of between 800 and 4600 ppm (parts per million) Ni.

Polymetallic volcanogenic massive sulphides (VMS)

The central portion of the claims, which is flanked on the east and west by linear komatiite belts, features a strong geophysical conductor 15 km long and up to 500 m wide in the form of a figure eight. Bedrock exposures along this conductor were found to contain disseminated to massive sulphides consisting mainly of pyrrhotite and pyrite with some sphalerite and chalcopyrite. Available results of rock samples show some anomalous copper values of up to 0.5%, zinc values to 1.3%, and silver values to 6 grams/tonne.

In the past, this VMS base metals area attracted the interest of several majors and a few junior mining companies and some test holes were drilled. We find this past activity highly encouraging, particularly as it occurred during a time of significantly lower commodity prices. Although nickel will be the prime focus of our exploration, the model for VMS deposits is well understood and the geology in the area is highly favourable for economic base metal deposits. Therefore, more work will be directed here as well.

This season, 547 rock samples were collected on claims within the PGB, of which the assay results for 117 samples, including a number of channel samples, have yet to be received. In addition, 973 soil samples and 127 lake sediment samples were collected. Soil sample results are now being plotted, but the assay results for the lake sediment samples have not been received.

As noted in a previous news release, the process of analyzing the results was slowed by processing delays at the laboratory, which experienced unexpectedly high demand for analytical services during the past few months. Although we originally estimated we would receive all of the results by mid-August, this timetable proved unrealistic in light of the delays we experienced.

Our exploration team is now reviewing and will continue to review the results thoroughly and carefully, in order to plan for the winter/spring exploration program. This analytical work will help us to identify areas where we will need to undertake geophysical surveys, and will assist in the selection of drill targets.

The PGB property includes 116 claims, for a total staked area of 256,489.77 acres; it measures 120 km from the north to the south end of the property with an average width of 30 km.

The Company's Qualified Person for the nickel project, Dr. Nick Carter, recently toured the Winter Lake property to gain an overview of the project. He filed a brief preliminary memorandum with the Company. In his memo, Dr. Carter was very positive about the area, noting the favourable geology, the consistency of sulphide mineralization relative to conductors, the presence of some geochemically anomalous Ni and Cu/Zn values, all of which confirm that the area is prospective for mineral deposits. He also indicated he was "impressed" with the progress achieved to date in advancing this project.

He wrote: "The large property area will require time for a thorough assessment and it is regrettable that the current sample backup being experienced by all Canadian laboratories means that the field season will come to an end well before most of the results are in hand. Nevertheless, good progress has been made and current efforts to obtain an accurate base map of the project area are well worthwhile. Depth profiling of the various conductive zones by way of detailed surface surveys will be very useful in prioritizing targets for further investigation.

"Work to date confirms the potential for both magmatic nickel and polymetallic volcanogenic massive sulphide deposits within the project area. In light of available results of past work directed to volcanogenic sulphide mineralization, this writer is of the opinion that the potential for nickel should remain the principal focus of current and future investigations."

The Qualified Person for the Company's nickel project is N. C. Carter, Ph.D., P. Eng., Consulting Geologist.

McConnell Creek Gold-Copper Property, British Columbia, Canada

At the beginning of September, the Company received an NI (National Instrument) 43-101 report on its 100%-owned McConnell Creek gold-copper property (News Release dated Sept. 5, 2007: "GGL obtains NI 43-101 Report on its Gold-Copper Property at McConnell Creek, British Columbia").

The Technical Report was commissioned by the Company and authored by Paul W. Richardson, Ph.D., P.Eng., a qualified person (QP) who is not independent of the Company. The full report has been filed and is available on www.sedar.com.

The report reviews the results of the exploration programs conducted on the property from the time of the discovery of bedrock gold on the property in 1947 up to the present. The author concludes that the McConnell Creek property warrants further exploration and recommends an exploration program with an estimated budget of $890,000 for these steps.

GGL DIAMOND CORP.

Raymond A. Hrkac, President & CEO

Forward-Looking Information

This news release contains certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that the Company expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could", "should" or are "subject to" occur. 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 may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and 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. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

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

Contact Information