GGL Diamond Corp.

GGL Diamond Corp.

May 12, 2005 18:07 ET

Two New Members Elected to GGL Diamond Board; Board Pays Tribute to Friend Gordon Usher-Jones

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 12, 2005) - Raymond A. Hrkac, President of GGL Diamond Corp. (TSX VENTURE:GGL) is pleased to announce that the shareholders approved the election of five directors at the Company's Annual & Special General Meeting held today in Vancouver. Two of the directors are new to the Board, William (Bill) Boden of Vancouver and Peter J. Dawes of Toronto. Returning directors are Raymond A. Hrkac, Nick Demare and William Meyer.

Mr. Boden is a Chartered Accountant with over 30 years experience as a manager of risk capital investments. He is founder and President of CW Funds group of companies, which are affiliated with Ventures West Management Inc., one of the largest venture capital firms in Canada. Within the CW Funds group, Mr. Boden has structured and raised financings totaling over $130 million. He is currently a director of two private companies as well as TSX-V listed junior mining exploration company Panoro Minerals Ltd. Prior to joining the Ventures West group in 1979, Mr. Boden was a manager with Coopers & Lybrand, Secretary-Treasurer of Whitehorse Copper Mines Ltd., and Treasurer of Bethlehem Copper Corp., both producing mining companies listed on the TSX.

Mr. Dawes is Managing Director of Toronto-based Warrington International Inc., an international business consultancy specializing in small and medium-sized firms seeking advice on taking their operations into international markets. With over 30 years experience in international business, Mr. Dawes has held a number of senior board and advisory appointments in both the public and private sector and remains active in several voluntary organizations. Mr. Dawes is also Honorary Consul of the Republic of Ivory Coast in Toronto and a Fellow of the Royal Society of Arts, Manufacturers and Commerce in the UK.

Three directors did not stand for re-election to the Board at this year's Annual and Special General Meeting. The board thanked former directors William "Vlad" Wolodarsky, John Auston, and Haig Farris for their efforts on behalf of the Company over the past many years.

The Board also paid tribute to Gordon Usher-Jones, long-time GGL friend and financial consultant, who died suddenly on March 30, 2005 at his home in Tucson, Arizona. A broker and investment company executive, Gordon first made contact with GGL in the early 1990s. Over the years, as his interest in the Company turned into a passion, he took the time to visit our camp in the Northwest Territories and helped raise significant funds for exploration. The Board, represented at the funeral by Mr. Hrkac and wife Shirley, with whom Gordon had become friends, expressed appreciation and extended condolences to his children Jeffrey, Adrianne and Fraser and to his entire family.

Following the Annual & Special General Meeting, the Board granted stock options to the directors to purchase a total of 700,000 common shares at $0.20 per share exercisable until May 12, 2010, subject to acceptance for filing by the TSX Venture Exchange.


Raymond A. Hrkac, President & CEO

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

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