GGL Diamond Corp.

GGL Diamond Corp.

November 23, 2007 13:26 ET

GGL Announces Non-Brokered Flow-Through Private Placement to Raise Up to $2,500,000

Flow-through financing to advance the nickel project in the Northwest Territories ($2.0 million) and the McConnell Creek copper-gold exploration ($500,000)

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 23, 2007) -


Raymond A. Hrkac, President and CEO of GGL Diamond Corp. (TSX VENTURE:GGL) ("GGL") announces that GGL intends to raise gross proceeds of up to $2,500,000 by way of a non-brokered private placement of flow-through shares at a price of $0.25 per share.

Up to $2,000,000 of the gross proceeds will be allocated for the nickel project in the Northwest Territories and allow GGL to undertake the 3D airborne and ground geophysics work needed on the Providence Greenstone Belt (PGB), take additional samples as needed, identify and prioritize drill targets, and commence drilling.

Up to $500,000 of the gross proceeds will be allocated to further explore GGL's copper-gold prospect at McConnell Creek in British Columbia. BC residents investing in this financing will be able to take advantage of an additional 20% tax credit for BC-based exploration activities. The funds will allow GGL to implement stage 1 and part of stage 2 of the recommendations of the NI 43-101 technical report on this property, received in September 2007, and give GGL shareholders an opportunity to participate in the advancement of this promising holding (For additional information about McConnell Creek, please see News release, dated September 5, 2007 on our website under Press Release).

The Company will incur the subscription proceeds allocated to the flow-through shares as Canadian exploration expense, as defined in the Income Tax Act of Canada, and renounce such proceeds to the subscribers for the 2007 tax year.

Flow-through tax implications

Legislation extending the federal government's 15% flow-through Mineral Exploration Tax Credit has been introduced in Parliament and is expected to pass before the end of the year.

The 20% BC mining flow-through share tax credit is available to BC residents only, on that portion of the gross proceeds assigned for McConnell Creek exploration activities.

Regulatory Approval/Closing

The private placement is subject to acceptance for filing by the TSX Venture Exchange and is expected to close no later than December 20, 2007. The Company will pay up to an 8% finder's fee for certain subscribers to the private placement, in cash or shares of the Company, or a combination thereof.


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 in 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 securities laws or an exemption from such registration is available.

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 "advance", "expects", "plans", "anticipates", "believes", "intends", "allocated", "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, 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.

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