GGL Diamond Corp.

GGL Diamond Corp.

December 19, 2007 13:44 ET

GGL Diamond Corp.: Non-Brokered Flow-Through Private Placement to Raise $4,014,500

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 19, 2007) -


Raymond A. Hrkac, President and CEO of GGL Diamond Corp. (TSX VENTURE:GGL) ("GGL") announces the non-brokered private placement of flow-through shares previously announced on November 23, 2007 will raise a total of $4,014,500 (a maximum of 16,058,000 flow-through shares at $0.25 per share), not $4,004,500 as was previously announced. The change, a $10,000 increase, is the result of a calculation error.

Up to $2,852,000 of the gross proceeds will be allocated to projects in the Northwest Territories, with the majority to be spent on the nickel project and a portion on diamond projects, as previously announced (News release, December 12, 2007). On the nickel project, GGL intends to expand the 3D airborne and ground geophysics work needed on the Providence Greenstone Belt, take additional samples as needed, identify and prioritize drill targets, and drill. GGL will also undertake additional work on its diamond properties, as required to fulfill its regulatory obligations.

Up to $1,162,500 of the gross proceeds will be allocated to further explore GGL's copper-gold prospect at McConnell Creek in British Columbia. The funds allocated to this project will now enable GGL to implement all stages of the recommendations of the NI 43-101 technical report on this property (see press release of September 4, 2007), add detail to the geophysical survey and do more drilling.

GGL 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 effective for the 2007 tax year.

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 21, 2007.

GGL will pay up to an 8% finder's fee for certain subscribers to the private placement, in cash or the share equivalent.


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 GGL 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 GGL 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 GGL's management on the date the statements are made. GGL 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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