GGL Diamond Corp.

GGL Diamond Corp.

January 31, 2006 15:17 ET

GGL Diamond Corp.: Progress Report

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 31, 2006) - Raymond A. Hrkac, President and CEO of GGL Diamond Corp. (TSX VENTURE:GGL) provides an update report on our exploration activities.

A mini-bulk sample of approximately 45 tonnes taken from a surface pit on the 100% owned Doyle diamondiferous kimberlite sill is now being treated at a DMS (Dense Media Separation) facility. Results are expected by mid-February.

Indicator mineral chemistry of the pyrope garnets from the Doyle Sill implied it had sampled the diamond stability field. Micro and macro diamonds found in the small drill core samples confirmed this assumption. Together, these results led to the acquisition of the mini-bulk sample, with the expectation that positive results from this sample will lead to the next level of exploration and development.

The Company has three projects in the Doyle area, including the 100% owned mineral claims and leases containing the Doyle kimberlite sill, known as the Doyle Project. A second set of leases acquired from De Beers Canada Inc., Mountain Province Diamonds Inc. and Camphor Ventures Inc., subject to a total royalty of 1.5% of net returns, are known as The New Century Project. The remaining six mineral leases from the original joint venture with De Beers are referred to as the De Beers Doyle JV; these leases adjoin the leases containing the Gahcho Kue diamond deposit.

The New Century Project (51,109 acres) is now being evaluated based on the data received from De Beers. A geophysical software program designed to assist in the interpretation of EM surveys, has revealed a potential kimberlite target possibly 200 to 400 metres in diameter located in New Century Lake and may be a drill target for this coming spring program. In other parts of the Project, a number of targets have been identified for further evaluation based on indicator mineral samples and geophysical anomalies. Three samples that also require follow up exploration for three separate targets contain respectively a 0.3mm diamond, a garnet with a remnant kelyphite rim, and a CD (chrome diopside) with remnant of an original surface; the latter two suggest close proximity to a kimberlite source. The MZ system of diamondiferous kimberlite dykes will be evaluated once all of the previous exploration data has been obtained and entered into our database.

The Doyle Project has several unexplained indicator mineral and soil sample results indicative of kimberlite. These target areas continue to be evaluated and may require detailed ground geophysics.

The De Beers JV area contains a number of drill ready targets and the Company has approached De Beers to see if one or more of these can be made available to GGL for drilling this spring.

The 2006 exploration program at the "Big Hole" Project, located on our Fishback property, commenced this week. A ground gravity survey is now in progress to complete the previous survey over the lake in preparation for the next drill program. The drill program will explore for kimberlite(s) whose presence is indicated by the alteration and kimberlite indicator minerals found in previous drill holes. In addition, an airborne geophysical survey is scheduled to begin early February over the claims surrounding the "Big Hole".

The Company's exploration team is now reviewing all the diamond projects in preparation for the 2006 exploration season. The Company has a drill rig on site at both the Doyle and CH claim areas in anticipation of a spring drill program in these areas.

The Company relies on contractors to obtain equipment and experienced drill crews. The extent of any exploration program is subject to the funds available.

GGL Diamond Corp. designs its exploration programs with the assistance of Qualified Persons pursuant to National Instrument 43-101. These include, but are not limited to, Paul. W. Richardson, Ph.D., P.Eng., Torrie Chartier, M.Sc., MBA, P.Geol., and John Knight, M.Sc., P.Geo.


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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