GGL Diamond Corp.

GGL Diamond Corp.

November 10, 2006 16:22 ET

GGL Reports on Activities for the Third Quarter Ended Aug. 31, 2006

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 10, 2006) - Raymond A. Hrkac, President and CEO of GGL Diamond Corp. (TSX VENTURE:GGL), reported on the activities of the Company for the period ended Aug. 31, 2006 and subsequent events in the Company's third quarter report, currently available in full on the GGL website (

Below are highlights of the third quarter report:

Diamond Exploration, Slave Craton, Northwest Territories, Canada

CH Project

To date this year, a total of 198 heavy mineral samples and 198 soil samples have been taken from the CH properties and 83 geophysical anomalies were ground checked for their potential as kimberlite targets.

In June, GGL reported (news release, June 12) the discovery of kimberlite on Target A085 on the Courageous Property, a 100% GGL-owned property approximately 40 km south of the Ekati Diamond Mine. Subsequently named the Bishop Kimberlite, the kimberlite was found to be diamondiferous (news release, July 26). Six of the ten samples submitted for analysis contained one or more microdiamonds for a total recovery of 11 diamonds, with the largest diamond recovered on the 0.212 mm bottom sieve being a colorless, clear octahedron. Preliminary results (news release, Sept. 6) from a ground gravity survey over the kimberlite and adjoining area showed significant promise and further exploration has been deemed to be warranted.

The company plans to secure funding to carry out further exploration and the drill testing of the new enlarged gravity low anomaly. Other selected targets at Courageous will be drilled as funds permit.

A ground gravity survey over several promising target areas on the Seahorse and Shoe properties is proposed for the 2007 winter season, in preparation for spring drilling, funds permitting.

Doyle Lake project, 100% GGL owned, Southeast Slave Craton

This summer, the Company drilled a geophysical target, previously selected by De Beers, on mineral claim LA 1. No kimberlite was intersected. The drill targets proposed for the Quail Lake area on LA 4 remain to be tested. As previously reported, this claim was returned to 100% GGL ownership in March.

GGL continues to assess the kimblerlite sill on the Doyle property and to plan further exploration. A possible second kimberlite sheet has been found in one drill hole close to and east of the sill and will be explored through drilling. The sources of the other kimberlite trains at Doyle have yet to be found and form part of the ongoing exploration program.

Financial position and subsequent events

For the nine months ended Aug. 31, 2006, the Company incurred expenses of $2,445,245 on exploration, 30% higher than in the same period in 2005. This increase was partly due to the expansion of the property holdings and to the company's commitment to enhancing shareholder value by accelerating work towards a diamond discovery.


Raymond A. Hrkac, President & CEO

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.

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