GREAT WESTERN DIAMONDS CORP.
TSX VENTURE : GWD

GREAT WESTERN DIAMONDS CORP.

November 14, 2007 10:18 ET

Great Western Diamonds Corp. Files Directors Circular in Response to Formal Bid Made by Vaaldiam Resources Ltd.

SASKATOON, SASKATCHEWAN--(Marketwire - Nov. 14, 2007) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES

Great Western Diamonds Corp. (TSX VENTURE:GWD) ("GWD") announced today that it has filed its Directors Circular with securities regulators in Canada and has mailed it to GWD shareholders. The Directors Circular contains a unanimous recommendation from the Board of Directors of GWD to accept the offer filed by Vaaldiam Resources Ltd. ("Vaaldiam") to acquire all of the issued and outstanding shares of GWD as contemplated in the take-over bid circular.

The Board of Directors unanimously recommends that GWD shareholders tender their common shares to the Vaaldiam offer before December 17, 2007.

The documents pertaining to the take-over bid have been mailed to GWD shareholders and can be obtained free of charge through the System for Electronic Documents Analysis and Retrieval (SEDAR) at www.sedar.com and at www.gwdc.ca.

Great Western Diamond Corp. is an exploration and mine development company that is operated on a vision of growth and substantial enhancement of shareholder value based on a balance of management experience, technical expertise, and expansion of operations. GWD currently is focused on the 100%-owned Candle Lake Diamond Project in central Saskatchewan where an aggressive, results-driven evaluation program is targeted on reaching an advancement decision on the Candle Lake kimberlites by the end of 2008. While Candle Lake is the core diamond project, the Company continues to build a balanced and geographically diverse project portfolio with both advanced and grass-root diamond properties in Canada and Brazil.

Brent Jellicoe, P.Geo

President & CEO

This news release may contain forward looking statements, being statements which are not historical facts, including, without limitation, statements regarding the proposed acquisition of Elkedra by Vaaldiam, the proposed acquisition of GWD by Vaaldiam and discussions of future plans and objectives. There can be no assurance that such statements will prove accurate. Such statements are necessarily based upon a number of estimates and assumptions that are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. Important factors that could cause actual results to differ materially from expectations are in documents filed from time to time with the TSX Venture Exchange and provincial securities regulators, most of which are available at www.sedar.com. GWD disclaims any intention or obligation to revise or update such statements.

The following factors, among others, related to the proposed acquisition of each of Elkedra and GWD and future plans and objectives could cause actual results or developments to differ materially from the results or developments expressed or implied by forward looking statements: the Vaaldiam shares to be issued in connection with the Elkedra offer or the GWD offer may have a market value lower than expected; the businesses of Vaaldiam and Elkedra and the businesses of Vaaldiam and GWD may not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected; the expected combination benefits from the acquisition of each of Elkedra and GWD may not be fully realized by Vaaldiam or not realized within the expected time frame; Vaaldiam cannot determine the number of Elkedra shareholders or GWD shareholders who may accept the Elkedra offer or the GWD offer, respectively; the possible delay in the completion of the steps required to be taken for the acquisition of either Elkedra or GWD and the ultimate combination of Vaaldiam with each of Elkedra and GWD.

The securities being offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States in the absence of registration or an applicable exemption from the registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to purchase securities in the United States.

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

Contact Information

  • Great Western Diamonds Corp.
    Brent Jellicoe
    (306) 651-8873
    Email: bjellicoe@gwdc.ca
    or
    Great Western Diamonds Corp.
    Direct mail:
    226 Cardinal Crescent
    Saskatoon, SK S7L 6H8
    Website: www.gwdc.ca