Consolidated Global Diamond Corp.: To Drill Test for Kimberlite at Courageous Lake, NWT

VANCOUVER, BRITISH COLUMBIA, Aug 22, 2008 (Marketwire via COMTEX News Network) --

Consolidated Global Diamond Corp. (TSX VENTURE:CK)(FRANKFURT:C3Y) (the "Company") is pleased to announce that it has commenced its summer drilling program to locate a kimberlitic diatreme beneath the diamondiferous crater sediments at its Courageous Lake project in the Northwest Territories as a follow up to its successful spring drilling program. These crater sediments occupy a sub circular area at least 1,100 metres in diameter and are about 300 metres thick, indicating the potential for an underlying kimberlitic diatreme of substantial size. Courageous Lake is located in an established diamond mining camp, between the world class Diavik and Ekati diamond mines to the north and Snap Lake and Gaucho Kue diamond deposits to the south.

Previous drilling at Courageous Lake tested a coincident magnetic and resistivity anomaly, intersecting sediments containing various amounts of tuffaceous kimberlitic rocks. Analysis of a 78.4 kg sample of these tuffaceous sediments, conducted by CF Minerals laboratory, recovered 8 micro-diamonds (please refer to the Company's press release dated May 19th, 2008 at www.ckglobaldiamond.com) indicating that the kimberlite source rocks are diamond bearing. The objective of the spring drilling program, which was to locate kimberlitic rocks beneath the diamondiferous crater sediments, was achieved, with 30 metres of fine grained and pyroclastic kimberlitic rock being intersected. Samples of this kimberlitic rock, together with the overlying sandy tuffs, will be sent for diamond analysis.

Observations of large kimberlite pipes found in other parts of the world indicate that they are typically found to have multiple phases with varying diamond contents. The objectives of the Company's summer drilling program are to test for a multiphase diatreme, confirmation of its approximate size, and to obtain sufficient samples to test for micro-diamond and diamond indicator minerals.

The Directors of the Company are excited about the discovery of kimberlitic rocks at Courageous Lake and are looking forward to the results of the new drilling program.

Mike Magrum, P. Eng., a Qualified Person under National Instrument 43-101 has approved the technical content of this press release.

On Behalf of the Board of Directors

Consolidated Global Diamond Corp.

Simon Tam, Director

Disclaimer:

This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction. "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: this news release contains forward looking statements that are not historical facts and are subject to risks and uncertainties which could cause actual results to differ materially from those set forth in or implied herein.

SOURCE: Consolidated Global Diamond Corp.

Consolidated Global Diamond Corp. Simon Tam Director (604) 871-9916 (604) 871-9926 (FAX) Website: www.ckglobaldiamond.com

Copyright (C) 2008 Marketwire. All rights reserved.