SUCCESSFUL DRILL PROGRAM COMPLETED

Consolidated Global Diamond Corp (C:CK)
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Tuesday May 20 2008 - News Release

Mr. Simon Tam reports

SUCCESSFUL DRILL PROGRAM COMPLETED

Consolidated Global Diamond Corp. is providing drilling results on its current diamond exploration program at its Courageous Lake property, located within 50 kilometres of the Diavik and Ekati diamond mines to the north and the promising Snap Lake and Gaucho-Kue diamond deposits to the south. The property is located approximately 250 kilometres northwest of Yellowknife in the Northwest Territories.
The initial 2008 drilling program has successfully demonstrated that the extensive diamondiferous crater system, referred to as MW93, situated below Courageous Lake, is:
• A product of a large multiphase kimberlitic volcanic eruptive;
• Stratified and includes a pyroclastic facies kimberlitic suite below sandy and lapilli tuff;
• Significantly larger, up to 1,100 metres across, compared with previously reported as up to 700 metres;
• A much thicker sequence than previously reported -- the base of the sequence has not yet been outlined by drilling, deepest drill hole is approximately 300 metres;
• Overlying pyroclastic and diatreme facies kimberlitic rocks that have been protected from glaciation, leaving the lower crater and diatreme facies kimberlitic rocks essentially intact;
• Present beyond the previously identified 200-hectare magnetic and geophysical anomaly originally attributed as outlining the crater facies suite of rocks;
• A result of a kimberlitic volcanic explosion so powerful that it dislodged and transported a block of Archean granitic rocks more than 200 metres in size.
Four drill holes totalling 850 metres were drilled during the 2008 spring drilling program. All but drill hole CGD-DH08-02 intersected the MW93 kimberlitic rocks. Drill holes CGD-DH08-03 and CGD-DH08-04 were drilled from the same set-up and both were not completed due to difficulties during drilling and the onset of spring breakup, respectively. An intensive program of drilling at this location will continue after spring breakup, including deepening of existing holes. In the meantime, a high-resolution ground magnetic survey over Courageous Lake and petrological examination of the drill core are under way.
The drill program was carried out under the supervision of Dr. Edward Walker, who is responsible for the design and management of the project. His interpretation of all previous work was instrumental in rapidly advancing this project to its present stage. The technical team working on the project also included Derrick Strickland, PGeo, and Mike Magrum, PEng.
Simon Tam, director of the company, says, "The combination of an outstanding property, financial resources and a great team of people makes these results possible."
Mike Magrum, PEng, a qualified person under National Instrument 43-101, has approved the technical contents of this news release.
Consolidated Global Diamond is granting 500,000 incentive stock options having an exercise price of 35 cents per share. These options will have an exercise term of five years.
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