Consolidated Global Diamond Corp.: Successful Drill Program Completed

Consolidated Global Diamond Corp. (TSX VENTURE:CK)(FRANKFURT:C3Y) (the
"Company") is pleased to provide 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 km 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 multi phase kimberlitic volcanic eruptive,

- stratified and includes a pyroclastic facies kimberlitic suite below sandy and
lapilli tuff,


- significantly larger, up to 1,100 metres across, compare to 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 totaling 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 setup 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 underway.


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, P.Geo. and Mike Magrum, P.Eng.


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, P.Eng., a qualified person under National Instrument 43-101, has
approved the technical contents of this news release.


Consolidated Global Diamond Corp. wishes to announce the granting of 500,000
incentive stock options having an exercise price of $0.35 per share. These
options will have an exercise term of five years.


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.