Great Western Diamonds Corp. Signs Exploration Agreement With Montreal Lake Cree Nation

Thursday, February 22, 2007 5:32 PM

Great Western Diamonds Corp. (TSX VENTURE: GWD) (“GWD”) is pleased to announce that it has signed an exploration agreement with Montreal Lake Cree Nation on a portion of their traditional lands that will facilitate GWD’s progress at its Candle Lake Diamond Project.

The agreement applies to GWD’s exploration activities on three target sites within MLCN’s traditional territory and encompasses 35 claims covering 12,196 hectares in the Candle Lake-Whiteswan Lake, located approximately 90 kilometres northeast of the city of Prince Albert in Saskatchewan.

The agreement will provide to MLCN members accessibility to employment and training as well as opportunities to participate in new business ventures related to the exploration activities including provision of camp and catering, drilling, environmental services, and other contracts for works, goods and services.

“We have developed a positive relationship with the Montreal Lake Cree Nation and look forward to working with them in a mutually beneficial, co-operative relationship while we are engaged in the exploration of this area”, stated GWD President and CEO, Brent Jellicoe.

GWD Chairman Gary Billingsley said “The most important accomplishment is that we have identified a process by which we can consult with and accommodate the interests of MLCN”.

Chief Lionel Bird said “We are excited about the opportunity to work with GWD on this advanced diamond evaluation project. It will provide our people with the opportunity to gain expertise in the mining and exploration industry. We are pleased that we have an agreement that protects our traditional territory for the continuing benefit of our members. In particular, the agreement recognizes our treaty rights.”

GWD has mounted an aggressive three year drilling and sampling program on the diamond-bearing Candle Lake C29/30 kimberlite body to assess its’ geology, size, and grade potential. The 2007 field campaign of this advanced evaluation stage project will proceed through to the end of winter and includes concurrent core drilling, and large diameter reverse circulation drilling to produce minibulk samples.

Great Western Diamonds Corp. is an exploration and mine development company currently focused on several diamond prospects including the 100%-owned Candle Lake Diamond Project in central Saskatchewan. Great Western is committed to increasing shareholder value through an aggressive, results-driven exploration and evaluation program targeted on reaching a pre-feasibility decision on the Candle Lake kimberlites by the end of 2007. 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.

Brent C. Jellicoe, P.Geo., President & CEO

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

Great Western Diamonds Corp.
Brent Jellicoe
President & CEO
(306) 668-0701

Great Western Diamonds Corp.
Gord Dent
Manager of Investor Relations
(306) 668-0701

Great Western Diamonds Corp.
226 Cardinal Crescent
Saskatoon, SK S7L 6H8
(306) 668-0701
Email: [email protected]

SOURCE: Great Western Diamonds Corp.

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