Gem International Resources Inc. | A Junior Diamond Exploration Company

Vancouver, September 28, 2009 - Consolidated Global Diamond Corp., further to its Sept. 16, 2009, news release in Stockwatch, has entered into a private placement for the sale of 3.25 million units at a price of 10 cents per unit for a total of $325,000. Each unit will consist of one common share and one share purchase warrant for the purchase of one further common share of the company within five years at the price of 27 cents per share. Proceeds of the private placement shall be used in part to earn the company's 70-per-cent interest in the Maganzo and Kolandoto diamond claims in the prolific Shinyanga region of Tanzania.

These transactions are subject to regulatory approval. The maximum allowable finder's fee shall be paid in shares and cash with regard to the value derived from the agreement and the private placement financing as per the TSX Venture Exchange's policy guidelines.

The company has granted 1,135,000 incentive stock options to certain directors, officers and consultants. These options are exercisable for up to five years at a price of 27 cents per share.

Disclaimer and Cautionary Statement Regarding Forward-Looking Information

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction.

All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management’s estimates or opinions should change. Investors should not place undue reliance on forward-looking statements.

Consolidated Global Diamond Corp. seeks safe harbor.

News Releases

News Releases

Revised Private Placement And Incentive Stock Options