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Gem International agreement for Tanzania property

Vancouver, June 18, 2010

The TSX Venture Exchange has accepted for filing an option agreement dated March 23, 2010, between Gem International Resources Inc. and two vendors, Musadik Mohamed Ally and Najua Kassira, pursuant to which the company may acquire a 70-per-cent interest in certain diamond claims in the Shinyanga region of Tanzania. The property consists of 109 primary mining licences covering a total area of 2,743 acres.

Total consideration payable by the company for the acquisition is:

  • A cash payment of $300,000;
  • Exploration expenditures of $1.5-million on the property over a three-year period ($350,000 within the first year);
  • The issuance of one million common shares from treasury upon completion of this transaction.

The vendors retain a 3-per-cent gross overriding royalty, up to 1 per cent of which may be purchased by the company for $5-million.

Finder's fee:In addition to the above, the company has agreed to issue 221,341 common shares to Hakol Partners Inc. as a finder's fee in stages tied to the total expenditures noted above.


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.

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