Great Western’s private placement

Great Western Diamonds Corp. has entered into an agreement with Thomas Weisel Partners Canada Inc. as sole agent for a best efforts private placement of up to 8,000,000 flow-through shares of the Company at a price of C$0.25 per flow-through share, for aggregate gross proceeds of C$2,000,000.

The proceeds from the sale of the flow-through shares will be used for general exploration expenditures, which will constitute Canadian exploration expenses (as defined in the Income Tax Act) and will be renounced for the 2008 taxation year. The sole agent shall receive compensation comprised of cash and broker warrants upon closing of the offering.

The offering is scheduled to close on or about February 27, 2008 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange. The securities to be issued under this offering will be offered by way of private placement exemptions in all of the provinces of Canada.

Great Western Diamonds Corp. is an exploration company focused on the 100% owned Candle Lake Diamond Project in central Saskatchewan where an aggressive, results-driven evaluation program is targeted on the Candle Lake kimberlites.

The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements.

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