Global Prospecting Ventures Inc (fka GPVI)

[Shaun Spelliscy]

Press Release Source: Global Prospecting Ventures, Inc.


Global Prospecting Ventures Announces Joint Venture on Sturgeon Lake Diamondiferous Kimberlite Body
Friday April 16, 6:21 pm ET


SAN FRANCISCO--(BUSINESS WIRE)--April 16, 2004--Global Prospecting Ventures, Inc. (PINK SHEETS:GPVI - News) is pleased to announce that it has entered into a joint venture with Garnet Point Resources Corp. (TSX.V:GRC)(OTC:GRCDF - News) on the Company's Sturgeon Lake Diamondiferous Kimberlite body located in Saskatchewan, Canada.
In a little more than a decade, Canada, a major world gold producer, has also become the third largest producer of diamonds in the world, behind only Botswana and Russia. It surpassed South Africa last year, according to an analysis by Statistics Canada of the relatively new, but booming, industry. "Not only is Canada rich in diamonds, it is rich in high-quality diamonds," it noted.

The group managing Global are responsible for the discovery of several diamondiferous kimberlites and other base and precious metal projects. The first discovery of kimberlite (a diamond-bearing rock) in Saskatchewan, Canada was made in 1988, in the Sturgeon Lake area, about 30 km northwest of Prince Albert on ground owned by Global.

Saskatchewan, Canada hosts some of the largest diamondiferous kimberlites in the world and past efforts by Global's management in this area led to the discovery of what some are touting as the largest kimberlite pipe discovered in the world which weighs in at 480 million tons. A comparison would be the Ekati Diamond Mine operated by BHP Billiton Diamonds Inc. which hosts 5 kimberlite pipes, weighing in at 43.5 million tons.

In a News Release dated March 30th, 2004, Global announced the commencement of a preliminary evaluation on the Company's 100% owned Sturgeon Lake diamondiferous kimberlite body and adjacent property. The Sturgeon Lake kimberlite is located 70 kilometers northwest of the Fort a la Corne kimberlite cluster. With greater than 70 magnetically defined kimberlite bodies identified, the Fort a la Corne kimberlite Province ranks as one of the largest in the world.

Based on work by De Beers Canada Exploration Inc. subsidiary Monopros, and Global management's assessment of average diamond grades and valuations of the Sturgeon Lake kimberlite body, Garnet Point Resources will fund a surface operation to custom mill and process the company's estimated 800,000 metric ton diamondiferous kimberlite body. Although the total tonnage of the Sturgeon Lake kimberlite is small by De Beers standards, it is exposed at surface and does not require extensive overburden removal. If proper diamond grade and valuations exist, the potential exists for an attractive smaller scale surface operation. In 2003, Canada accounted for 11% of world diamond production by value and this figure is projected to increase to over 15% over five years. In 2003, Industry giant DeBeers spent over 40% of their annual exploration budget in Canada, an amount exceeding $24 million.

Global has assembled an outstanding team of managers and geologists who have extensive successful experience in the mining and exploration business. Management is totally committed and focused on achieving significant commercial success. A major successful diamond find could result in valuations of between $500 million and $5 billion dollars.

In compliance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, GPVI notes that statements contained in this announcement that are not historical facts may be forward-looking statements that are subject to a variety of risks and uncertainties and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors. Factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements.



------------------------------------Contact:
Global Prospecting Ventures, Inc.
Matt Hansen, 415-541.5080 (Local) or 800-882-2791 (Toll)
[e-mail]