Global Alumina releases 2006 year-end results

TORONTO, March 26 - Global Alumina Corporation announced today that the Company's Board of Directors has approved its financial and operating results for the year-ended December 31, 2006. All dollar amounts are in U.S. dollars.

2006 Highlights

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Significant corporate milestones included:

- Mining Concession granted over a 690 square kilometre area containingan estimated 1.4 billion tonnes of bauxite easily accessible to existing rail and port infrastructure;

- 20-year, take-or-pay alumina sale and purchase agreement with Glencore AG for 420,000 tonnes annually;

- Announced increase in the expected nominal capacity of the firststage refinery to 3.0 million tonnes per year;

- Augmented management team with the addition of many of the industry's most talented experts, and expanded employment within Guinea directly and indirectly through contractors to a December peak of 1,029, over 85% of whom are Guinean;

- Advanced engineering and construction activities, includingcompletion of pioneer construction camp, access roads to the refinery, township and quarry sites, and quarry operations (including crushing and concrete batching plants), and commencement of port, refinery and rail spur sites' earthworks; and

- Finalized negotiations regarding the joint venture with BHP Billiton,Dubai Aluminium Company Limited ("DUBAL") and Mubadala Development Company PJSC ( "Mubadala") to develop and operate the Company's alumina refinery project in the Republic of Guinea.

- Commenced a preliminary business plan to conduct value engineering,seeking cost savings and efficiency improvements leading toward final construction cost and nominal capacity estimates and construction, contracting and financing plans targeting debt financial close by year-end and first alumina production in the middle of 2010.

- Arrangement of the $100 Loan Facility agreement with BHP Billiton,DUBAL and Mubadala or their respective affiliates, under which $48,699,681 has been drawn to date.

Significant financial highlights include:

- Construction-in-progress increased by $116.5 million to a total of$192.3 million at December 31, 2006 compared to a total of $75.8 million on December 31, 2005;

- An aggregate of $37.2 million received through warrants exercised in2006 bringing the total equity gross proceeds raised to date to approximately $248 million;

- A net loss for year-ended December 31, 2006 of $19.5 million ($0.10per share) versus $17.3 million ($0.14 per share) for the previous year; and

Global Alumina's 2006 Special and Annual General Meeting will be held at 9:30 am (Eastern Time) on April 25, 2007 at the Four Seasons Hotel, 21 Avenue Road, in downtown Toronto.

About Global Alumina:

Global Alumina Corporation (Global Alumina) is a company that intends to use the vast bauxite resources of Guinea to produce alumina for sale to the global aluminium industry. Global Alumina is positioned to be one of the largest companies focused solely on alumina production and sales, and offers an opportunity for socially responsible investing in a country that holds over one-third of the world's bauxite resources. Global Alumina is headquartered in Saint John, New Brunswick with operations in Boké, Guinea and has administrative offices in New York, London, Montreal and Conakry, Guinea.