Granite City Restaurant features a full Bar and Brewery and has a growing amount of Restaurant and Bar locations in Cedar Rapids, Clive, Creve Coeur, Davenport, Eagan, East Peoria, Fargo, Fort Wayne, Kansas City, Lincoln, Madison, Maple Grove, Olathe, Omaha, Orland Park, Rockford, Rogers, Roseville, Sioux Falls, St. Cloud, St. Louis Park, Toledo, West Wichita, Wichita, Indianapolis, and South Bend.

GRANITE CITY FOOD & BREWERY LTD. ANNOUNCES PROCEEDS FROM CLASS A WARRANT EXERCISES

Minneapolis, MN, March 10, 2006 - Steven Wagenheim, President and Chief Executive Officer of Granite City Food & Brewery Ltd. (Nasdaq Capital Market: GCFB) will present at the Stephens Inc. 2006 Consumer Conference in New York City on March 14, 2006 at the Waldorf-Astoria Hotel The presentation by Granite City is scheduled to begin at 9:30 a.m. ET on Tuesday, March 14, 2006. The Company's presentation will be available via live webcast and available for replay for 90 days at: http://www.wsw.com/webcast/stph2/gcfb/. The Company intends to issue its 2005 financial results before the market opens on Tuesday, March 14, 2006.

Granite City Food & Brewery Ltd. currently operates twelve Granite City Food & Brewery casual dining restaurants featuring made-from-scratch food and handcrafted beers. Its broad menu offers traditional and regional foods served in generous portions at reasonable prices, affording guests an excellent value and great dining experience. The Company's first Granite City location, in St. Cloud, MN, opened in June 1999. Subsequently, the Company opened restaurants in Sioux Falls, SD, Fargo, ND, Des Moines, IA, Cedar Rapids, IA, Davenport, IA, Lincoln, NE, Maple Grove, MN, Wichita, KS, Eagan, MN, Kansas City, MO, and Kansas City, KS.

CONTACT:
Daniel H. Bauer
Chief Financial Officer
(952) 215-0660