Yes, indeed, I have verified it:
http://www.gigabyte.us/FileList/MemorySupport/motherboard_memory_ga-g31m-es2l.pdf
It indeed states quite a few "supported" DDR2-533 RAM chips. Yours will probably work too. Usually, as a general rule, slower chips will work, unlike the previous post's statement, as long as they are the same standard, like the first post said.
You're welcome.
Edit: lots of conflicting answers, hehe. Though I do believe that my link provides undeniable evidence that the motherboard does indeed support it.
However, that said, I would also recommend getting DDR2-800, you'll be a bit happier that way. And no, unlike the post below, it only goes UP TO DDR2-800, and not some insane DDR2-1333/DDR2-1600
Edit 2.0: They do also state in the spec's page "Support for DDR2 800/667 MHz memory modules", however, they also then say:
"(Go to GIGABYTE's website for the latest memory support list.)", which is exactly what I did, I clicked on the "Memory Support List". The specs page does indeed phase me, and as a result I am a bit less confident with my answer, however, it's definitely worth a try if you're short on cash with your 60 dollar motherboard. It DEFINITELY won't "fry" the ram by "going to fast", that's absurd.