Grizzly Diamonds Ltd.

Grizzly Diamonds Ltd.

June 24, 2009 12:29 ET

Grizzly Adds Further Lands to the Greenwood Gold Project and Announces Commencement of the 2009 Exploration Program

EDMONTON, ALBERTA--(Marketwire - June 24, 2009) - Grizzly Diamonds Ltd. (TSX VENTURE:GZD) (FRANKFURT:G6H) ("Grizzly") is pleased to announce the acquisition of further lands at its Greenwood Gold Project and the anticipated commencement date for the 2009 exploration program. Recent staking has been successful in adding approximately 5,800 acres to the Copper Mountain area in the vicinity of the Prince of Wales gold showings northwest of Greenwood. Grizzly has commissioned APEX Geoscience Ltd. ("APEX") of Edmonton, Alberta to mobilize to the Greenwood area and commence geological field work across the project area during the first week of July leading to drilling in late summer or early fall.

Prince of Wales Gold Showings

During 2008, a helicopter AeroTEM III airborne geophysical survey was flown over the Copper Mountain area by Aeroquest Surveys Ltd. Geological mapping and sampling during 2008 along with historic exploration indicate the presence of highly anomalous soil and rock samples with up to 29.14 grams per tonne (g/t) gold (Au) (0.85 ounces per ton (oz/t)) in grab samples from the Prince of Wales area. Gold at the Prince of Wales showings is associated with massive to disseminated sulphides, including arsenopyrite, pyrite, pyrrhotite and chalcopyrite in silicified zones spatially associated with a diorite - sediment contact within Late Paleozoic Knob Hill Group rocks. The recent AeroTEM III survey has identified a number of untested, high priority electromagnetic (EM) conductors in the vicinity of the anomalous gold-bearing samples at the Prince of Wales Showings. The conductors will be followed up with ground EM techniques and will be prospected and soil sampled during the upcoming 2009 field program. A number of the Republic Graben high grade gold deposits that were mined over the last 20 years by Echo Bay Mines Ltd. consisted of high grade gold in association with massive to semi-massive sulphide zones in Knob Hill Group and Brooklyn Formation sedimentary rocks.

Upcoming 2009 Field Exploration

Grizzly's 2009 exploration plan for its Greenwood Gold Project holdings consists of a two to three month field program which will include geological mapping, rock and soil sampling, ground geophysics all leading to a late summer to fall drilling program. Based on positive results from the 2008 AeroTEM III survey, additional airborne geophysical surveys are being considered, in particular, over the Sidley-Dayton and Rock Creek portion of the project area. APEX crews are slated to mobilize to the Greenwood area to commence exploration during the first week of July.

Grizzly is an aggressive Canadian exploration company focused on exploring for world class gold deposits in B.C. and diamonds and industrial minerals in Alberta. In B.C., Grizzly currently has five precious-base metal properties totaling over 175,000 acres. It currently holds more than 1 million acres in diamond properties that host diamondiferous kimberlites in the Buffalo Head Hills and Birch Mountains of Alberta. Grizzly has recently acquired metallic and industrial mineral permits for Potash totaling more than 1.4 million acres along the Saskatchewan-Alberta border.

All 2009 field and office exploration programs are being conducted under the supervision of Mr. Michael Dufresne, M.Sc., P.Geol., a principal of APEX Geoscience Ltd. and a Qualified Person under NI 43-101.

Grizzly trades on the TSX Venture Exchange under the symbol GZD, with 21,734,735 common shares issued to date.

On behalf of the Board

Grizzly Diamonds Ltd.

Brian Testo, President

This news release contains forward-looking statements regarding ongoing and upcoming exploration work and expected geology, geological formations and structures. There can be no assurance that such statements will prove accurate. Such statements are necessarily based upon a number of estimates and assumptions that are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. Important factors that could cause actual results to differ materially from expectations are in Grizzly's documents filed from time to time with the TSX Venture Exchange and provincial securities regulators, most of which are available at Grizzly disclaims any intention or obligation to revise or update such statements.

This news release also contains technical information that has been publicly sourced. Grizzly has not independently verified such information and accepts no responsibility for its accuracy or completeness.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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