Grizzly Diamonds Ltd.
TSX VENTURE : GZD
FRANKFURT : G6H

Grizzly Diamonds Ltd.

November 15, 2007 20:42 ET

Grizzly Diamonds Completes Drilling at the Peak Property, British Columbia and Mobilizes Crew to Northern Alberta

EDMONTON, ALBERTA--(Marketwire - Nov. 15, 2007) - Grizzly Diamonds Ltd. (TSX VENTURE:GZD)(FRANKFURT:G6H) ("Grizzly") today announced that it has completed its diamond drilling at the Peak Property, North-Central British Columbia and has successfully expanded the RIO and UTE mineralized zones. In addition, geological crews have been mobilized to northern Alberta to complete ground geophysics over more than 20 favorable kimberlite targets.

Peak Property, BC

The 2007 Peak Property drilling program was designed to expand upon significant Ag/Cu-Au mineralization intersected during fall 2006 drilling at the UTE and Rio zones. In total 2,293 m were drilled in 22 holes at the Peak Property. A total of 1,810 samples were sent to TSL Laboratories in Saskatoon, SK for analysis for gold by fire assay plus multi-element IPC analyses. The results will be released as received.

Rio Sulphide Zone

A total of nine drill holes were completed at the Rio Sulphide Zone during 2007 drilling. Highlights include: Drill hole PK07-03 tested the main Rio Zone trench where conformable massive to disseminated, bedded ash tuff-hosted copper-gold mineralization exists. The hole intersected 4.27 metres of sulphide mineralization at a depth of 5.18 metres.

Drill hole PK07-08 was collared 70 metres to the southwest along strike of the Rio Zone. The hole intersected disseminated to semi-massive sulphide mineralization within bedded ash tuff between 14.02 and 17.98 metres (3.96m true width). Drill holes PK07-21/22 stepped out a further 50 metres to the southwest and intersected 3.35 metres of sulphide mineralization within quartz flooded, well bedded lapilli-ash tuff at depths of 22.86 and 20.73 meters, respectively.

UTE Vein and Breccia Zone

A total of eleven drill holes expanded the strike extent of the UTE Vein and Breccia Zone during 2007 drilling. Highlights included drill hole PK07-11, a 40 metre stepout west along strike of the UTE vein which intersected a 1.68 metre brecciated sulphide rich vein at a depth of 22.56 metres. Drill hole PK07-20, collared a further 20 metres to the west intersected a 0.60 metre sulphide mineralized fault zone at a depth of 17.98 metres. Holes PK07-14 (-45) and PK07-15 (-45) tested the Breccia Zone 200 metres to the west along strike of the UTE Vein. Both drill hole intersected a strongly brecciated ash tuff volcanic unit with a matrix locally containing up to 10% pyrite and intense fine grained dendritic black sulphide veining.

The Peak Property is located 65 km northeast of the town of Smithers, BC. Results from surface samples collected during 2005-2006 exploration at the Peak property include high grade gold, silver and base metal values with assays of up to 211.5 ounces per ton (oz/t) silver (7,250 grams per tonne (g/t)), 1.90 oz/t gold (65.2 g/t), and 13% copper (Cu). Precious and base metal mineralization at the Peak Property has characteristics in common with both Jurassic precious metal enriched VMS deposits, such as Eskay Creek, as well as Jurassic volcanic hosted epithermal precious metal deposits such as the Snip and Premier-Silbak.

Commencement of Alberta Ground Program

Grizzly also has mobilized a geological crew from APEX Geoscience Ltd. (APEX) to complete a widespread ground geophysical program at the Call of the Wild Property and various Buffalo Head Hills properties including the Smoky The Bear, Preston Upon Wolverine and Grand Cub Aidan properties. The program is designed to identify and define kimberlite drill targets to add to the existing drill targets. Grizzly is planning an aggressive drilling program in spring 2008 to test these targets. Land use permits are in place for the 2008 drill program.

All 2007 field programs are being conducted under the supervision of Michael Dufresne, P. Geol., a principal of APEX Geoscience Ltd. and a Qualified Person under NI 43-101.

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. Actual results may differ materially from those anticipated in these statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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