Grizzly Diamonds Ltd.

Grizzly Diamonds Ltd.

October 13, 2005 19:26 ET

Grizzly Diamonds Engages Firefly to Commence Airborne Geophysical Surveys Over the Grand Cub Aidan Property, Buffalo Head Hills, Alberta

EDMONTON, ALBERTA--(CCNMatthews - Oct. 13, 2005) - Grizzly Diamonds Ltd. (TSX VENTURE:GZD) ("Grizzly") today announces that it has engaged Firefly Airborne Surveys (Firefly) to conduct a 11,660 line-km airborne magnetic survey over the Grand Cub Aidan Property in the Buffalo Head Hills area of North-Central Alberta. A program and budget have been approved to conduct the airborne survey, to interpret the resulting geophysical data and to pick targets for follow-up ground geophysical surveys and prospecting leading to drilling during the winter of 2005-2006.

The Buffalo Head Hills area of Alberta is considered favourable for the formation and preservation of diamonds in the upper mantle and their transport to surface in kimberlitic magma during periodic tectonic activity associated with movement along the Peace River Arch. This has been confirmed with the discovery of 38 kimberlite pipes by Ashton Mining of Canada (Ashton) on behalf of the Buffalo Head Hills Joint Venture, 26 of which are diamondiferous.

The Grand Cub Aidan property exists approximately 30 km north of the northernmost kimberlite discovered by Ashton to date (in a direction that is considered "up-ice" of the existing kimberlite field). A number of diamond indicator minerals have been discovered on and "down-ice" of Grizzly's Grand Cub Aidan property indicating that potential exists for the discovery of kimberlites on the Property.

Earlier in the week a geological crew was mobilized to the Silver Bear Property near Silverton, southeast British Columbia. The crew will be visiting a number of historic silver occurrences on the Property that were developed and partially mined during the early 1900's. The crew will be conducting preliminary rock and stream sediment sampling across the Property.

All 2005 field programs are being conducted under the supervision of Mike Dufresne, P. Geol., a principal of APEX Geoscience Ltd. and a Qualified Person under NI 43-101.

Grizzly Diamonds Ltd. is an aggressive Canadian exploration company focused on exploring for diamonds in Alberta and precious metals in North America. It currently holds diamond properties in the Buffalo Head Hills, Birch Mountain, and Pelican Mountain areas of Alberta totaling approximately 3,945,000 acres which host prospective geophysical targets and associated diamond indicator minerals. In British Columbia Grizzly has four precious metal properties totaling over 23,000 acres.

On behalf of the Board
Grizzly Diamonds Ltd.
/s/ "Brian Testo"
Brian Testo

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.

Contact Information

  • Grizzly Diamonds Ltd.
    Brian Testo
    (780) 693-2365
    Grizzly Diamonds Ltd.
    Suite 220, 9797 45th Avenue
    Edmonton, Alberta, Canada, T6E 5V8
    (780) 435-0045
    (780) 989-0322 (FAX)