Grizzly Diamonds Ltd.

Grizzly Diamonds Ltd.

December 16, 2009 12:08 ET

Grizzly Diamonds Ltd. Drills Greenwood and Appoints New Director

EDMONTON, ALBERTA--(Marketwire - Dec. 16, 2009) - Grizzly Diamonds Ltd. (TSX VENTURE:GZD) (FRANKFURT:G6H) ("Grizzly" or the "Company") is pleased to announce that an approximate 1,800 meter drilling program at the Greenwood Gold Project commenced mid-November. Lone Peak Drilling of Kimberley, B.C., was responsible for conducting the drilling. APEX Geoscience Ltd. of Edmonton, Alberta provided technical management and professional geological services for the drilling program. 

A total of 1,050 m in 9 drillholes was completed at the Ket 28 prospect in the Rock Creek area. A total of 750 m in 5 drillholes was completed at the Lawless prospect in the Sidley Mountain area. The drilling program concluded December 9th. Due to weather conditions, drilling at the Copper Mountain area was deferred until 2010. The drill core is currently being logged and split with samples shipped to ALS Chemex in Vancouver, B.C. The Company expects that all logging and sampling activities will be completed by about December 21st, 2009 and initial assay results will be released in mid January, 2010.

Ben Hubert appointed to Grizzly's Board of Directors

Grizzly is pleased to announce that Mr. Ben Hubert, B.Sc., M.Sc., MBA, has been appointed to the Company's Board of Directors, subject to the approval of the TSX Venture Exchange. Mr. Hubert brings a diverse range of experience to the Board. He has enjoyed a successful career as a self-employed consultant focusing on the interrelationships between the environment, community, and resource-based industries throughout Canada. Mr. Hubert has significant experience with mineral exploration projects conducted in remote and frontier areas, and serves on the board of directors of San Gold Corporation (TSXV: SGR). Mr. Hubert has been appointed to the Company's Audit Committee as its Chairman.

In conjunction with his appointment, the Board of Directors has authorized a grant of 200,000 stock options under the Company's stock option plan to Mr. Hubert, exercisable at $0.42 per option, subject to the approval of the TSX Venture Exchange.

About Grizzly

Grizzly is an aggressive Canadian exploration company focused on exploring for world class gold and base metal deposits in British Columbia and diamonds and industrial minerals in Alberta. In British Columbia, Grizzly currently has five precious-base metal properties totaling over 210,000 acres. It currently holds more than 1 million acres in diamond properties which host diamondiferous kimberlites in the Buffalo Head Hills and Birch Mountains of Alberta. Grizzly has also acquired metallic and industrial mineral permits for potash totaling more than 1.4 Million acres along the Saskatchewan-Alberta border.

Grizzly trades on the TSX Venture Exchange under the symbol GZD, with 23,886,470 common shares issued and outstanding.

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.

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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