Grizzly Diamonds Ltd.

Grizzly Diamonds Ltd.

March 01, 2005 07:30 ET

Brian Testo Increases Holdings in Grizzly Diamonds Ltd.


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: GRIZZLY DIAMONDS LTD.

TSX VENTURE SYMBOL: GZD

MARCH 1, 2005 - 07:30 ET

Brian Testo Increases Holdings in Grizzly Diamonds Ltd.

EDMONTON, ALBERTA--(CCNMatthews - March 1, 2005) - Grizzly Diamonds Ltd.
(TSX VENTURE:GZD) -

Brian Testo announced today that he has purchased an aggregate of 45,200
common shares ("Common Shares") of Grizzly Diamonds Ltd. (the
"Corporation") through the facilities of the TSX Venture Exchange. When
combined with the stock options to acquire 150,000 Common Shares granted
to Mr. Testo by the Corporation on January 6, 2005, the number of Common
Shares which he owns or exercises control over, have increased by 2.0%
of the outstanding Common Shares (assuming exercise of the stock options
to acquire 150,000 Common Shares).

Mr. Testo presently owns or exercises control over an aggregate of
2,855,201 Common Shares, and assuming full exercise of his stock
options, will own or exercise control over 30.8% of the outstanding
Common Shares (on a partly diluted basis).

Mr. Testo purchased the Common Shares because he believed the shares
were a good value at the trading price. At present Mr. Testo has no
intention to increase his holdings in the Corporation, but may do so if
he perceives there is an opportunity to acquire more Common Shares at a
good value.

Grizzly Diamonds Ltd. is an aggressive Canadian exploration company
focused on exploring for diamonds in Alberta and precious metals in
North America. Grizzly currently holds four diamond properties in
Alberta totaling approximately 1.2 million acres which host prospective
geophysical targets and associated diamond indicator minerals. Grizzly
also holds four precious-base metal properties in British Columbia
totaling over 23,000 acres.



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


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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Grizzly Diamonds Ltd.
    Brian Testo
    (780) 693-2365
    www.grizzlydiamonds.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.