Grizzly Diamonds Ltd.

Grizzly Diamonds Ltd.

March 26, 2008 08:30 ET

Exploration Update for Grizzly's Alberta Diamond Properties

EDMONTON, ALBERTA--(Marketwire - March 26, 2008) - Grizzly Diamonds Ltd. (TSX VENTURE:GZD) (FRANKFURT:G6H) ("Grizzly") announces the completion of the winter kimberlite drill and ground geophysical program for a number of its 100% owned Alberta Diamond Properties in Northern Alberta.

The Buffalo Head Hills winter kimberlite drilling program was completed on March 17, 2008. A total of seven drill holes were completed (1,177 m) with four holes on the Smoky The Bear Property and three holes on the Grand Cub Aidan Property. Drillholes SMB08-02 and SMB08-03 intersected two new kimberlites on the Smoky The Bear Property (see announcements on February 19 and 25, 2008) bringing the total number of known kimberlites in the Buffalo Head Hills region to forty. No other kimberlites were intersected during the 2008 winter drilling program.

Kimberlite BE-01 was intersected in drill hole SMB08-02 at a depth of 124 m and was completed to 150 m still in kimberlite. On March 16, drillhole SMB08-02 was re-entered and drilled to a depth of 200 m where the hole was terminated in kimberlite.

Kimberlite BE-02 was intersected in drillhole SMB08-03 at a depth of 122 m and remained in kimberlite to a depth of 141 m where the hole came out of kimberlite and into Colorado Formation mudstone until termination of the hole at 178 m. Further ground magnetic surveys in the area of BE-02 since indicate the presence of at least three distinct magnetic lobes that could represent kimberlite. Further exploration including a ground gravity survey and follow-up drilling during summer 2008 are being planned for kimberlite BE-02 in order to target and locate the central vent of the kimberlite.

Core logging and sampling of kimberlites BE-01 and BE-02 have been completed. Rock specimens will be sent to R.L. Barnett Geological Ltd for petrographic and microprobe confirmation of kimberlite mineralogy. Samples from both kimberlites have been catalogued, security sealed and sent to the Saskatchewan Research Council for caustic fusion diamond analysis and diamond indicator mineral analysis. Preliminary results are expected sometime during the next quarter.

During winter 2007-2008, APEX Geoscience Ltd. field crews completed ground geophysical surveys over more than 43 targets in the Buffalo Head Hills identified from prior airborne geophysical surveys. A number of the surveys have yielded targets for future drilling programs. A number of the surveys are still being processed with final results expected over the next month.

Further airborne surveys have been initiated During March, 2008 to cover the remainder of Grizzly's Buffalo Head Hills properties. Firefly Aviation Ltd. has mobilized a single aircraft to the Buffalo Head Hills and will eventually mobilize a second aircraft to complete a minimum 40,000 line-km high resolution fixed-wing airborne magnetic (HRAM) survey that was commissioned in January for the Kodiak, Bearpaw, Preston Upon Wolverine and Grand Cub Parker properties all adjacent to or within the Buffalo Head Hills. Once this survey is complete, Grizzly will have completed airborne surveys over more than 2 million acres in the Buffalo Head Hills and will have first pass surveys completed over all of its Alberta land holdings. Preliminary data is expected during April, 2008 with final data sometime during May or June 2008.

Grizzly Diamonds 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 Mountains and Pelican Mountain areas of Alberta totaling over three million acres which host prospective geophysical targets and associated diamond indicator minerals. In British Columbia, the Company has five precious metal properties totaling over 32,000 acres.

All 2008 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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