Grizzly Diamonds Ltd.

Grizzly Diamonds Ltd.

January 23, 2008 14:24 ET

Grizzly Announces 2008 Buffalo Head Hills Diamond Drill Program

EDMONTON, ALBERTA--(Marketwire - Jan. 23, 2008) - Grizzly Diamonds Ltd. (TSX VENTURE:GZD) (FRANKFURT:G6H) ("Grizzly") today is pleased to announce the upcoming 2008 drill program at its Buffalo Head Hills Diamond Project. A minimum of 4 high priority geophysical targets will be tested at the Smoky The Bear Property and a minimum of 4 high priority geophysical targets will be tested at the Grand Cub Aidan Property. All Alberta government land-use and industry road use permits are in place in anticipation of the upcoming drilling program. APEX Geoscience Ltd. personnel have been mobilized to the field and are conducting road access clearing to the drill sites as well as continuing with ground geophysical survey. Titan Diamond Drilling of Smithers, BC and Refined Energy Ltd. of Edmonton, AB have been retained to complete the drilling. It is anticipated drilling will commence in late January or early February.

Peak Property, BC

Grizzly would also like to announce that geochemical assay results for diamond drilling conducted during the fall of 2007 at the Peak Property, BC continue to arrive. The 2007 Peak Property drilling program was designed to expand upon significant silver and copper-gold 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 ICP analysis. Results will be announced as soon as they become available.

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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