Grizzly Diamonds Ltd.
TSX VENTURE : GZD
FRANKFURT : G6H

Grizzly Diamonds Ltd.

June 19, 2008 11:59 ET

Grizzly Announces Acquisition of Potash Permits on Saskatchewan-Alberta Border

EDMONTON, ALBERTA--(Marketwire - June 19, 2008) - Grizzly Diamonds Ltd. (TSX VENTURE:GZD) (FRANKFURT:G6H) ("Grizzly") today is pleased to announce that it has been awarded a number of metallic mineral permits (which include the rights to subsurface potash) by application and bid process in east-central Alberta along the Saskatchewan-Alberta border. The lands acquired for potash exploration total more than 500,000 acres. Grizzly continues to review other lands for acquisition for potash exploration.

A large portion of Grizzly's potash permits exist in close proximity to or directly contain areas reported to be underlain by potash bearing beds within the uppermost portion of the Prairie Evaporite Formation. The presence of potash beds within the upper portion of the Prairie Evaporite in east-central Alberta near and along the Saskatchewan border is indicated by geological maps produced by the Alberta and Saskatchewan governments, specifically Alberta Research Council Bulletin 29 (Hamilton, 1971) and Saskatchewan Geological Survey Report 181 (Fuzesy, 1982). In addition, a number of Grizzly's permits exist in close proximity to a reported occurrence of potash minerals in a deep well (VCO #15) in the Vermilion area of east-central Alberta. The author reporting the occurrence suggests that the potash mineral "sylvite exists in substantial quantities" "throughout the first 50 feet of the Prairie Evaporite" (Golden, B.Sc., 1965). The author also suggests the potash minerals "are of the same composition and depositional sequence and depth as the potash at Unity and Saskatoon, Saskatchewan", currently the location of a number of potash mines. The reported occurrence of potash minerals is at a depth of approximately 1,061 m below surface. The company has initiated a detailed compilation of historic exploration, including oil and gas drilling, and seismic data for the permits leading to a National Instrument 43-101 Technical Report.

"We are extremely pleased to have acquired a large block of potential potash land." said Brian Testo, President and CEO of Grizzly. "We are currently in negotiations with possible joint venture partners for some of the prospective land. With our two new diamondiferous kimberlite discoveries in Alberta advancing and our evolving silver-gold projects in BC, 2008 should be a very exciting year for Grizzly Diamonds."

Grizzly Diamonds is an aggressive Canadian exploration company focused on exploring for diamonds and industrial minerals 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 3 million acres which host kimberlites. In British Columbia, the Company has five precious-base metal properties totaling over 95,000 acres.

Brian Testo, President & CEO of Grizzly Diamonds will record a "Beyond The Press Release" on the Company's official Investor Relations Site at http://www.agoracom.com/ir/grizzly, in which the above developments will be discussed in detail. The recording is expected to be available on or after June 20, 2008.

This news release and the information contained herein has been reviewed by 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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