Grizzly Diamonds Ltd.

Grizzly Diamonds Ltd.

June 18, 2008 08:56 ET

Grizzly Announces Grant of Stock Options

EDMONTON, ALBERTA--(Marketwire - June 18, 2008) - Grizzly Diamonds Ltd. (TSX VENTURE:GZD) (FRANKFURT:G6H) ("Grizzly") announces that the Board of Directors has, pursuant to Grizzly's Stock Option Plan, approved the grant of stock options to AGORACOM Investor Relations to acquire an aggregate of up to 100,000 common shares of Grizzly ("Common Shares"). The options have been granted pursuant to Grizzly's Stock Option Plan, have an exercise price of $ 1.00 and expire on June 17, 2013.

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-base metal properties totaling over 95,000 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.

Shares Issued and Outstanding: 19,351,069

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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