Grizzly Diamonds Ltd.
TSX VENTURE : GZD
FRANKFURT : G6H

Grizzly Diamonds Ltd.

June 16, 2008 08:30 ET

Grizzly Announces Potash Permit Applications on Saskatchewan-Alberta Border

EDMONTON, ALBERTA--(Marketwire - June 16, 2008) - Grizzly Diamonds Ltd. (TSX VENTURE:GZD) (FRANKFURT:G6H) ("Grizzly") today is pleased to announce that it has applied for a number of metallic mineral permits on the Saskatchewan-Alberta border, which include the rights to subsurface potash, totaling more than 200,000 acres. The government has confirmed that Grizzly will be awarded at least 115,000 acres in due course. The remaining 85,000 acres are currently the subject of a private sealed-bid government sale in which Grizzly is participating.

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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