Grizzly Diamonds Ltd.

Grizzly Diamonds Ltd.

September 08, 2005 13:51 ET

Grizzly Diamonds Announces High Grade Assays for the Goat Mine Property in North-Central British Columbia

EDMONTON, ALBERTA--(CCNMatthews - Sept. 8, 2005) - Grizzly Diamonds Ltd. (TSX VENTURE:GZD) ("Grizzly") today announced high-grade results from surface samples collected at the Goat Mine Property ("Property") which is located 34 km northeast of Stewart, British Columbia and 75 km southeast of the Eskay Creek Mine.

A total of 44 surface rock grab samples were collected from the Property during the summer 2005 field program. Final assay results have now been received. A number of high grade gold, silver and base metal values have been obtained from polymetallic veins. In summary, six samples contain more than 1 gram per tonne gold (g/t Au) with values of up to 7.26 g/t Au. A total of 11 samples contain more than one ounce per tonne silver (oz/t Ag) with values up to 2,090 g/t Ag (60.9 oz/t Ag). In addition six rock samples contain more than one per cent zinc.

All geochemical analyses were conducted using a combination of fire assay in conjunction with AA or gravimetric finish and multi-element ECP techniques at ALS Chemex, Vancouver.

Based upon the results of the summer exploration program that confirmed the presence of the historic occurrence, follow-up exploration programs are being planned and budgeted for 2006. Plans will include surface prospecting and sampling to clearly define the dimensions of the mineralizing system, followed by either ground or airborne geophysics and possible drilling.

The Goat Deposit was a historic producer during the late 1970's with reported production of about 4,159 tonnes of ore with an average grade of 563 g/t silver, 1.72 g/t gold and 1.65 weight % zinc with minor lead and copper from 3,186 tonnes of milled ore. A historic resource of 8,800 tonnes grading 4,782.9 g/t silver and 10.6 g/t gold was reported in 1979, however the resource is not compliant with National Instrument 43-101 guidelines.

All 2005 field programs are being conducted under the supervision of Mike Dufresne, P.Geol., a principal of APEX Geoscience Ltd. and a Qualified Person under NI 43-101.

Grizzly Diamonds Ltd. 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 Calling Lake areas of Alberta totaling approximately 3,945,000 acres which host prospective geophysical targets and associated diamond indicator minerals. In British Columbia Grizzly has four precious metal properties totaling over 23,000 acres.

On behalf of the Board
Grizzly Diamonds Ltd.
/s/ "Brian Testo"
Brian Testo

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 responsability for the adequacy or accuracy of this release.

Contact Information

  • Grizzly Diamonds Ltd.
    Brian Testo
    (780) 693-2365 or (780) 425-BEAR(2327)
    (780) 433-1336 (FAX)