Grizzly Diamonds Ltd.

Grizzly Diamonds Ltd.

November 15, 2005 12:30 ET

Grizzly Diamonds Announces High-Grade Assays for the Silver Bear Property, Southern British Columbia

EDMONTON, ALBERTA--(CCNMatthews - Nov. 15, 2005) - Grizzly Diamonds Ltd. (TSX VENTURE:GZD) ("Grizzly") today announced that it has completed field based exploration at its Silver Bear Property. A total of twenty five surface rock grab samples were collected from the property during the field program. The work carried out was concentrated proximal to old workings on the property. Assay results have been received for all of the surface rock samples. Eleven samples were collected from the workings around the London Hill (LH) mine. Samples yielded results of up to 28.2 grams per tonne (g/t) Au. Seven rock grab samples collected from the Midas Touch area yielded between 75.7g/t Ag and 886 g/t Ag, up to 4.35 g/t Au, up to 3.26% Pb and up to 14.25 % Zn. Three samples taken from the Mountain Scenery area yielded results of up to 680 g/t Ag, up to 11.75% Pb and up to 7.86% Zn. Mineralization style is predominately polymetallic silver-gold-lead-zinc vein systems localized within small shears and fracture sets.

Geochemical analyses were conducted using a combination of fire assay in conjunction with Atomic Absorption or gravimetric finish and multi-element ICP techniques at ALS Chemex, Vancouver, B.C.

The Silver Bear Property is located near the margin of the Nelson Batholith. The vein systems are hosted both within the Cretaceous Nelson Batholith and within a small outlier of the Jurassic Rossland Group volcanics, and in particular seem to be coincident at or near the contacts between the two. Based upon the results of the exploration program that confirmed the presence of the historic occurrences, 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.

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 Calling Lake areas of Alberta totaling over four million acres which host prospective geophysical targets and associated diamond indicator minerals. In British Columbia, the Corporation has four precious metal properties totaling over 23,000 acres.

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.

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 responsibility for the adequacy or accuracy of this release.

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