Grizzly Diamonds Ltd.
TSX VENTURE : GZD

Grizzly Diamonds Ltd.

November 03, 2005 17:07 ET

Grizzly Diamonds Completes Sampling on Silver Bear Property, Airborne Magnetic Survey Underway at Grand Cub Aidan Property

EDMONTON, ALBERTA--(CCNMatthews - Nov. 3, 2005) -

Additional ground staked in Alberta

Grizzly Diamonds Ltd. (TSX VENTURE:GZD) ("Grizzly") today announced that it has completed sampling on the Silver Bear Property in the Slocan District of Southeastern British Columbia. Results are pending and will be released when received.

In the Buffalo Head Hills area of North-Central Alberta, Grizzly has commenced its 11,660 line-km HRAM airborne magnetic survey over the Grand Cub Aidan Property. Following the survey, results will be interpreted to pick targets for follow-up ground geophysical surveys and prospecting and possible drilling during the winter of 2005-2006.

Also in the Buffalo Head Hills area, Grizzly has dispatched a crew to collect till samples on the Preston upon the Wolverine Property near the location where the Alberta Geological Survey (AGS) diamond indicator mineral sampling yielded a positive result. The AGS stream sediment sample yielded more than 30 high interest diamond indicator minerals including 8 pyrope garnets and 23 chromites, a number of which were recovered from the 0.5 to 1 mm size fraction. In addition, at least two of the pyrope garnets are reported to have kelyphite rims. The nearest known kimberlite exists 30 km due east at Sawn Lake on Ashton Mining of Canada's main Buffalo Head Hills Block. This new diamond indicator mineral result may indicate the presence of undiscovered kimberlites along the west side of the Buffalo Head Hills on the Grizzly's Preston upon the Wolverine Property as no kimberlites are known either in the vicinity of the anomalous sample or up ice of the sample.

In addition, Grizzly has made application for mineral rights to approximately 13 townships adjoining the northwest corner of the Call of the Wild Property in Alberta. This acquisition brings Grizzly's total Alberta land holdings to in excess of 4 million acres of land which host prospective geophysical targets and associated diamond indicator minerals.

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 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.

On behalf of the Board

Grizzly Diamonds Ltd.

/s/ "Brian Testo"

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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