Grizzly Diamonds Ltd.
TSX VENTURE : GZD

Grizzly Diamonds Ltd.

November 21, 2005 07:30 ET

Grizzly Diamonds Discovers Kimberlite Boulders on Alberta Property

EDMONTON, ALBERTA--(CCNMatthews - Nov. 21, 2005) -

GEOTEM Flying to Commence, Fixed Wing Magnetic Survey Continues

Grizzly Diamonds Ltd. (TSX VENTURE:GZD) ("Grizzly") today announced that it has discovered two kimberlite boulders on the Smokey the Bear Property in the Buffalo Head Hills area of Alberta. The kimberlite was discovered within quaternary till and gravel deposits which are exposed within the property while ground crews were prospecting and sampling. The samples have been submitted to Mineral Services Canada Inc., Vancouver, B.C., for petrography and mineral chemistry.

"The presence of kimberlite boulders within the Smokey the Bear Property demonstrates that prospecting is effective in identifying local kimberlite sources and gives us further confidence that the known Buffalo Head Hills kimberlite field extends onto our properties," says Grizzly President Brian Testo.

The Buffalo Head Hills area is considered favourable for the formation and preservation of diamonds in the upper mantle and their transport to surface in kimberlitic magma during periodic tectonic activity associated with movement along the Peace River Arch. Thirty eight kimberlite pipes have been discovered by other companies in the Buffalo Head Hills area, 26 of which are diamondiferous.

Grizzly Diamonds Ltd. recently signed a contract with Fugro Airborne Surveys to immediately commence flying a fixed-wing airborne magnetics and electromagnetics survey using GEOTEM(C) within the Preston Upon the Wolverine Property. In total, 3777 line kilometers will be flown at 200m line spacing. A recent sampling program at the Preston Upon the Wolverine Property was terminated due to winter conditions.

Firefly Aviation continues to complete flying within the Grand Cub Aidan Property. Intrepid Geophysics will be reviewing the data and once high priority targets have been selected a ground geophysical crew will be dispatched to confirm targets for winter 2006 drilling.

Drill permits have been applied for at each of Grizzly's Alberta properties in anticipation of results from the airborne geophysical surveys.

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

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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