Grizzly Diamonds Ltd.
TSX VENTURE : GZD
FRANKFURT : G6H

Grizzly Diamonds Ltd.

July 11, 2007 15:29 ET

Grizzly Diamonds Ltd.: Exploration Update for Alberta Diamond Properties and the Peak Property, BC

EDMONTON, ALBERTA--(Marketwire - July 11, 2007) - Grizzly Diamonds Ltd. (TSX VENTURE:GZD) (FRANKFURT:G6H) ("Grizzly") today is pleased to provide the following exploration update for a number of its 100% owned Alberta Diamond Properties in the Buffalo Head Hills and the Birch Mountains of Northern Alberta, its joint ventured Call of the Wild Diamond Property in the Pelican Mountains area, north-central Alberta and the Peak precious-base metal property in north-central British Columbia.

The concentrates from the 10.2 tonne Legend mini-bulk sample have been fused using standard caustic fusion procedures and picking for diamonds is underway (using a 0.5mm cutoff). Grizzly expects to have final results in the near future as heavy industry demands have slowed the laboratory (Saskatchewan Research Council) in delivering results. Final results will be released as soon as received by Grizzly.

Results from one composite drill core sample, collected to test both mineral chemistry and micro-diamond counts (Sample Legend 004,005,006 - 168.35 Kg) from the Legend Kimberlite are now available. In total 3 diamonds were recovered from 168.35 kg of drill core (see Table below). These results closely approximate the historic results reported by Kennecott Canada



TOTAL NUMBER OF DIAMONDS BY SIEVE SIZE FOR LEGEND KIMBERLITE

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Weight 0.425 mm 0.30 mm 0.212 mm 0.150 mm 0.106 mm
Sample(1) (kgs) sieve sieve sieve sieve sieve
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LEGEND
004, 005,
006 168.35 0 0 0 1 2
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(1) All results are from the Saskatchewan Research Council. Using a 0.106
mm cutoff.


Grizzly is pleased to provide an update on its Grand Cub Aidan Property in the Buffalo Head Hills area. During June, a crew ground checked priority anomalies identified from an airborne geophysical survey conducted by Grizzly. During the 10 day program, 4 geophysical grids were completed. Of the four targets, 2 remain high priority drill targets. Anomaly GCA049 is a 150m by 150m circular magnetic anomaly and anomaly GCA038b is a cohesive semi-circular magnetic anomaly 175m by 125m in size. The program was stopped early due to overly wet conditions and flooding within the property and will be continued in fall 2007.

Call of the Wild Update

Grizzly and partner Stornoway Diamond Corporation ("Stornoway") have completed anomaly ground checks on the Call of the Wild Diamond Property in the Pelican Mountains area, north-central Alberta. Of the 47 priority magnetic targets selected for follow-up exploration from airborne magnetic data, 19 remain priority for ground geophysical surveying and sampling.

Peak Property, BC

At the Peak precious-base metal property in north-central British Columbia, ground geophysical surveys (time domain electromagnetics) have been completed and results are pending. The results will aid the geological mapping and sampling program which will commence later this month. A drilling contractor has been secured for August in order to follow-up the 2006 drilling program with further drilling as well as the testing of a number of the newly identified targets.

About Grizzly

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 Corporation has four precious metal properties totaling over 23,000 acres.

All 2007 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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