Grizzly Diamonds Ltd.

Grizzly Diamonds Ltd.

September 15, 2008 13:32 ET

Grizzly Diamonds Mobilizes Crews and Drills to the Peak Property, British Columbia and the Smokey the Bear Property, Alberta

EDMONTON, ALBERTA--(Marketwire - Sept. 15, 2008) - Grizzly Diamonds Ltd. (TSX VENTURE:GZD) (FRANKFURT:G6H) ("Grizzly") today announces that it has signed a contract with Titan Drilling to commence diamond drilling on the Peak Property, North-Central BC and with Lone Star Drilling to commence diamond drilling on and in the vicinity of the BE-02 Kimberlite on the Smokey The Bear Property, Alberta. Grizzly also has commissioned APEX Geoscience Ltd. (APEX) to mobilize geological crews to both the Peak Property and Smokey The Bear Properties. Drill sites are being prepared and the diamond drills will be mobilized to both properties this week to commence drilling as soon as possible.

"We are extremely pleased to be able to announce the start of two fully funded drill programs for both diamonds and silver-gold." said Brian Testo, President and CEO of Grizzly. "This should enable Grizzly to have steady news flow through the fall season."

The Peak Property drilling will consist of approximately 1,000 m, which will be designed to test a high quality IP chargeability anomaly identified this summer that exists southwest of and along strike from the Ute and Rio precious-base metal occurrences. The chargeability anomaly has a core zone that is at least 200 m in strike length with a broader chargeability anomaly that is up to 450 m in strike length. Based upon prior surface geological mapping and drilling during 2006 and 2007, the IP chargeability anomaly is most likely associated with a pyrite bearing breccia zone within intermediate to felsic volcanic associated with low grade but highly anomalous concentrations of gold-silver-copper-lead-zinc. The anomaly has received little drilling over the years and will be more thoroughly tested during the upcoming 2008 drilling campaign.

The Smokey The Bear Property drilling is being planned to target coincident gravity and magnetic anomalies identified in ground surveys this summer, which are in close proximately to the recently discovered BE-02 Kimberlite. A total of 54 microdiamonds were recovered from 56.6 kg of kimberlite collected from the discovery hole drilled into BE-02 in February of this year (see Grizzly News Release dated May 6, 2008). The kimberlite is described as fine-grained, pyroclastic and likely represents a distal facies of the kimberlite. The ground geophysical surveys have confirmed the presence of three distinct magnetic anomalies, of which the northern and central anomalies have spatially associated gravity anomalies. The anomalies are on the order of 200 to 250 m in diameter. The discovery drillhole for Kimberlite BE-02 (SMB08-03) was drilled into the center of the central magnetic anomaly, however, based upon the gravity survey the vertical drillhole appears to have been drilled close to the northwest edge of the spatially associated gravity anomaly. The current drilling program is being designed to locate coarser grained facies that would be associated with a central vent of the BE-02 Kimberlite with the hope that it may contain more abundant and coarser grained diamonds.

Grizzly Diamonds is an aggressive Canadian exploration company focused on exploring for diamonds and industrial minerals in Alberta and precious metals in North America. It currently holds more than 2 million acres in diamond properties that host diamondiferous kimberlites in the Buffalo Head Hills and Birch Mountains. It currently holds metallic minerals permits for Potash totaling more 850,000 acres along the Saskatchewan-Alberta border. In British Columbia, the Company has five precious-base metal properties totaling over 120,000 acres.

All 2008 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.

Shares issued and outstanding: 20,371,625

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

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