Grizzly Diamonds Ltd.

Grizzly Diamonds Ltd.

November 16, 2009 09:06 ET

Grizzly Diamonds Mobilizes Crews and Drill to the Greenwood Gold Project, British Columbia and Commences Drilling

EDMONTON, ALBERTA--(Marketwire - Nov. 16, 2009) - Grizzly Diamonds Ltd. (TSX VENTURE:GZD) (FRANKFURT:G6H) ("Grizzly") today announces that it has signed a contract with Lone Peak Drilling to commence diamond drilling on the Greenwood Gold Project, South-Central British Columbia. Grizzly received its Mines Act exploration permit for drilling from the British Columbia Ministry of Energy, Mines and Petroleum Resources on November 12, 2009. A diamond drill was mobilized to the property on November 13, 2009 and has subsequently commenced drilling at the Ket 28 Prospect.

Historic gold showings at the Ket 28 and Lawless areas will be the first targets drill tested during the fall 2009 program. Additional ground geophysical surveys and geological mapping are in progress at the Ket 28, Lawless, Copper Mountain and Sappho areas. The fieldwork commenced during later October and is being conducted by APEX Geoscience Ltd. As current target identification progresses, other targets in these and other areas may also be drill tested during 2009 or early 2010 depending upon time and budget constraints.

All 2009 field and office exploration programs are being conducted under the supervision of Mr. Michael Dufresne, M.Sc., P.Geol., a principal of APEX Geoscience Ltd. and a Qualified Person under NI 43-101.

Grizzly is an aggressive Canadian exploration company focused on exploring for world class gold and base metal deposits in British Columbia and diamonds and industrial minerals in Alberta. In British Columbia, Grizzly currently has five precious-base metal properties totaling over 175,000 acres. It currently holds more than 1 million acres in diamond properties which host diamondiferous kimberlites in the Buffalo Head Hills and Birch Mountains of Alberta. Grizzly has also acquired metallic and industrial mineral permits for Potash totaling more than 1.4 Million acres along the Saskatchewan-Alberta border.

Grizzly trades on the TSX Venture Exchange under the symbol GZD, with 22,943,970 common shares issued to date.

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. There can be no assurance that such statements will prove accurate. Such statements are necessarily based upon a number of estimates and assumptions that are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. Important factors that could cause actual results to differ materially from expectations are in Grizzly's documents filed from time to time with the TSX Venture Exchange and provincial securities regulators, most of which are available at Grizzly disclaims any intention or obligation to revise or update such statements.

This news release also contains technical information that has been publicly sourced. Grizzly has not independently verified such information and accepts no responsibility for its accuracy or completeness.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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