Grizzly Diamonds Ltd.
TSX VENTURE : GZD
FRANKFURT : G6H

Grizzly Diamonds Ltd.

February 25, 2008 08:30 ET

Grizzly Diamonds Reports 265.8 g/t Silver, 0.44% Copper, 1.38% Lead and 0.19% Zinc Over 2.8 m Core Length and 19.14 g/t Au (0.56 oz/t) Over 1.0 m Core Length From Drilling at Peak Property, B.C.

EDMONTON, ALBERTA--(Marketwire - Feb. 25, 2008) - Grizzly Diamonds Ltd. (TSX VENTURE:GZD) (FRANKFURT:G6H) ("Grizzly") is pleased to announce final assay results from the 2007 drilling at the Peak Property, British Columbia. Results continue to confirm the presence of a significant silver-gold-copper-lead-zinc mineralized system on the property. In 2007 a total of 22 diamond drill holes (PK07-01 to PK07-22) totaling 2,293m tested the RIO, UTE and Breccia Zone showings. Mineralization has been extended along strike at the RIO and UTE veins and resulted in the discovery of a broader zone of low grade mineralization associated with alteration of the Breccia Zone.

"We are extremely pleased that our drilling successfully expanded known mineralization at the UTE, RIO and Breccia Zones" states Grizzly President Brian Testo. "The wider alteration and mineralized system discovered at the Breccia Zone is particularly encouraging suggestive of an extensive mineralized system. Aggressive plans are in place for a follow-up 2008 drill program."

Summary assay highlights are presented below and detailed within the following table. All depths reported below represent down-hole meterages.

- UTE Vein:

-- A total of 9 drill holes for a total of 979.4 m tested and expanded the strike extent of the UTE Vein during 2007.

-- Drill hole PK07-10 intersected the UTE vein at a depth of 16.10 m and assayed 265.8 grams per tonne (g/t) silver (Ag) (7.75 ounces per ton (oz/t)) across 2.80 m with associated 0.44% copper (Cu), 1.38% lead (Pb) and 0.19% zinc (Zn).

-- Drill hole PK07-11 interested the UTE vein at a depth of 39.66 m and assayed 182.2 g/t Ag (5.31 oz/t) across 3.34 m with associated 0.33% Cu, 1.88% Pb and 0.10% Zn.

-- The mineralized intersections within PK07-12 and PK07-13 extend the known strike length of the UTE vein to 330 m and its' inferred down dip extent to 51 m vertically.

-- Drill hole PK07-12, collared 250 m to the west of PK07-13, tested the down-dip extent of the UTE vein and yielded an intersection of 38.7 g/t Ag (1.13 oz/t), 0.29% Pb and 0.20% Zn over 3.87 m core length at a depth of 68.38 m with a high grade portion of 1,040 g/t Ag (30.33 oz/t), 1.71% Cu, 14.30% Pb and 7.64% Zn over 0.10 m.

-- PK07-12 intersected a second mineralized zone within a sequence of mudstone and interlayered felsic volcanics (Mud1 Zone) at a depth of 108.18 m which yielded assays of 10.26 g/t Ag (0.30 oz/t), 0.29% Pb and 0.33% Zn over a 5.15 m core length.

-- Drill hole PK07-13, collared 70 m to the east of the UTE vein, yielded an intersection of 1,410 g/t Ag (41.13 oz/t) across 0.24 m core length with associated 0.86% Cu, 14.70% Pb and 3.10% Zn.

-- Drill hole PK07-16 interested the UTE vein at a depth of 21.17 m and assayed 116.3 g/t Ag (3.39 oz/t) across 1.85 m with associated 0.66% Cu, 2.78% Pb and 0.72% Zn.

-- All high grade and low grade zones are accompanied by widespread highly anomalous manganese (Mn) and antimony (Sb) along with anomalous trace concentrations of arsenic (As), bismuth (Bi), and cadmium (Cd).

- Breccia Zone:

-- A total of 2 drill holes expanded the strike extent of the Breccia Zone during 2007 drilling. Drill holes PK07-14 and PK07-15 tested a possible broader zone of Ag plus Pb/Zn mineralization discovered during 2006 drilling (see news release dated Dec. 14, 2006).

-- Drill hole PK07-14 intersected 13.6 g/t Ag (0.40 oz/t),0.11% Cu and 0.10% Pb over 12.71 m with a high grade portion of 108.1 g/t Ag (3.15 oz/t), 2.64% Cu, 0.12% Pb and 0.19% Zn over 0.36 m. The brecciated and altered volcanics in hole PK07-14 also yielded two zones of greater than 40 m with concentrations of Pb ranging from 200 to 1000 parts per million (ppm) and zinc ranging from 500 to 2,500 ppm with greater than percent level Mn and trace but anomalous concentrations of Sb, Mo and Cu. The exact nature, orientation and extent of the altered feldspar porphyry and the altered and mineralized brecciated volcanic units intersected at the Breccia zone are currently unclear.

-- Drill hole PK07-15 intersected a number of 5 to 20 m thick zones of widespread low grade Au mineralization with samples yielding concentrations ranging from 0.05 to 0.5 g/t Au. At the bottom of PK07-15, from 166.31 m to 169.77 m, a 3.46 m intersection yielded 0.27 g/t Au (0.008 oz/t), 6.14 g/t Ag (0.18 oz/t), 0.04% Cu, 0.14% Pb and 0.10% Zn.

- RIO Zone:

-- A total of 9 drill holes were completed at the Rio Sulphide Zone, a 1.5 to 5 m wide shallow dipping sulphide zone within felsic tuffs near a contact with underlying basalt to andesite.

-- Drill hole PK07-03 assayed 74.03 g/t (2.16 oz/t) Ag, 0.61 g/t (0.018 oz/t) Au and 0.65% Cu over 3.05 m at a depth of 5.18 m, with a higher grade portion of 227 g/t (6.62 oz/t) Ag, 2.30 g/t (0.067 oz/t) Au, and 2.97% Cu over 0.29 m.

-- Drill hole PK07-06, collared 75 m to the northwest of PK07-03, tested the down dip extent of the RIO showing and intersected 9.98 g/t Au (0.29 oz/t) over a core length of 0.50 m with associated 102.1g/t Ag (2.98 oz/t), 5.4% Cu, 0.42% Pb and 0.99% Zn at a depth of 52.20 m.

-- Drill hole PK07-08 assayed 19.14 g/t Au (0.56 oz/t), 8.1 g/t Ag (0.24 oz/t) and 0.17% Zn over a core length of 1.00 m.

-- All RIO zone mineralization is accompanied by widespread and highly anomalous Mn and Sb along with trace but anomalous concentrations of As, Bi, Cd and tungsten (W).



----------------------------------------------------------------------------
Drill From To Interval Au Ag
Hole Zone (m) (m) (m) (g/t) (g/t) Cu % Pb % Zn %
----------------------------------------------------------------------------
Rio
Zone 5.18 9.75 4.57 0.52 53.2 0.45 0.11 0.12
-----------------------------------------------------------
PK07-03 Includes 5.18 8.23 3.05 0.61 74.0 0.65 0.14 0.15
-----------------------------------------------------------
Includes 7.66 7.95 0.29 2.30 227.0 2.97 - -
------- -----------------------------------------------------------
PK07-06 52.20 52.70 0.50 9.98 102.1 5.40 0.42 0.99
------- -----------------------------------------------------------
PK07-08 14.16 15.16 1.00 19.14 8.10 0.05 0.06 0.17
------- -----------------------------------------------------------
PK07-09 8.88 13.38 4.50 - 6.06 0.06 0.12 0.19
----------------------------------------------------------------------------
PK07-10 Ute 16.10 18.90 2.80 - 265.8 0.44 1.38 0.19
------- -----------------------------------------------------------
Vein 22.71 27.50 4.79 - 103.6 0.48 2.00 0.37
-----------------------------------------------------------
PK07-11 Includes 22.71 24.64 1.93 0.15 229.7 1.14 4.82 0.84
------- -----------------------------------------------------------
39.66 43.00 3.34 - 182.2 0.33 1.88 0.10
------- -----------------------------------------------------------
Ute 65.58 65.73 0.15 3.36 280.0 0.42 1.12 0.20
-----------------------------------------------------------
Vein 68.37 72.24 3.87 - 38.7 0.06 0.46 0.06
-----------------------------------------------------------
PK07-12 Includes 68.92 69.02 0.10 - 1040.0 1.71 14.30 7.64
-----------------------------------------------------------
Mud1
Zone 108.18 113.33 5.15 - 10.26 - 0.29 0.33
------- -----------------------------------------------------------
21.00 21.24 0.24 - 1410.0 0.86 14.70 3.10
-----------------------------------------------------------
PK07-13 156.58 158.61 2.03 - 70.04(1) 0.17(1) 0.37(1) 0.18
-----------------------------------------------------------
168.50 168.78 0.28 - 62.20 - 0.19 0.11
----------------------------------------------------------------------------
Breccia
Zone 14.72 27.43 12.71 - 13.60 0.11 0.10 -
-----------------------------------------------------------
PK07-14 Includes 18.26 18.62 0.36 0.78 108.1 2.64 0.12 0.19
-----------------------------------------------------------
135.12 136.16 1.04 - 104.0 0.10 0.16 -
------- -----------------------------------------------------------
81.61 83.15 1.54 0.35 7.34 0.39 0.03 0.11
-----------------------------------------------------------
PK07-15 156.80 157.20 0.40 - 231.0 0.41 0.23 0.18
-----------------------------------------------------------
166.31 169.77 3.46 0.27 6.14 0.04 0.14 0.10
-----------------------------------------------------------
includes 168.47 169.18 0.71 0.51 13.6 0.16 0.17 0.18
----------------------------------------------------------------------------
PK07-16 21.17 23.02 1.85 - 116.3 0.66 2.78 0.72
------- -----------------------------------------------------------
PK07-17 30.35 30.70 0.35 - 192.7 2.71 3.41 1.35
------- -----------------------------------------------------------
PK07-18 Ute 46.78 47.22 0.44 0.55 263.3 1.50 2.70 0.36
-----------------------------------------------------------
Vein 54.15 54.64 0.49 - 304.8 0.73 4.60 0.22
------- -----------------------------------------------------------
PK07-19 13.32 13.86 0.54 - 209.3 13.11 13.10 3.91
-----------------------------------------------------------
22.15 31.79 9.64 - 8.30 - 0.23 -
------- -----------------------------------------------------------
PK07-20 18.00 18.90 0.90 1.17 200.0(1) 0.77 1.00(1) 0.27
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(1) denotes overlimit assay yet to be received from laboratory


The 2008 drill program will focus on determining the extent of silver, gold plus copper/lead/zinc mineralized feldspar porphyry and brecciated felsic volcanic units intersected at the Breccia Zone and their relationship to epithermal mineralization at the UTE vein and epithermal to remobilized VMS mineralization at the RIO sulphide zone and the mineralized mudstone and interbedded volcanics of the MUD1 Zone. In order to help better define and target the disseminated sulphide zone and alteration at the Breccia Zone, planning is underway to conduct an induced polarization (IP) ground electromagnetic survey followed by further drilling.

Geochemical analyses were conducted using a combination of standard fire assay in conjunction with AA or gravimetric finish and multi-element ICP techniques at TSL Laboratories in Saskatoon, Acme Analytical Laboratories and ALS Chemex in Vancouver. Further overlimit assay results from the remaining drill core will be released as they become available.

The Peak Property is located 65 km northeast of the town of Smithers, BC. Precious and base metal mineralization at the Peak Property has characteristics in common with both Jurassic precious metal enriched VMS deposits, such as Eskay Creek, as well as Jurassic volcanic hosted epithermal precious metal deposits such as the Snip and Premier-Silbak.

All 2007 field programs were 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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