Grizzly reports new discovery

Grizzly Diamonds Ltd. has intersected a new kimberlite on the Smoky The Bear Property in the Buffalo Head Hills of northern Alberta. This discovery represents the first new kimberlite discovered in Alberta in five years and is also the first kimberlite discovered in the Buffalo Head Hills by a company outside of the Buffalo Head Hills Joint Venture, a joint venture formerly composed of Ashton Mining of Canada, EnCana Corporation and Pure Diamonds Exploration Inc.

On February 18th, the second hole in the current 2008 drilling program (SMB08-02) tested the centre of a magnetic low and intersected kimberlite at a depth of 125 meters. The kimberlite is described as pyroclastic kimberlite with lapilli fragments and with visible olivine macrocrysts, pyrope garnets and chrome diopsides. The hole remains in kimberlite at a depth of 131 meters. Core will be sent for petrographic analysis to R.L. Barnett Geological Ltd. in order to determine and confirm the mineralogy of the kimberlite. The drill will continue in the BE-01 Kimberlite with additional holes to test its size as well as obtain a larger sample for diamond analysis.

The BE-01 Kimberlite is characterized by a magnetic anomaly that is a moderate intensity magnetic low with approximate dimensions of 250 m by 175 m based upon ground magnetic surveys.

We are extremely pleased to find the first new kimberlite in Alberta in over five years, said Brian Testo, President and CEO of Grizzly.

This kimberlite is named the BE-01 kimberlite in honor of Brian Elkow. The much anticipated drill program is now well underway and we look forward to additional discoveries, he said.

A budget of $800,000 has been approved to drill test a minimum of 8 to 10 targets during the current program at Grizzly’s Buffalo Head Hills Diamond Project in Northern Alberta. Ground geophysical surveying continues to prove up additional targets.

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