Grizzly drills second Alberta Kimberlite

Grizzly Diamonds Ltd. has intersected a second kimberlite named BE-02 on the Smoky The Bear Property in the Buffalo Head Hills of northern Alberta. This discovery represents the second new kimberlite discovered in Alberta in five years.

The third hole in the current 2008 drilling program (SMB08-03) tested the centre of a weak magnetic high and intersected kimberlite at a depth of 125 meters. The hole remains in kimberlite at a depth of 140 meters. Kimberlite BE-02 is located 4.1 km from the BE-01 kimberlite (see news release on February 19, 2008). Core will be sent for petrographic analysis to R.L. Barnett Geological Ltd. in order to determine and confirm the mineralogy of the kimberlite.

We are extremely pleased to have drilled our second new kimberlite in Alberta in two weeks, said Brian Testo, President and CEO of Grizzly. We believe that we are in a new discovery area for Alberta and the drill program continues on similar nearby geophysical targets.

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.

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

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