Dear Grizzly Diamonds Shareholders,

In our ongoing efforts to provide market information and/or commentary, we are pleased to provide you, with Industry Sector Bulletins discussing current market opinions regarding Gold.

Regards,
AGORACOM

Job woes? Experts say gold mining to become a growth industry amid recession

By Amy Fuller – 23 hours ago

Job seekers watching employment prospects wither and lay-offs mount amid the recession might consider joining the gold rush, and a northern Ontario school is hoping to educate that next wave of underground workers.

Many investors see gold as a hedge against inflation - when the dollar sheds value and can't buy as much, people hoard gold. In recent years, the price has hovered under US$1000 an ounce.

Mining consultant Alan Gorman says base metal prices dropped considerably after the economy collapsed last year. Now, companies are doing more exploration for gold, hoping to revive old mining sites or find new ones in Canada and Africa.

Gorman says companies like Vale Inco, Xstrata and Teck Cominco that primarily produce base metals have either closed mines or made cutbacks over the last nine months. Those that focus on gold, such as Barrick Gold Corp. and Kinross Gold Corp., are "on the upswing."

"In terms of new employment, I'd say you'll probably see more happening with the gold companies."

Someone has to extract the precious metal, and it's not a matter of simply shaking a pan and plucking out the nuggets.

The northern Ontario town of Haileybury is home to a mining school that hopes to benefit from a spike in applications as the gold sector enjoys a bull market.

Don Hillier, a professor at the Haileybury School of Mines about three hours northeast of Sudbury, Ont., runs a mining engineering technician program that prepares students for careers ranging from entry-level to management.

Over the course of two years, students complete modules by watching lectures and reading study guides online. Subjects include math, physics and chemistry, as well as technical communication and safety.

"A mine is like a miniature city," Hillier says, explaining the emphasis on technical coursework. "They can have their own water treatment plant, garages, and some even have their own hydro facilities."

Mines employ a variety of people, from engineers to pipe fitters to welders, "not just mining people per se," Hillier says. "They constitute only about one per cent of the overall workforce."

Until two years ago, the technician program required that students study at the Haileybury campus of Northern College of Applied Arts and Technology. Now, students enrol from as far afield as the Northwest Territories or Alberta.

In many cases, they continue with full-time jobs and study part-time, travelling to Haileybury only two weeks per year for the practical portion of the program.

The new online format is modelled after a graduate mining engineering program at the Missouri University of Science and Technology. Hillier says it works well for parents with school-age kids who can study without uprooting their children.

While he would like to incorporate more hands-on learning, it's difficult to arrange. Students have to take time off work and travel long distances to attend.

In May, three students graduated from the re-vamped technician program. The inaugural class began with 22, but many are studying part-time and will take longer than two years to finish.

Graduate Pamela Sword of Thunder Bay, Ont., came to the program in her mid-40s after a 25-year career as an insurance underwriter. Tired of adjusting to multiple buyouts, she took a voluntary severance package and enrolled at Haileybury.

Online study allowed moves to Sudbury, Marathon and Thunder Bay, Ont., so her husband could focus on his career as a mining co-ordinator. Sword also chose Haileybury for its emphasis on geology, a personal fascination.

She says the program is a good option for people who have been laid off from other sectors, particularly if they have technical experience or live in remote areas with mine facilities nearby. Sword had no technical background and found the math requirements difficult. She studied close to 12 hours a day and graduated with honours.

For the hands-on portion of the program, students wear mine lamps, hard hats, steel-toed boots and reflective overalls. They venture into an old exploration adit, a horizontal tunnel drilled in the side of a hill, to practise checking for loose material and surveying.

"We learned that bats look really large when you're looking through the scope of a total station," Sword says, laughing.

Graduates of the technician program without previous mining experience can expect a starting wage of $45,000 a year, or a minimum of $20 an hour, Hillier says. Companies generally offer bonuses or extra compensation for working in isolated areas.

Sword is now three weeks into a job as a geologist technician with Australian-based Magma Metals Ltd. She says Magma is exploring for precious metals such as gold, platinum, nickel and copper.

"They have a really good showing here in Thunder Bay."

Sword said she loves spending her days with a geologist at camp sites, looking for and identifying minerals.

"When you get magma intrusions and it changes the rock and minerals leak out, it's just, wow."

The work environment is a big change, though. During her first week, she used a four-wheeler to back a boat into a lake with mineral deposits at the bottom. She also carries 20-to 30-kilogram boxes full of rocks.

"Technicians get to do all the hard stuff," she says.

Cambrian College in Sudbury offers a similar two-year mining engineering technician program. Students at Cambrian can extend their studies by one year to study geological engineering technology or mining engineering technology.

Link to Article

EDMONTON, ALBERTA - (July 2, 2009) - Grizzly Diamonds Ltd. (TSX VENTURE:GZD) (FRANKFURT:G6H) (the "Corporation") is pleased to announce that on June 30, 2009 it effected a final closing of its non-brokered private placement offering ("Offering") with the sale of an additional 1,131,110 flow-through units ("FT Units") at a price of $0.45 per FT Unit for gross proceeds of $508,999.50. Each FT Unit consisted of one common share of the Corporation ("Common Share") issued as a "flow-through share" pursuant to the Income Tax Act (Canada) and one-half of a non-transferable share purchase warrant ("Warrant"). Each whole Warrant entitles the holder to acquire one additional Common Share at a price of $0.65 until June 30, 2010.

The FT Units were sold to a qualified purchaser in reliance upon exemptions from the prospectus and registration requirements of applicable securities legislation. The securities comprising the FT Units together with any Common Shares issued pursuant to the exercise of the Warrants will be subject to a restricted period expiring on November 1, 2009.

In total, the Corporation sold 1,984,220 FT Units and 235,000 units ("Units") at a price of $0.40 per Unit for gross proceeds of $986,899.50 pursuant to the non-brokered private placement offering. Each Unit consisted of one Common Share and one non-transferable share purchase warrant entitling the holder to acquire one additional Common Share at a price of $0.60 expiring one year from issuance.

The Corporation intends to use the proceeds from the sale of the FT Units to incur expenditures which qualify as Canadian Exploration Expenses on the Corporation's recently enlarged Greenwood Gold Project in British Columbia.

The Corporation is also pleased to announce that subsequent to the closing of the private placement, it entered into an agreement dated June 30, 2009 (the "IR Agreement") with Greg Worobec of Vancouver, B.C. for the provision of investor relations services. Mr. Worobec is at arm's length to Insiders of the Corporation and does not have any interest, directly or indirectly, in, or to the Corporation's knowledge, any right or intent to acquire, securities of the Corporation. The IR Agreement is for an initial term of 3 months, commencing on July 1, 2009 and may be renewed monthly thereafter. Mr. Worobec will receive the sum of $1,000 per month and will be responsible for his own expenses unless the Corporation agrees to reimbursement for expenses prior to them being incurred. Pursuant to the IR Agreement, Mr. Worobec will develop a computerized investor database, plan and implement awareness campaigns following corporate news releases, maintain shareholder communications, initiate communications with brokers, in-house analysts and investors and review and provide recommendations on the Corporation's websites. The IR Agreement is subject to approval of the TSX Venture Exchange.

Grizzly is an aggressive Canadian exploration company focused on exploring for world class gold 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.

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 trades on the TSX Venture Exchange under the symbol GZD, with 22,943,970 common shares issued and outstanding.

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.

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.

CONTACT INFORMATION:

Grizzly Diamonds Ltd.
Brian Testo
(780) 693-2242 or (780) 712-3559
Website: target="_parent">www.agoracom.com/IR/Grizzly

EDMONTON, ALBERTA-(June 24, 2009) - Grizzly Diamonds Ltd. (TSX VENTURE:GZD) (FRANKFURT:G6H) ("Grizzly") is pleased to announce the acquisition of further lands at its Greenwood Gold Project and the anticipated commencement date for the 2009 exploration program. Recent staking has been successful in adding approximately 5,800 acres to the Copper Mountain area in the vicinity of the Prince of Wales gold showings northwest of Greenwood. Grizzly has commissioned APEX Geoscience Ltd. ("APEX") of Edmonton, Alberta to mobilize to the Greenwood area and commence geological field work across the project area during the first week of July leading to drilling in late summer or early fall.

Prince of Wales Gold Showings

During 2008, a helicopter AeroTEM III airborne geophysical survey was flown over the Copper Mountain area by Aeroquest Surveys Ltd. Geological mapping and sampling during 2008 along with historic exploration indicate the presence of highly anomalous soil and rock samples with up to 29.14 grams per tonne (g/t) gold (Au) (0.85 ounces per ton (oz/t)) in grab samples from the Prince of Wales area. Gold at the Prince of Wales showings is associated with massive to disseminated sulphides, including arsenopyrite, pyrite, pyrrhotite and chalcopyrite in silicified zones spatially associated with a diorite - sediment contact within Late Paleozoic Knob Hill Group rocks. The recent AeroTEM III survey has identified a number of untested, high priority electromagnetic (EM) conductors in the vicinity of the anomalous gold-bearing samples at the Prince of Wales Showings. The conductors will be followed up with ground EM techniques and will be prospected and soil sampled during the upcoming 2009 field program. A number of the Republic Graben high grade gold deposits that were mined over the last 20 years by Echo Bay Mines Ltd. consisted of high grade gold in association with massive to semi-massive sulphide zones in Knob Hill Group and Brooklyn Formation sedimentary rocks.

Upcoming 2009 Field Exploration

Grizzly's 2009 exploration plan for its Greenwood Gold Project holdings consists of a two to three month field program which will include geological mapping, rock and soil sampling, ground geophysics all leading to a late summer to fall drilling program. Based on positive results from the 2008 AeroTEM III survey, additional airborne geophysical surveys are being considered, in particular, over the Sidley-Dayton and Rock Creek portion of the project area. APEX crews are slated to mobilize to the Greenwood area to commence exploration during the first week of July.

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

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 trades on the TSX Venture Exchange under the symbol GZD, with 21,734,735 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 www.sedar.com. 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.

CONTACT INFORMATION:

Grizzly Diamonds Ltd.
Brian Testo
President
(780) 693-2242 or (780) 425-BEAR (2327)
Website: www.grizzlydiamonds.com

or

AGORACOM
Investor Relations
Email: GZD@Agoracom.com
Website: www.agoracom.com/ir/grizzly

Dear Grizzly Diamonds Shareholders,

We are pleased to present to you the latest installment of "The Yahoo Small Cap Show" with Mr. Brian Testo, President and CEO of Grizzly Diamonds.

In this installment, Mr. Brian Testo discusses the Company’s latest press release dated June 2, 2009 Grizzly Acquires Interest in a BC Private Cop., Adds Significant Gold Property and other Company Developments.

Click here to listen to the interview

Regards,
AGORACOM

EDMONTON, ALBERTA-(June 2, 2009) - Grizzly Diamonds Ltd. (TSX VENTURE:GZD) (FRANKFURT:G6H) ("Grizzly") is pleased to announce that it has indirectly acquired an interest in the Rock Creek Property (the "Property") through the acquisition of a 50% interest in a B.C. private corporation ("BCCo") from two arm's length individuals (collectively, the "Vendors"). BCCo holds an undivided 56% interest in the Property and is the operator. The Property is located near Rock Creek west of the town of Greenwood, B.C. and covers a contiguous block of mineral claims totaling approximately 8,786 acres. The Property is adjacent to Grizzly's existing Greenwood holdings (see Grizzly news releases dated March 10, 2008, July 23, 2008 and February 19, 2009) and brings Grizzly's total Greenwood Gold Project lands to approximately 162,000 acres (65,500 hectares). The Property is road accessible, hosts a number of historic mineral occurrences including, most notably, the Ket 28 gold showing and is less than 7 km northwest of Kinross Gold Corporation's ("Kinross") recently commissioned Buckhorn Mountain Gold Mine.

To acquire the 50% interest in BCCo and subject to regulatory approval, Grizzly must pay the Vendors the sum of $50,000 as follows:

(a) $25,000 cash; and

(b) the balance in common shares of Grizzly.

"The addition of the Rock Creek Property to Grizzly's Greenwood Gold Project makes Grizzly the dominant land holder in the region and a significant player in a world class gold district that has produced millions of ounces of gold historically and has the potential to produce many more significant discoveries." said Brian Testo, President and CEO of Grizzly. "The Greenwood Gold Project will be one of Grizzly's top priority projects during 2009 and beyond."

Rock Creek Gold Trend Joint Venture

The Rock Creek Property consists of a number of historic workings that are approximately 2 km south of Highway 3. The primary gold prospect on the Property is the Ket 28 gold showing which was discovered by Crown Resources Corp. during the early 1990's using airborne magnetics followed by reverse circulation (RC) drilling. The initial drilling program consisted of 7 RC holes with drill hole KT-1 intersecting 8.91 grams per tonne (g/t) gold (Au) (0.26 ounces per ton (oz/t)) over 6.10 m. Gold mineralization at the Ket 28 showing is spatially associated with polymetallic quartz veins and silicified shear/breccia zones hosted in highly deformed and altered Paleozoic Anarchist Formation volcanic and sedimentary rocks. In some cases, gold mineralization is associated with skarn-like alteration zones similar to those at the Buckhorn Mountain Gold Mine. The skarn-like zones are generally spatially associated with silicified alkalic intrusives in contact with Paleozoic sedimentary rocks. A small number of RC and diamond drill holes were drilled at the Ket 28 prospect and surrounding area during 1993 to 1996. No drilling and little exploration has been conducted on the Rock Creek Property since 1996. Highlight assay results from diamond drill holes completed during 1994 and 1996 include 4.46 g/t (0.13 oz/t) Au over 11.83 m and 52.18 g/t Au (1.522 oz/t) over 3.35 m from two separate intervals in hole 94RM2C and 8.09 g/t (0.236 oz/t) Au over 2.13 m in hole 96GH4C.

The historic mineralization and stratigraphic setting for the Ket 28 Prospect and the Rock Creek Property have similarities with Kinross' Buckhorn Mountain Gold Deposit, which exists only 7 km southeast of the Rock Creek Property. The Buckhorn Mountain Gold Deposit was recently commissioned into production and poured its first gold in October 2008 (see Kinross News Release dated November 5, 2008). The Buckhorn Mountain Gold Deposit contains Proven and Probable Reserves of 1.993 million tonnes at an average grade of 15.46 g/t (0.45 oz/t) for a total of 990,000 ounces of Au (www.kinross.com). Gold mineralization at the Buckhorn Mountain Gold Deposit is associated with skarn zones within Paleozoic sedimentary rocks.

2009 Exploration Plan

Grizzly's 2009 exploration plan for its Greenwood Gold Project holdings consist of a comprehensive compilation of all prior exploration in the region along with a two to three month field program which will include mapping, rock and soil sampling, ground geophysics all leading to a fall drilling program. In addition, based upon the positive results of the 2008 helicopter-borne magnetic and electromagnetic survey, further airborne surveys are being considered, in particular, over the Sidley-Dayton and Rock Creek portion of the project area depending upon future financing activities. It is anticipated that fieldwork will commence late June to early July.

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

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

Grizzly trades on the TSX Venture Exchange under the symbol GZD, with 21,734,735 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 www.sedar.com. 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.

For more information, please contact

Grizzly Diamonds Ltd.

Brian Testo

President

(780) 693-2242 or (780) 425-BEAR (2327)

Website: www.grizzlydiamonds.com

EDMONTON, ALBERTA-(April 30, 2009) - Grizzly Diamonds Ltd. (the "Corporation") (TSX VENTURE:GZD)(FRANKFURT:G6H) today announced that it has effected a first closing of a non-brokered private placement offering ("Offering") of an aggregate of 235,000 units ("Units") at a price of $0.40 per Unit and an aggregate of 853,110 flow-through units ("FT Units") at a price of $0.45 per FT Unit for gross proceeds of $477,900. Each Unit consisted of one common share of the Corporation ("Common Share") and one non-transferable share purchase warrant ("Warrant") entitling the holder to acquire one additional Common Share at a price of $0.60 until April 29, 2011. Each FT Unit consisted of one Common Share issued as a "flow-through share" pursuant to the Income Tax Act (Canada) and one-half of a non-transferable share purchase warrant ("FT Unit Warrant"). Each whole FT Unit Warrant entitles the holder to acquire one additional Common Share at a price of $0.65 until April 29, 2010.

In connection with the sale of 777,777 FT Units to the MineralFields Group, the Corporation paid an aggregate cash fee of $28,000 (representing 8% of the gross proceeds from the sale of such FT Units) and issued non-transferable share purchase warrants ("Finder's Warrants") to acquire an aggregate of 77,776 Common Shares (representing 10% of such FT Units) at a price of $0.45 per Common Share until April 29, 2011 to Limited Market Dealer Inc. and Euroglobal Capital Partners Inc., both of Toronto, Ontario.

The Units and FT Units were sold to a qualified purchaser in reliance upon exemptions from the prospectus and registration requirements of applicable securities legislation. The securities comprising the Units, the FT Units, the Finder's Warrants together with any Common Shares issued pursuant to the exercise of the Warrants and Finder's Warrants will be subject to a restricted period expiring on August 30, 2009.

The Corporation intends to continue the Offering of Units and FT Units until gross proceeds of $1,000,000 are raised, but reserves the right to terminate the Offering at anytime without notice. The Offering was conditionally approved by the TSX Venture Exchange by letter dated April 23, 2009.

The Corporation intends to use the proceeds from the sale of the FT Units to incur expenditures which qualify as Canadian Exploration Expenses on the Corporation's recently enlarged Greenwood Gold Project in British Columbia (see release dated February 19, 2009)."

"This is the third private placement in which the MineralFields Group has participated. We are extremely pleased with their continuing support, and confidence in Grizzly and our management team", said Brian Testo, President and CEO of the Corporation. MineralFields Group (a division of Pathway Asset Management) is a Toronto and Vancouver based mining fund that offers tax-advantaged super flow-through limited partnerships to investors in Canada as well as hard-dollar resource limited partnerships. Information about MineralFields Group is available at www.mineralfields.com.

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, Alberta and metallic minerals permits for potash totaling more 1.5 million acres along the Saskatchewan-Alberta border. In British Columbia, the Corporation has five precious-base metal properties totaling over 150,000 acres. All 2009 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.

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.

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.

For more information, please contact

Grizzly Diamonds Ltd.
Brian Testo
780-693-2242 or 780-712-3559
www.grizzlydiamonds.com

or

AGORACOM Investor Relations
GZD@Agoracom.com
www.agoracom.com/IR/Grizzly

Please click here to view the Company's latest presenation.

Regards,
AGORACOM

EDMONTON, ALBERTA - (March 20, 2009) - Grizzly Diamonds Ltd. (TSX VENTURE:GZD) (FRANKFURT:G6H) ("Grizzly") today is pleased to announce the appointment of Sean Mager to the Board of Directors and Audit Committee, following the resignation of Pamela Strand. Brian Testo and the Board of Grizzly would like to thank Ms. Strand for her contributions as a Director and welcome her to the Advisory Committee.

Mr. Mager has served as Chief Financial Officer of Grizzly since January 3, 2006. He has a Bachelor of Commerce (1989) from the University of Alberta and twenty years of management experience. In addition to his roles with Grizzly, Mr. Mager also serves as Vice President, Director and/or Chief Financial Officer for CBR Gold Corp, Brilliant Mining Corp, Cedar Mountain Exploration Inc, Corsa Capital Ltd, and Kaminak Gold Corporation, all of which are listed on the TSXV.

With his appointment to the Board, Grizzly has granted Mr. Mager incentive stock options to acquire 150,000 common shares at an exercise price of $0.45, expiring March 20, 2014. The appointment and grant of options are subject to acceptance by the TSXV.

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 1.5 million acres along the Saskatchewan-Alberta border. In British Columbia, the Company has five precious-base metal properties totaling over 150,000 acres. All 2009 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.

Grizzly trades on the TSX Venture Exchange, trading symbol GZD, with 20,571,625 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. Actual results may differ materially from those anticipated in these statements.

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.

CONTACT INFORMATION:

Grizzly Diamonds Ltd.
Brian Testo
President
(780) 693-2242 or (780) 425-BEAR (2327)
Website: www.grizzlydiamonds.com

Hedge Fund Investors Turn To Gold In Bet Against Central Banks

By Henny Sender in New York and Javier Blas in London

Published: March 9 2009 02:00 | Last updated: March 9 2009 02:00

Hedge fund investors who made money last year by betting against investment banks are buying gold as a way of betting against central banks.

The gold bulls include David Einhorn, founder of hedge fund Greenlight Capital, who last year came under the spotlight for his short selling of shares in Lehman after arguing that the bank did not have enough capital to offset its exposure to falling property prices.

Other funds looking at gold include Eton Park and TPG-Axon, investors said.

Their belief in bullion is being expressed even as gold prices have retreated from last month's break above the $1,000 an ounce level. Spot gold in London closed on Friday at $939.10, after falling last week to $900.95 an ounce.

Investors such as Mr Einhorn are turning to gold because they are worried about the response of the US Federal Reserve and other central banks to the economic crisis. A bet on gold is a bet against paper currencies.

"The size of the Fed's balance sheet is exploding and the currency is being debased. Our guess is that if the chairman of the Fed is determined to debase the currency, he will succeed," Mr Einhorn wrote to investors.

"Our instinct is that gold will do well either way: deflation will lead to further steps to debase the currency, while inflation speaks for itself."

Mr Einhorn's comments - and the revelation that he is buying gold - are in line with the views held by other institutional investors in Europe, according to bankers in London.

The head of commodity sales at one bullion bank told the Financial Times that he had never been so busy dealing in gold for large investors.

Goldman Sachs, Morgan Stanley and UBSforecast that the gold price would rise above $1,000 this year.

Peter Munk, chairman of Barrick Gold, the largest bullion miner, told investors last week that all countries had embarked on policies that would favour gold.

"The only option to governments is to print and print more money," he said. "That will end in tears."

Hedge funds had avoided gold because it does not produce yield and costs money to store and insure. But that has become less important as central banks have pushed interest rates to nearly zero, reducing the yields on currencies.

"Basic Facts about Gold"-Jim Anthony-Chairman-Seabridge Gold
Friday, 27th February 2009

There are about 5 billion ounces of above ground gold supply worth about USD 5 trillion at current prices. Less than 5% trades annually. The above ground gold supply is growing at about 1.5% annually, the 300 year average.

New gold supply is price inelastic. If you double the gold price, production will fall as miners extend precious mine life by processing lower grades through fixed rate capacity. Building new capacity is the work of decades. Re-opening old mines is difficult and expensive and there are few worthwhile opportunities which have not been exploited. Meanwhile, discovery rates are declining, discovery costs are rising, mines are depleting and production is falling at about 5% per year. The world's best gold deposits have been found and mined.

Gold's highest and best use is in a vault as a store of value. It is not a commodity. Jewelry 'consumption' of gold is a traditional store of value. The industrial/medical uses of gold are diminimus. If gold had important other uses, there would be less of it and the price would be lower because it would be valued as a commodity subject to substitution effects. No other substance has the unique properties and a supply sufficient to act as an ultimate store of value which is why gold has had this role for at least 6000 years.

Gold is therefore a financial asset in physical form and sometimes a currency. It goes up in price when confidence in other financial assets [stocks, bonds] is falling and falls when confidence in these alternatives is rising.

Other financial assets have the advantages of convenience and income. Gold's advantage is that it is final settlement anywhere in the world. Gold backs itself whereas other currencies and financial assets merely represent, and depend upon, the countries and companies which issue them and stand behind them. Gold is a currency without a country or central bank...there is no issuer to inflate supply or default on its obligations.

There are approximately USD 140 trillion in other financial assets world-wide so the current value of above ground gold is about 4% of this total. In 1980, when inflation weakened confidence in stocks and bonds, the ratio was greater than 25%. It currently requires about 8 ounces of gold to buy the Dow, down from 44 in 1999. In 1980, the ratio reached 1 to 1.

Gold has no P/E or other standard valuation metric. Its price can go where the market decides. How much will the owners of USD 140 trillion in financial assets pay to protect themselves from deflation, inflation or default?

James S. Anthony

EDMONTON, ALBERTA-(Feb. 19, 2009) - Grizzly Diamonds Ltd. (TSX VENTURE:GZD) (FRANKFURT:G6H) ("Grizzly") today is pleased to announce that it has signed an option agreement ("the Agreement") with Mineworks Ventures Inc. ("Mineworks"), a private BC based company at 'arms length' to Grizzly, to acquire 100% mineral interest in the Sidley-Dayton Gold Property ("the Property") located near Rock Creek west of the town of Greenwood, B.C. The agreement covers a large contiguous block of land of approximately 56,000 acres, which abuts Grizzly's existing Greenwood land holdings (see Grizzly News Releases dated March 10 and July 23, 2008) and brings the total Greenwood project lands to about 135,000 acres (55,000 hectares). The Property is easily road accessible from Midway, Greenwood and Grand Forks and hosts a number of historic mineral occurrences including most notably the Lawless gold and Dayton gold-silver-copper vein/skarn showings.

"The addition of the Sidley-Dayton Gold Property and other lands to Grizzly's Greenwood Gold Project makes Grizzly the dominant land holder in the region and a significant player in a world class gold district that has produced millions of ounces of gold historically and will continue to do so. The Greenwood Gold Project will be one of Grizzly's top priority projects during 2009 and beyond" said Brian Testo, President and CEO of Grizzly.

Lawless Gold Prospect

The Lawless Prospect consists of a number of old pits within 300 m of Highway 3. The gold prospect was discovered during the late 1980's followed by a reverse circulation (RC) drilling program in 1993 that discovered pyrite, chalcopyrite, sphalerite and molybdenite in association with silicified alkalic intrusives and skarn-like mineralization in contact with Paleozoic sedimentary rocks. A total of 670 m was drilled in 10 RC holes with 35.25 grams per tonne (g/t) gold (Au) (1.03 ounces per ton (oz/t)) over 3.05 m in hole 3, 10.73 g/t (0.31 oz/t) Au over 1.52 m in hole 4 and 8.83 g/t (0.26 oz/t) Au over 3.05 m in hole 6 during the 1993 drilling program. The true thickness of any of the intersected mineralized zones is not known. No exploration has been performed at the prospect since the 1993 drilling program.

The described historic mineralization and stratigraphic setting for the Lawless Prospect and the Sidley-Dayton Gold Property have similarities with Kinross Gold Corporation's (Kinross) Buckhorn Mountain Gold Deposit, which exists only 6 km south of the Sidley-Dayton Gold Property, and only 18 km southeast of the Lawless Prospect. The Buckhorn Mountain Gold Deposit was recently commissioned into production and poured its first gold in October, 2008 (see Kinross News Release dated November 5, 2008). Kinross indicates that the Buckhorn Mountain Gold Deposit contains Proven and Probable Reserves of 1.993 million tonnes at an average grade of 15.46 g/t (0.45 oz/t) for a total of 990,000 ounces of Au (www.kinross.com). Gold mineralization at the Buckhorn Mountain Gold Deposit is complex but is primarily hosted in calcic skarn zones within Paleozoic sedimentary rocks.

Dayton Gold-Silver-Copper Property

Exploration in the vicinity of the Dayton Prospect goes back to the early 1900's as the prospect area exists upstream from the historic Rock Creek placer gold workings. Two distinct styles of gold mineralization have been identified at the Dayton Prospect: (1) gold in quartz veins hosted in sheared to brecciated felsic dykes and, (2) gold associated with calcic skarn mineralization developed at the contact between felsic intrusions and Paleozoic volcanic/sedimentary rocks. A total of 231 m in 5 RC holes was drilled during 1990 with one hole, DC-9, yielding 2.20 g/t (0.064 oz/t) Au over 9.14 m with a high grade zone of 17.31 g/t (0.51 oz/t) Au over 1.52 m. A follow up RC drilling program in 1993 yielded two significant gold associated with skarn intersections with 6.38 g/t (0.19 oz/t) Au over 1.52 m in hole 93DC2-6 and 13.44 g/t (0.39 oz/t) Au over 1.52 m in hole 93DC2-8. A further three hole drilling program during 1996 to test coincident IP and soil anomalies at Dayton South yielded 100 m thick calcic skarn mineralization with pyrite, pyrrhotite, arsenopyrite and minor chalcopyrite. The skarn mineralization yielded 0.34 g/t Au over 98.45 m. No further exploration has been performed at the Dayton Prospect since the 1996 drilling program.

2009 Exploration Plan

Grizzly's 2009 exploration plan for its entire Greenwood Gold Project holdings will consist of a comprehensive compilation of all prior exploration in the region along with a two to three month field program which will include mapping, rock and soil sampling, ground geophysics all leading to a possible late fall drilling program. In addition, based upon the positive results of the 2008 helicopter-borne magnetic and electromagnetic (EM) survey, further airborne surveys may be considered, in particular, over the Sidley-Dayton portion of the project area depending future financing activities.

In order to acquire a 100% interest in the Property, Grizzly must complete the following:

(a) payment to Mineworks the sum of $10,000 cash upon execution of the Agreement and the issuance of 25,000 common shares in the share capital of Grizzly;

(b) payment to Mineworks between now and February 17, 2013 a further total of $175,000 cash and the issuance of 175,000 common shares in the share capital of Grizzly; and

(c) complete exploration expenditures on the Property totaling $1.4 million over the next five years.

Mineworks will retain a combined two point five percent (2.5%) industry standard net smelter royalty (NSR) on the Property. Grizzly can purchase up to 1.5% of the 2.5% NSR for a price of $1,500,000. The Agreement is subject to regulatory approval.

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 1.5 million acres along the Saskatchewan-Alberta border. In British Columbia, the Company has five precious-base metal properties totaling over 150,000 acres.

All 2009 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.

Grizzly trades on the TSX Venture Exchange, trading symbol GZD, with 20,571,625 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. 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.

CONTACT INFORMATION:

Grizzly Diamonds Ltd.
Brian Testo
President
(780) 693-2242 or (780) 425-BEAR (2327)
Website: www.grizzlydiamonds.com

or

AGORACOM Investor Relations
Email: GZD@Agoracom.com
Website: www.agoracom.com/IR/Grizzly

Sprott Says U.S. Depression Will Boost Gold Price

Feb. 3 (Bloomberg) -- Eric Sprott, the Canadian money manager who last year predicted banking stocks would collapse, said the U.S. is at the beginning of an economic depression that will help gold prices more than double.

Bullion may top $2,000 an ounce in coming years amid a series of financial catastrophes, the chairman and founder of Toronto-based Sprott Asset Management Inc. said yesterday in an interview. Banks will battle to replenish capital, Treasury auctions stand the risk of failing and the moribund economy will create a dire operating outlook for many companies, he said.

“The trend is down, and there’s not one signpost that says it’s changing yet,” Sprott said yesterday from Toronto. “We’ll stand by to wait to see those, and until it does, you have to assume it gets worse.”

Sprott, who manages $4.5 billion, said in March that the world was in a “systemic financial meltdown,” a call that presaged the collapse of financial institutions including Bear Stearns & Co. and Lehman Brothers Holdings Inc. Since then, the U.S. has entered the worst economic slowdown since the Great Depression, credit markets have tightened and asset prices have dropped as companies and funds sell portfolios to raise cash.

The 81-company Standard & Poor’s 500 Financials Index has dropped 62 percent since Sprott said on March 6 he was buying bullion and gold-producers’ shares, while shorting financial- sector stocks. Gold slipped 6.3 percent during the same period.

So-called short-selling allows speculators to profit from a stock’s decline by borrowing shares, selling them to raise cash and buying them later when the price drops to repay the debt.

Sprott Funds

Sprott Hedge Fund LP posted a one-year return of 9.9 percent, while Sprott Hedge Fund LP II rose 18 percent in the period, according to data posted on the company’s Web site. The Sprott Canadian Equity Fund dropped 37 percent.

Sprott now favors buying more gold stocks and bullion while selling the entire equity market short. Most at risk in the current climate are banks, discretionary consumer stocks and any companies needing to refinance debt, he said.

Sprott believes there is a chance that a U.S. Treasury auction will fail as countries use their resources to quell financial turmoil in their home markets, leaving less to help finance the world’s largest economy. That outcome will have a “catastrophic” impact, he said.

“When do people stop buying the credit of the country? That’s a tough question to answer, but it’s on a lot of people’s lips right now,” he said. “Each country has their own financial problem, so there’s no funding for anything external.”

Gold Investors

Such concerns have driven investors to the gold market, propelling the metal higher as other commodities have slumped and helping gold-producers’stocks almost double in the past three months.

Greenlight Capital Inc., a $5.1 billion New York-based hedge fund, has invested in gold for the first time, while Federated Investors Inc.’s $1.3 billion Federated Market Opportunity Fund, which outperformed 99 percent of rivals last year, now countsYamana Gold Inc. and Goldcorp Inc. among its largest investments.

Gold companies such as Newmont Mining Corp. and Kinross Gold Corp. have taken the opportunity to issue stock to bolster their own balance sheets.

Barrick Gold Corp. Chairman Peter Munk said last week he has been inundated with calls from wealthy investors seeking to buy gold to protect their capital.

“The window to raise money for gold stocks has blown open,” Sprott said. “The investing public has started to go to that one thing that they think it’s safe to invest in.”

EDMONTON, ALBERTA- (Feb. 5, 2009) - Grizzly Diamonds Ltd. (TSX VENTURE:GZD) (FRANKFURT:G6H) ("Grizzly") today is pleased to announce that it has concluded a formal option agreement ("OA") with Fractal Mining Corporation ("Fractal") whereby Fractal, a private BC company, can earn a 70% interest in Grizzly's French Property, a polymetallic porphyry prospect near Smithers, British Columbia.

The French Property is located near the southern edge of the Bowser Basin within Stikine Terrane and along the northern flank of the Skeena Arch. In the area of the intrusive complex, Early to Middle Jurassic Hazelton Group volcanic rocks are overlapped by marine to non-marine sediments and volcanics of the Bowser Lake and Skeena Groups, which in turn are unconformably overlain by intermediate to felsic volcanics and sediments of Cretaceous Kasalka Group. The French intrusive complex has been dated at 71 Ma and is classified as Late Cretaceous (Bulkley) in age. The French porphyry is fault bounded and exists within a complex area of block faulting. Based upon the presence of near flat lying hornfelsed volcanic and sedimentary units, blocks of volcanics within the porphyry (most likely roof pendants) and an extensive pyritic zone, the present day erosional surface is at or near the top of the French porphyry system. As a result, Grizzly believes that the French property represents a unique exploration opportunity, prospective for the discovery of an intact high grade hypogene copper-molybdenum-gold-silver porphyry system associated with a Bulkley aged intrusive complex.

Under the terms of the OA, Fractal, a private arms-length company, has been granted an option (the "Option") to acquire up to a 70% undivided interest in the French property by making a cash payment to Grizzly of $5,000 on signing and issuing to Grizzly 50,000 common shares of Fractal ("Fractal Shares"). To earn-in to an undivided 70% interest in the property, Fractal must issue to Grizzly an additional 150,000 Fractal Shares and incur a minimum of $500,000 in exploration expenditures prior to the fourth anniversary of the formal agreement.

The OA is subject to regulatory approval.

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 1.5 million 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.

Grizzly trades on the TSX Venture Exchange, trading symbol GZD, with 20,571,625 shares issued and outstanding as of the date of this release.

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.

For more information, please contact
Grizzly Diamonds Ltd.
Brian Testo
(780) 693-2242 or (780) 425-BEAR (2327)
Website: www.grizzlydiamonds.com

or

AGORACOM Investor Relations
Email: GZD@Agoracom.com
Website: www.agoracom.com/IR/Grizzly

EDMONTON, ALBERTA- (Jan. 22, 2009) - Grizzly Diamonds Ltd. (TSX VENTURE:GZD)(FRANKFURT:G6H) ("Grizzly") is pleased to announce the final assay results from the 2008 drilling at the Peak Property, British Columbia.

In 2008, a total of 5 diamond drill holes (08PK-01 to 08PK-05) totaling 1092.69 m, tested the extent of the Breccia Zone showing, a broad, low grade zone of Silver (Ag) - Gold (Au) plus Lead (Pb) and Zinc (Zn) mineralization that was discovered during the 2006 and 2007 drill campaigns. The 2008 drill results have extended the low grade mineralization associated with the Breccia Zone. The holes were planned in response to an excellent chargeability anomaly that resulted from a ground IP (Induced Polarization) survey that was completed in June of 2008.

Breccia Zone

-Drill Hole 08PK-01 intersected a zone of disseminated and clotty pyrite accompanied by grey to black dendritic veinlets in intermediate to felsic ash tuff at 14.33 m. The zone assayed 4.5 g/t Ag, 0.09% Pb, and 0.13% Zn over 10.47 m thickness and included 28.5 g/t Ag, 0.16 % Cu, 0.13 % Pb, and 0.13 % Zn over 0.8 m. A zone of disseminated pyrite in a heterolithic breccia was intersected at 99.92 m and assayed 4.7 g/t Ag, 0.13 % Pb and 0.12 % Zn over 10.05 m thickness.

-Drill Hole 08PK-02 intersected the Breccia Zone at 36.04 m and graded 4.5 g/t Ag, 0.08 % Pb, and 0.10 % Zn. Mineralization was described as disseminated pyrite with small pyrite clots and stringers accompanied by fine black dendritic sulphide veinlets. Drill Hole 08PK-02 also intersected a zone of disseminated and clotty pyrite occurring in felsic tuff. This zone was intersected at 131.22 m and assayed 0.2 g/t Au, 69.1 g/t Ag, 0.05 % Cu, and 0.12 % Pb over 0.78 m. The hole also intersected a zone of moderate sulphide veining along with disseminated pyrite in felsic tuff at 137.16 m that graded 0.4 g/t Au, 11.9 g/t Ag, 0.11 % Cu over 4.54 m.

-Drill Hole 08PK-03 intersected a weak quartz and pyrite veining zone at 130.36 m with fine black dendritic sulphide veinlets. This zone assayed 0.08 % Pb and 0.21 % Zn over 2.07 m and occurs in felsic tuff. Drill hole 08PK-03 also intersected a zone of intense quartz + pyrite + chalcophyrite + galena veining at 156.95 m, which assayed 1.0 g/t Au, 446.0 g/t Ag, 0.76 % Cu, and 0.42 % Zn over 0.27 m.

-Drill Hole 08PK-04 intersected a zone of disseminated pyrite accompanied by fine black dendritic sulphide veinlets at 89.28 m in an ash tuff. This zone assayed 1.6 g/t Ag, 0.07 % Pb, and 0.14 % Zn over 4.53 m. A zone of weakly to moderately intense sulphide veining as well as pervasive disseminated sulphides was intersected in ash tuff at 105.62 m. This zone graded 11.5 g/t Ag, 0.19 % Pb, and 0.4 % Zn and also included a 1.04 m thick zone assaying 38.4 g/t Ag, 0.08 % Cu, 0.60 % Pb, and 1.0 % Zn. Additionally, a zone of semi-massive galena surrounded by pervasive disseminated sulphide mineralization in ash tuff was intersected at 149.19 m. This zone graded 30.8 g/t Ag, 1.0 % Pb, and 0.59 % Zn over 0.53 m.

-Drill Hole 08PK-05 intersected a zone of weakly to moderately intense clotty and disseminated pyrite along with fine black dendritic sulphide veinlets in ash tuff at 52.32 m. The zone assayed 4.6 g/t Ag, 0.06 % Pb, and 0.16 % Zn over 1.81 m. Another similar zone was intersected at 72.13 in ash tuff and yielded 10.8 g/t Ag and 0.08 % Pb over 1.45 m. A zone of moderate disseminated pyrite with fine black dendritic sulphide veinlets in felsic tuff was intersected at 122.14 m and graded 24.9 g/t Ag and 0.25 % Pb over 3.65 m This zone included two high grade zones which assayed 43.9 g/t Ag, 0.14 % Cu and 0.24 % Pb over 0.62 m and 58.5 g/t Ag, 0.8 % Pb, and 0.11 % Zn over 0.91 m.

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.

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.

The 2008 drilling program has continued to prove that the mineralization system at the Peak Property is quite large and is expressed in a variety of styles of mineralization. Holes from the 2008 drill program have intersected extensive mineralized heterolithic breccia at thicknesses ranging from 18 m to 123 m in drill core and with a demonstrated lateral extent of approximately 700 m from southwest to northeast and is open along strike. The heterolithic breccia zone that was first observed during the 2006 drilling program has been shown to be of significant size with a strong and pervasive argillic to potassic alteration halo that envelops the system at the Peak Property. The drilling results to date, albeit not ore grade, have indicated a very large system of mineralization and alteration. This includes strong to pervasive zones of potassic alteration along with zones of intense argillic alteration associated with sulphide mineralization. The alteration zones are often accompanied by highly anomalous to elevated concentrations of manganese (Mn), antimony (Sb), bismuth (Bi), and arsenic (As) along with anomalous concentrations of precious and base metals at the Property. Intense Mn staining is ubiquitous at the Property and shows that the alteration zone is much greater than has thus far been drill tested. The high grade, low sulphidation epithermal mineralization observed at the UTE showing as well as the VMS (volcanogenic massive sulphide) mineralization observed at the RIO showing are believed to be both genetically and spatially related to the wide spread mineralized Breccia Zone system. The Breccia Zone and the high grade UTE and RIO showings remain open along strike and at depth for further drill testing. Future drilling will be assessed in the upcoming months.

About Grizzly Diamonds Ltd.

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 1.5 million 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 were conducted under the supervision of Michael Dufresne, P. Geol., a principal of APEX Geoscience Ltd. and a Qualified Person under NI 43-101.

Grizzly trades on the TSX Venture Exchange, trading symbol GZD, with 20,738,625 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. 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.

CONTACT INFORMATION:

Grizzly Diamonds Ltd.
Brian Testo
(780) 693-2242 or 780-425-BEAR (2327)
Website: www.grizzlydiamonds.com

or

AGORACOM Investor Relations
Email: GZD@Agoracom.com
Website: www.agoracom.com/IR/Grizzly

Dear Grizzly Diamonds Investors,

The Company is pleased to provide you with a Grizzly Diamonds article as featured in the January 2009 edition of Equities Magazine.

Click here to view.

Regards,
AGORACOM

EDMONTON, ALBERTA- (Dec. 30, 2008) - Grizzly Diamonds Ltd. (TSX VENTURE:GZD) (FRANKFURT:G6H) (the "Corporation") today announced that it has closed a non-brokered private placement offering ("Offering") of an aggregate of 200,000 units ("Units") at a price of $0.50 per Unit for gross proceeds of $100,000. Each Unit consisted of one common share of the Corporation ("Common Share") issued as a "flow-through share" pursuant to the Income Tax Act (Canada) and one-half of a non-transferable share purchase warrant ("Warrant"). Each whole Warrant entitles the holder to acquire one additional Common Share at a price of $0.75 until December 30, 2010.

In connection with the Offering, the Corporation paid Pope & Company Limited of Toronto, Ontario a cash fee of $8,000 (representing 8% of the gross proceeds of the Offering) and non-transferable warrants ("Compensation Warrants") to acquire 20,000 Common Shares (representing 10% of the Units sold) at a price of $0.50 per Common Share until December 30, 2010.

The Units were sold to a qualified purchaser in reliance upon exemptions from the prospectus and registration requirements of applicable securities legislation. The securities comprising the Units and the Compensation Warrants together with any Common Shares issued pursuant to the exercise of the Warrants and Compensation Warrants will be subject to a restricted period expiring on May 1, 2009.

The proceeds from the sale of the Units will be used to incur expenditures which qualify as Canadian Exploration Expenses on the Corporation's mineral properties.

About Grizzly Diamonds Ltd.

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 than 850,000 acres along the Saskatchewan-Alberta border. In British Columbia, the Company has five precious-base metal properties totaling over 120,000 acres.

Grizzly trades on the TSX Venture Exchange, trading symbol GZD, with 20,738,625 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. Actual results may differ materially from those anticipated in these statements.

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.

For more information, please contact

Grizzly Diamonds Ltd.
Brian Testo
President
(780) 693-2365 or (780) 425-BEAR (2327)
Website: www.grizzlydiamonds.com

or

AGORACOM Investor Relations
Website: www.agoracom.com/IR/Grizzly
Email: GZD@Agoracom.com

Dear Grizzly Diamonds Shareholders:

We are pleased to present to you the latest installment of the "CEO Interview" segment, with Mr. Brian Testo, President and CEO of Grizzly Diamonds.

In this installment, Mr. Brian Testo discusses Encouraging Diamond Results, Including 10 Macrodiamonds from the BE-02 and BE-03 Kimberlites, Buffalo Head Hills, Alberta

Click here to listen to the interview


Regards,
AGORACOM