EDMONTON, ALBERTA--(Nov. 3, 2008) - Grizzly Diamonds Ltd. (TSX VENTURE:GZD) (FRANKFURT:G6H) ("Grizzly") is pleased to announce that it has successfully concluded drill programs at the Peak precious metal- base metal property in north-central British Columbia (BC) and the Smokey The Bear diamond property in the Buffalo Head Hills region of northern Alberta.

The Peak Property drilling program was concluded in early October, 2008. A total of 1,092.7m was drilled in 5 drillholes in order to test a large and well defined induced polarization (IP) anomaly identified west to southwest of the main UTE and RIO precious-base metal showings. Widespread disseminated pyrite along with occasional quartz-carbonate veinlets with pyrite +/- galena +/- chalcopyrite were intersected in all five drillholes. The widespread disseminated pyrite mineralization likely explains the presence of the high quality IP chargeability anomaly. A total of 380 core samples have been collected from the five core holes drilled and have been sent to TSL Laboratories, Saskatoon, Saskatchewan for precious and base metal analysis.

The Smokey The Bear drilling program was concluded October 21, 2008. A total of 965.5 m was drilled in 5 drillholes during the fall program. A total of 386m were drilled in two drillholes in order to further test the BE-02 Kimberlite, which was intersected during the spring drilling program and yielded a total of 54 microdiamonds from 56.6 kg of kimberlite collected from the discovery hole drilled in February of this year (see Grizzly News Release dated May 6, 2008). A total of 579.5m was drilled in three holes to test other geophysical anomalies in the vicinity of BE-02. A single new kimberlite, BE-03, was intersected during the fall drilling campaign. The BE-03 Kimberlite was intersected at a depth of 66m and the hole remained in kimberlite until the end of hole at 191m. The BE-02 and BE-03 kimberlites are roughly 400 m apart and are both described as ranging from fine to coarse grained pyroclastic kimberlites with portions of both kimberlites containing visible coarse fragments of kimberlite and country rock along with olivine macrocrysts, occasional pyrope garnets and chrome diopsides. A total of approximately 946.4 kg of kimberlite (562.6 kg from BE-02; 383.8 kg from BE-03) have been collected and sent for caustic fusion diamond analysis at the Saskatchewan Research Council (SRC), Saskatoon, Saskatchewan.

"It has been a fabulous year in Grizzly's advancement of its Buffalo Head Hills Diamond Play with our discovery of three new kimberlites during 2008 and with at least one of the kimberlites yielding nearly a diamond per kilogram" said Brian Testo, President and CEO of Grizzly..

Based upon the success of the 2008 Buffalo Head Hills exploration programs for diamondiferous kimberlites, Grizzly has also acquired a further 215,000 acres in 10 new metallic mineral permits in the region adjacent to the discovery area for the diamondiferous BE-01 and BE-02 kimberlites as well as the newly discovered BE-03 kimberlite.

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

Grizzly Diamonds trades on the TSX Venture Exchange, trading symbol GZD, with 20,371,625 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.

Shares issued and outstanding: 20,371,625

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: http://www.grizzlydiamonds.com

or

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