EDMONTON, ALBERTA � (Feb. 19, 2008) - Grizzly Diamonds Ltd. (TSX VENTURE:GZD) (FRANKFURT:G6H) ("Grizzly") today is pleased to announce that it 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. An image of the ground magnetic anomaly (SM-104) is provided on Grizzly's website at http://www.grizzlydiamonds.com

"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."

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.

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.

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) 693-2365 or (780) 425-BEAR (2327)
Website: http://www.grizzlydiamonds.com

or

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