EDMONTON, ALBERTA, Oct 25, 2006 - Grizzly Diamonds Ltd., (TSX VENTURE:GZD) (FWB:G6H) ("Grizzly") is pleased to announce it has retained AGORACOM Investor Relations Corp. ("AGORACOM") of Toronto, Ontario to provide investor relations services. Grizzly and AGORACOM are at arm's length and have entered into a written agreement for a one year term commencing on November 1, 2006 with an option to renew for an additional one year term. As compensation, AGORACOM will receive the sum of $3,000 per month and will also be granted stock options under Grizzly's stock option plan (the "Plan") to purchase up to 150,000 common shares of Grizzly ("Common Shares") at a price of $1.00 per Common Share. The options are for a term of 3 years (unless terminated earlier under the Plan) and vest in equal quarterly amounts commencing February 1, 2007. AGORACOM has elected not to exercise the vested options until November 1, 2007 unless there is a change in control of Grizzly. AGORACOM provides investor relations services to small cap public companies across North America. AGORACOM will be responsible for implementing a strategy focused on improving shareholder communication and increasing awareness of Grizzly in the investment community. AGORACOM has agreed to be solely responsible for the expenses relating to the provision of communications between Grizzly and its shareholders, prospective investors and the investment community and for marketing and branding services. AGORACOM's internet based investor relations system located at http://www.agoracom.com/IR/Grizzly will facilitate two way communication between Grizzly and all investors and shareholders simultaneously, anytime and in real-time, while providing shareholders and investors with equal access and transparency to corporate communications. In addition, AGORACOM's IR HUB provides investors with a monitored discussion forum. Investors can also communicate with AGORACOM or Grizzly by email at GZD@agoracom.com. AGORACOM will also be responsible for database management. Brian Testo, the President of Grizzly, stated "I believe the time has now come to significantly increase our communications with existing shareholders and the investment community. We understand the power of conducting investor relations over the web for the purposes of reaching the widest possible audience of investors.". 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 four million acres which host prospective geophysical targets and associated diamond indicator minerals. In British Columbia, Grizzly holds four precious metal properties totaling over 23,000 acres. To find out more about Grizzly Diamonds Ltd. please visit its website at www.GrizzlyDiamonds.com. SOURCE: Grizzly Diamonds Ltd. Grizzly Diamonds Ltd. Brian Testo President (780) 693-2242 or (780) 425-BEAR(2327) (780) 433-1336 (FAX) Website: www.GrizzlyDiamonds.com Investor Relations As of November 9th, 2006 AGORACOM Investor Relations Email: GZD@Agoracom.com Website: http://www.agoracom.com/IR/Grizzly