EDMONTON, Alberta –February 16, 2007– Grizzly Diamonds Ltd. (GZD:TSXV) (“Grizzly”) is very pleased to announce that it has completed drilling at the Legend Kimberlite. In total, 13 core holes were drilled at the Legend Kimberlite and approximately 5 tonnes of kimberlite were recovered. Recent drilling by the Company demonstrates that the Legend Kimberlite is a complex multi-phased kimberlite, whereby certain distinct kimberlite phases were not recognized in the prior drilling completed by Kennecott Canada in the late 1990’s. This previous drilling by Kennecott at the Legend Kimberlite resulted in the recovery of 4 micro-diamonds from 406.5kg. The sample(s) will be analyzed for diamond indicator minerals and processed for macrodiamonds. Results are expected by about the end of April. President & CEO of Grizzly Diamonds, Brian Testo states that “the recently completed drilling program went extremely well and we are very pleased with the kimberlite recovered as a result of hitting a different phase in the kimberlite.” Ongoing Work-Alberta: As part of an aggressive winter and spring exploration program, Grizzly is about to commence an airborne geophysical survey in the Buffalo Head Hills and Grizzly’s field crew are scheduled to continue to complete ground geophysical surveys within the Buffalo Head Hills region to further delineate specific drill targets. Grizzly and partner Stornoway Diamond Corporation (SWY: TSXV "Stornoway") have completed a 25,000 line-km airborne magnetic survey at Grizzly's 100% owned Call of the Wild Diamond Property in the Pelican Mountains area, north-central Alberta. Stornoway is currently evaluating the results of the airborne survey and heavy mineral sampling conducted in the fall of 2006. British Columbia: A budget of $800,000 has been approved for the following program. Planning is currently underway to commence a follow-up drill program at Grizzly’s Silver-Gold-Copper-Lead- Zinc Peak Property, near Smithers, B.C. where a 2006 drill program resulted in samples containing 339.7 g/t Silver, 1.3% Copper and 1.07% Lead over 2.07 m core length. Surface samples at the property contain up to 6,770 g/t silver (197.5 oz/t), 5.26 g/t gold (0.15 oz/t), 6.77 % copper, greater than 30 % lead and 2.48 % zinc. Grizzly plans to follow-up priority geophysical and geochemical targets with a summer 2007 drill program. Furthermore, work on the Silver Bear Property, located in Southern British Columbia, will commence in the summer of 2007. For all future Grizzly Diamonds investor relations needs, investors are asked to visit the Grizzly Diamonds IR Hub at http://www.agoracom.com/IR/Grizzly where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to GZD@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time. About Grizzly Diamonds Ltd.: Grizzly Diamonds is an aggressive well funded 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 Calling Lake areas of Alberta totaling over three million acres which host prospective geophysical targets and associated diamond indicator minerals. All 2007 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. /s/ “Brian Testo” Brian Testo President For further information, please contact Brian Testo at 780-693-2365 or 780-425-BEAR(2327) . http://www.grizzlydiamonds.com Investor Relations AGORACOM Investor Relations www.agoracom.com/IR/Grizzly GZD@Agoracom.com 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.