EDMONTON, Alberta – Grizzly Diamonds Ltd. (GZD:TSXV) (“Grizzly”) today is pleased to announce that a fixed wing airborne magnetic survey is underway at Grizzly’s core Buffalo Head Hills properties located in North-Central Alberta. In the Buffalo Head Hills area of North-Central Alberta, Grizzly has commenced a 25,000 line-km High Resolution Airborne Magnetic (HRAM) survey. The survey began in February following the signing of a contract with Firefly Airborne Surveys. The survey will be completed in late March with final delivery of digital data and maps expected by April or May. Following the completion of the survey, results will be interpreted to pick targets for follow-up ground geophysical surveys and prospecting with possible drilling during the winter of 2007- 2008. The survey area covers the entire Smokey The Bear Property in addition to a further 64,960 acres (25,984 hectares) of highly prospective lands in the Buffalo Heads Hills acquired by bid process last fall (Grizzly Press Release: December 16, 2006). Grizzly Diamonds 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, the Corporation has four precious metal properties totaling over 23,000 acres. 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. 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 780-693-2242 or 780-425-BEAR(2327) . http://www.grizzlydiamonds.com Investor Relations AGORACOM Investor Relations http://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.