EDMONTON, ALBERTA- March 27, 2007- Grizzly Diamonds Ltd. (TSX VENTURE:GZD) (FRANKFURT:G6H) (the “Corporation”) today announced that it has entered into an agreement with Com-advice AG of Baar, Switzerland for the provision of advertising and promotional services in Europe, the Middle East and Africa. Com-advice AG is at arm’s length to the Corporation and specializes in research and analysis of mineral companies. Pursuant to the agreement and subject to regulatory approval, the Corporation will pay Com-advice AG a fee of C$100,000 on execution of the agreement and grant stock options to Com-advice AG pursuant to the Corporation’s stock option plan to acquire an aggregate of 100,000 common shares of the Corporation (“Common Shares”) at an exercise price of C$1.20 and an aggregate of 50,000 Common Shares at an exercise price of C$1.50. The term of the agreement will be until December 31, 2007 and will be automatically renewed for additional one year term unless cancelled prior to October 31, 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. 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 780-425-2327. http://www.grizzlydiamonds.com Investor Relations AGORACOM Investor Relations http://www.agoracom.com/IR/Grizzly GZD@Agoracom.com The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.