EDMONTON, Alberta –June 4, 2007– Grizzly Diamonds Ltd. (TSX VENTURE:GZD)(FRANKFURT:G6H) (“Grizzly”) today is pleased to provide the following exploration update for a number of its 100% owned Alberta Diamond Properties in the Buffalo Head Hills and the Birch Mountains of Northern Alberta. Grizzly today is pleased to announce that DeBeers Canada has completed processing the Legend Kimberlite mini-bulk sample at its Grande Prairie Dense Media Separation (DMS). The DMS used a 0.5mm cut-off. The program was delayed due to an equipment breakdown during processing. The concentrates have been shipped to the Saskatchewan Research Council, Saskatoon, where the concentrate will be fused using standard caustic fusion procedures and then picked for diamonds. Grizzly expects to have final diamond results in hand by mid to late June. The 10.2 tonne sample was split into 3 sub-samples based on mineralogical and textural differences within the kimberlite drill core which may represent geochemically different implacement pulses or kimberlite phases. The DMS concentrates for the 3 sub-samples weighed 20.3kg, 31.9kg and 32.45kg respectively. As well, 3 drill core samples weighing 43.1kg, 83.2kg and 42.05kg were submitted for caustic fusion and will be picked for micro-diamonds. These 3 samples represent check samples to confirm historic micro-diamond results reported by Kennecott Canada as part of Grizzly’s ongoing regimented QA/QC program. Grizzly’s high resolution fixed-wing airborne magnetic (HRAM) survey s in the Buffalo Head Hills area has now been completed. The 25,000 line-km HRAM survey was commissioned in February with physical flying commencing in early March. The delivery of final data is expected sometime in late June. 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. 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.