EDMONTON, Alberta – July 19, 2007 Grizzly Diamonds Ltd. (TSX: VENTURE: GZD) (FRANKFURT: G6H) ("Grizzly") today announces the following exploration update for the Legend Kimberlite mini-bulk sampling program.
Grizzly collected a 10.2 tonne mini-bulk sample from the Legend Kimberlite from thirteen core holes completed during January to February, 2007. During May 2007, the sample was processed at the DeBeers Canada Dense Media Separation plant (DMS) facility in Grande Prairie, Alberta yielding a heavy mineral concentrate totaling 64.45 kg. The heavy mineral concentrate was finished using standard caustic fusion procedures and picked for macro-diamonds (using a 0.425mm cutoff) at the Saskatchewan Research Council Geoanalytical Laboratories accredited to the ISO/IEC 17025 standard by the Standards Council of Canada. In total, one diamond was recovered and is described as a colorless, included, twinned octahedron. A picture of the macro-diamond will available for viewing shortly on the Grizzly website at www.grizzlydiamonds.com.
TOTAL NUMBER OF DIAMONDS BY SIEVE SIZE FOR LEGEND KIMBERLITE MINI-BULK SAMPLE
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1.18 mm sieve
Weight of DMS Concentrate Total Number of Stones
Sample (1) (kgs) (dimensions)
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LEGEND
001,002,003 64.45 kg 1 (2.1mmx1.58mmx1.46mm)
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(1) All results are from the Saskatchewan Research Council using a 0.425 mm
cutoff.
An audit of the DMS tails will be conducted in the near future. On July 7th, 2007 diamond results were reported for one composite drill core sample from the Legend Kimberlite, collected to test the kimberlite for both mineral chemistry and the presence of micro-diamonds (Sample Legend 004,005,006 - 168.35 Kg). A total of 3 micro-diamonds were recovered from 168.35 kg of drill core. The mineral chemistry results are pending.
Grizzly continues to review all of the data for the Legend Property, which includes airborne and ground geophysics as well as mineral chemistry data for possible future drill programs. One such target is the Legend Camp Target, a topographic high underlain by a 250 m diameter 4,000 nT magnetic low. Grizzly intends to drill the Legend Camp Target during early 2008 along with ground geophysical surveys over a number of existing and untested targets identified during prior airborne geophysical surveys.
The Birch Mountain Kimberlite Field consists of nine kimberlites, two of which are diamond bearing and exist within Grizzly’s Legend Property. All nine kimberlites were discovered by Kennecott Canada Exploration Inc. and New Blue Ribbon Resources Inc. between 1998 and 2002. The kimberlites, have either a positive or negative magnetic response and range from weak to strongly magnetic and are Cretaceous in age. In general the kimberlite pipes are in excess of 500 m wide based on magnetic responses and have been classified as multi-phased, pyroclastic kimberlite, perhaps similar in nature to the Fort a la Corne kimberlites.
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) . 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.
