2007 Exploration Program Underway
EDMONTON, ALBERTA - Grizzly Diamonds Ltd. (TSX VENTURE:GZD) (FRANKFURT:G6H) ("Grizzly") is pleased to announce that it has optioned the ANT Property from 0757782 BC Ltd. (the "Optionor"). The ANT Property (the "Property") is located approximately 10 kilometers north of Princeton, BC and consists of 9 mineral claims totaling approximately 2,618 acres (1,060 hectares).
There are a number of historic showings on the property. Chip sampling at the Freddy B Showing in the early 1990's by Placer Dome Inc. returned assays of 0.34% copper (Cu) over 35 m. Grab samples from the same area returned assays of up to 2.2% Cu. A 1973 grab sample at the Rats Showing returned 3.0% Cu, 9.7% zinc (Zn) and 36.8 grams per tonne (g/t) silver (Ag). Soil geochemical surveys at the Lucky Showing by Mingold Resources Ltd. in 1987 outlined a copper and gold anomaly which returned assays of up to 0.822% Cu and 0.470 g/t gold (Au).
A field crew from APEX Geoscience Ltd. of Edmonton, AB has been mobilized to the Property and has commenced exploration which will include an assessment of historic showings, reconnaissance geologic mapping and prospecting, rock, soil and stream sediment sampling.
The Nicola Group of rocks is host to significant copper porphyry deposits near Princeton including the Axe deposit located 10 km to north which contains 57.5 million tonnes grading 0.5% Cu. The Brenda porphyry Cu-molybdenum (Mo) mine, located 50 km to the northeast, produced 181,735,292 tonnes of ore grading 0.152% Cu, 0.037% Mo, 0.0125 g/t Au 0.815 g/t Ag between 1970 and 1990. Copper Mountain Mining Corporation is currently exploring the Copper Mountain (SIMILCO) Deposit located 25 km to the south that currently has a historical resource of 142,407,000 tonnes grading 0.397% copper.
Precious metal bearing quartz veins are also a potential target for exploration in the area and are often associated with lead, zinc and copper mineralization. Almaden Minerals Ltd, which operates the Elk Gold Project 35 km to the north of the Property, has discovered a number of vein systems with high grade gold and has a combined indicated and measured NI 43-101 compliant resource of 846,000 tonnes grading 10.48 g/t Au.
Under the terms of the option agreement Grizzly can earn an undivided 51% interest in the Property by incurring exploration expenditures of CDN$50,000 before March 1, 2008 followed by a further CDN$50,000 in exploration expenditures before March 1, 2009. A CDN$10,000 cash payment was made to the Optionor upon signing of the agreement and a second cash payment of CDN$10,000 is due on March 1, 2008. The option agreement may be terminated at any time without further obligation by Grizzly.
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.
Brian Testo, President
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.
For more information, please contact
Grizzly Diamonds Ltd.
Brian Testo
President
(780) 693-2242 or (780) 425-BEAR(2327)
Website: www.grizzlydiamonds.com
or
AGORACOM Investor Relations
Investor Relations
Email: GZD@Agoracom.com
Website: www.agoracom.com/IR/Grizzly
