EDMONTON, ALBERTA-(Dec. 8, 2008) - Grizzly Diamonds Ltd. (TSX VENTURE:GZD) (FRANKFURT:G6H) ("Grizzly") today is pleased to announce the recovery of 534 diamonds including 10 macrodiamonds (defined as diamonds with at least one dimension greater than 0.5 mm in length) from samples collected during the fall 2008 drilling program for the recently discovered BE-02 and BE-03 kimberlites. The BE-02 and BE-03 kimberlites were discovered during February and September, respectively, on Grizzly's Smokey The Bear Property in the Buffalo Head Hills.

- BE-02 Kimberlite Results: A total of 74 separate samples of NQ2 size drill core in two holes from Kimberlite BE-02 weighed 518.55 kg. A total of 316 diamonds, including a total of 5 macrodiamonds were recovered from the BE-02 Kimberlite (Table 1). The largest macrodiamond recovered from the BE-02 Kimberlite was 1.26 x 1.02 x 0.84 mm. Two of the five macrodiamonds recovered from the BE-02 Kimberlite yielded at least one dimension greater than 1 mm in length.

- BE-03 Kimberlite Results: A total of 56 separate samples of NQ2 size drill core from Kimberlite BE-03 weighed 365.35 kg. A total of 218 diamonds, including 5 macrodiamonds were recovered from the BE-03 Kimberlite (Table 1). The largest macrodiamond recovered from the BE-03 Kimberlite was 0.8 x 0.56 x 0.46 mm. BE-02 and BE-03 yield an average of approximately 0.61 and 0.60 stones recovered per kilogram, respectively, using a minimum stone size cutoff of the 0.075 mm sieve.

Table 1 below shows the diamond size distribution for the BE-02 and BE-03 kimberlites for the samples using a set of square meshed sieves. The bulk of the diamonds are described as being clear to white in colour with octahedral crystal habits, however, a number of aggregates and fragments were observed. . For photos of the diamonds please visit www.grizzlydiamonds.com

Table 1: Caustic Fusion Diamond Results for Kimberlites BE-02 and BE-03

Caustic fusion analysis for diamonds was completed at the Saskatchewan Research Council, Geoanalytical Laboratories accredited to the ISO/IEC 17025 standard by the Standards Council of Canada.

"We are highly encouraged by these initial diamond results" said Brian Testo, President and CEO of Grizzly. "The total number of diamonds recovered from Grizzly's BE-02 and BE-03 kimberlites, rank them amongst the top ten initial microdiamond results for the Buffalo Head Hills kimberlite field."

To date, a total of three holes have been drilled into the BE-02 Kimberlite. The BE-02 ground magnetic survey indicates that the kimberlite is roughly 200 m x 160 m in size, however, the associated gravity anomaly is offset from the magnetic anomaly making it unclear what the true dimensions of the kimberlite are. Overburden on top of the BE-02 Kimberlite ranged from 85 m to 122 m thick. One hole has been drilled into the center of the coincident magnetic and gravity anomaly that represents the BE-03 Kimberlite. Based upon the ground geophysics, the BE-03 Kimberlite is estimated to be approximately 200 m in diameter. The overburden on top of the BE-03 Kimberlite in the only hole drilled is 66 m thick. Both kimberlites are similar in appearance and are described as ranging from fine to coarse grained pyroclastic kimberlite with portions of the kimberlites containing visible coarse fragments of kimberlite and country rock along with olivine macrocrysts and occasional pyrope garnets and chrome diopsides. The two kimberlites are roughly 350 m apart and their similar appearance and diamond counts may suggest they are related and perhaps derived from the same magmatic event.

Grizzly Diamonds is an aggressive Canadian exploration company focused on exploring for diamonds and industrial minerals in Alberta and precious metals in North America. It currently holds more than 2 million acres in diamond properties that host diamondiferous kimberlites in the Buffalo Head Hills and Birch Mountains. It currently holds metallic minerals permits for Potash totaling more 1.5 million acres along the Saskatchewan-Alberta border. In British Columbia, the Company has five precious-base metal properties totaling over 120,000 acres.

All 2008 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.

Grizzly trades on the TSX Venture Exchange, trading symbol GZD, with 20,371,625 shares issued to date.

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.

CONTACT INFORMATION:

Grizzly Diamonds Ltd.
Brian Testo
President
(780) 693-2242 or (780) 425-BEAR (2327)
Website: www.grizzlydiamonds.com

or

AGORACOM
Investor Relations
Email: GZD@Agoracom.com
Website: www.agoracom.com/ir/grizzly