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EDMONTON, ALBERTA--(Marketwire - May 9, 2011) - Grizzly Discoveries Inc. (TSX VENTURE:GZD) (OTCQX:GZDIF) (FRANKFURT:G6H) ("Grizzly" or the "Company") is pleased to provide this update for its Greenwood Gold Project. The Company holds a 100% interest in more than 225,000 acres in a single contiguous block of mineral claims (the "Project") centered on the town of Greenwood, British Columbia. The Company has commissioned APEX Geoscience Ltd. ("APEX") of Edmonton, Alberta to mobilize field crews to the Greenwood area and commence the 2011 exploration program.
Immediate and Future Work
APEX personnel will conduct an aggressive Stage 1 field-based exploration program consisting of ground geophysical surveys including induced polarization surveys, prospecting, rock and soil sampling, and geological mapping at existing targets including Copper Mountain, Ket 28 and the Dayton area as well as at new targets identified in airborne geophysical surveys commissioned by Grizzly in 2008 and 2009. Once these datasets are received and interpreted, a series of drill collars will be selected leading to land use applications for drilling. The Company plans to commence drilling in late summer to early fall 2011. The Company has planned a minimum budget of $2 million for fieldwork and approximately 5,000 metres of drilling.
The Company's exploration efforts to date on the Project have largely focused on its gold potential. However, given the recent price increases in silver and the evidence of historic production within the Project area, the Company plans to conduct an extensive evaluation of its land holdings for silver potential. The historic Phoenix Mine, situated approximately 1.5 kilometres from the Company's mineral claim holdings, produced more than 1 million ounces of gold and 6 million ounces of silver. In addition, there are historic showings and old workings from which silver was produced on the Company's mineral claims in the area. In light of these factors, in addition to the Company's targets being examined for gold, each of these historic showings and workings that were rich in silver will also be examined for silver during the 2011 summer field program.
All 2011 field and office exploration programs are conducted under the supervision of Mr. Michael Dufresne, M.Sc., P.Geol., a principal of APEX Geoscience Ltd. and a Qualified Person under National Instrument 43-101.
About Grizzly Discoveries Inc.
Grizzly trades on the TSX Venture Exchange under the symbol GZD, on the OTCQX exchange under the symbol GZDIF, and the Frankfurt Exchange under the symbol G6H, with 48,315,268 common shares issued and outstanding.
Grizzly is an aggressive Canadian exploration company focused on: exploring for potash in Alberta; world class gold and base metal deposits in British Columbia; and diamonds in Alberta. Grizzly holds, or has an interest in, metallic and industrial mineral permits for potash totaling more than 2.34 million acres along the Alberta-Saskatchewan border. Grizzly currently has four precious-base metal properties in British Columbia totaling over 235,000 acres. Grizzly also currently holds more than 600,000 acres in diamond properties which host diamondiferous kimberlites in the Buffalo Head Hills and Birch Mountains of Alberta.
On behalf of the Board
Grizzly Discoveries Inc.
Brian Testo, President
For further information, please visit our website or contact Investor Relations.
Caution concerning forward-looking information
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as "may," "will," "should," "anticipate," "plan," "expect," "believe," "estimate," "intend" and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Grizzly in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Grizzly's actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.
Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at sedar. Grizzly disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.
FOR FURTHER INFORMATION PLEASE CONTACT: Brian Testo
Grizzly Discoveries Inc.
President
(780) 693-2242
>www.irprocommunications.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
