EDMONTON, ALBERTA--(Marketwire -03/22/12)- Grizzly Discoveries Inc. (TSX-V: GZD.V - News)(OTCQX: GZDIF.PK - News)(Frankfurt: G6H.F - News) ("Grizzly" or the "Company") is pleased to announce that Lone Peak Drilling of Kimberley, British Columbia, has been engaged to commence drilling on the Company's Greenwood Gold Project, a 225,000 acre contiguous block of mineral claims centered on Greenwood, British Columbia. The Company is currently planning to commence a 1,000 to 1,500 m surface diamond drilling program by the end of March to test new targets identified by sampling and ground geophysical surveys conducted during 2011 at the Overlander and P5 Target areas, both in the Mount Attwood area. Lone Peak Drilling has initiated mobilization of its drill with the intent to commence drilling late this week or early next week.
Overlander and P5 Targets
The 2011 fieldwork has identified coincident Induced Polarization (IP) chargeability or Horizontal Loop Electromagnetic (HLEM) conductivity anomalies with spatially associated anomalous gold (Au) in selected rock grab samples and soil samples at the Overlander and P5 target areas, both of which are within 2.5 km distance from AMT Industries Canada Inc.'s Golden Crown gold deposit. At the Overlander target area, exploration during 2011 yielded 55 soil samples with greater than 50 parts per billion (ppb) Au up to 546 ppb Au. Rock sampling during 2011 also yielded a total of 9 selected rock grab samples from the Overlander area with greater than 1 gram per tonne (g/t) Au up to 37.9 g/t Au. At the P5 target area, selected rock grab sampling yielded up to 7.3 g/t Au. Soil sampling yielded a total of 13 soil samples with greater than 50 ppb Au up to a maximum of 789 ppb Au. Discreet HLEM conductivity or IP chargeability anomalies associated with the Au in rock and/or soil sample anomalies will be the focus of the upcoming drilling program at these target areas.
Current Greenwood Deal Status
Grizzly is pleased to announce that during the 2011 exploration program the Company completed and surpassed the total expenditure requirements, which totals $CDN 4.1 million, for all three Greenwood Project Option Agreements, including the Greenwood-Copper Mountain, Sidley-Dayton and Rock Creek Gold JV Options. By the end of March, once all cash and share payments are made, the Company will own a 100% interest in all of the lands in the Greenwood-Copper Mountain and Sidley-Dayton options agreements, and an 80% interest in all of the lands that are part of the Rock Creek Gold JV agreement.
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 is a diversified Canadian mineral exploration company listed on the TSX Venture Exchange with 48.7 million shares issued, focused on developing significant Potash assets in Alberta. The Company holds, or has an interest in: metallic and industrial mineral permits for potash totaling more than 900,000 acres along the Alberta-Saskatchewan border; over 235,000 acres of precious-base metal properties in British Columbia; and more than 600,000 acres in 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 at http://www.grizzlydiscoveries.com.
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 www.sedar.com. Grizzly disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.
Grizzly Discoveries Inc.
Brian Testo
President
(780) 693-2242
IR PRO COMMUNICATIONS
Nancy Massicotte
Investor Relations
604-507-3377 or Toll Free: 1-866-503-3377
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All of the Company’s historical disclosures are available at www.sedar.com.