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The information posted was accurate at the time of posting, but may be superseded by subsequent information.
| | Wed Jun 30, 2010
Grizzly Discoveries Inc. Commences Drilling at the Greenwood Gold Project, British Columbia and Amends Warrant Terms
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| | EDMONTON, Alberta - Grizzly Discoveries Inc. (GZD:TSXV) ("Grizzly") has signed a contract with Lone Peak Drilling to commence diamond drilling on the Greenwood Gold Project, South-Central British Columbia. Grizzly received its Mines Act exploration permit for drilling at Copper Mountain from the British Columbia Ministry of Energy, Mines and Petroleum Resources on November 12, 2009 and for the Sappho drilling on June 14, 2010. The drill was mobilized to the property on June 24, 2010 and has commenced drilling on gold showings in the Copper Mountain area (See GZD news releases dated May10, 2010 and October 14, 2009).
Historic copper-silver-platinum-gold showings at the Sappho area (See GZD news release dated October 14, 2009) and the gold zone intersected at Ket 28 during late 2009 (See GZD news releases dated January 18, 2010, and October 14 and August 14, 2009) are slated for drill testing during the 2010 drilling program. Additional prospecting, sampling, ground geophysical surveys and geological mapping are in progress at a number of target areas in the Greenwood area. The fieldwork commenced mid-May and is being conducted by APEX Geoscience Ltd. As current target identification progresses, other targets will be drill tested during 2010.
All 2010 field and office exploration programs are being conducted under the supervision of Mr. Michael Dufresne, M.Sc., P.Geol., a principal of APEX Geoscience Ltd. and a Qualified Person under NI 43-101.
Amendment of outstanding warrants
Grizzly is pleased to announce that the TSX Venture Exchange has conditionally approved an extension to the expiry date of outstanding common share purchase warrants of the Corporation to acquire an aggregate of 565,555 common shares of Grizzly issued on June 30, 2009, for one additional year to June 30, 2011. The exercise price of the amended warrants remains unchanged at $0.65. The original terms of the amended warrants are described in Grizzly's news release dated July 2, 2009.
About Grizzly
Grizzly is an aggressive Canadian exploration company focused on exploring for world class gold and base metal deposits in British Columbia and for diamonds and industrial minerals in Alberta. In British Columbia, Grizzly currently has four precious-base metal properties totaling over 235,000 acres. It currently holds more than 1 million acres in diamond properties which host diamondiferous kimberlites in the Buffalo Head Hills and Birch Mountains of Alberta. Grizzly has also acquired metallic and industrial mineral permits for potash totaling more than 1.43 million acres along the Saskatchewan-Alberta border.
Grizzly trades on the TSX Venture Exchange under the symbol GZD, with 26,046,969 common shares issued to date.
On behalf of the Board
Grizzly Discoveries Inc.
/s/ "Brian Testo"
Brian Testo
President
For further information, please visit our website at http://www.grizzlydiscoveries.com or contact Investor Relations:
Nancy Massicotte
IR PRO COMMUNICATIONS
Tel: 604-507-3377
Toll Free: 1-866-503-3377
Email: ir@grizzlydiscoveries.com
www.irprocommunications.com
This news release contains forward-looking statements regarding ongoing and upcoming exploration work and expected geology, geological formations and structures. There can be no assurance that such statements will prove accurate. Such statements are necessarily based upon a number of estimates and assumptions that are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. Important factors that could cause actual results to differ materially from expectations are in Grizzly's documents filed from time to time with the TSX Venture Exchange and provincial securities regulators, most of which are available at www.sedar.com. Grizzly disclaims any intention or obligation to revise or update such statements.
This news release also contains technical information that has been publicly sourced. Grizzly has not independently verified such information and accepts no responsibility for its accuracy or completeness.
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. |
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