EDMONTON, ALBERTA--(Marketwire - 06/23/11) - Grizzly Discoveries Inc. (TSX-V:GZD) (OTCQX: GZDIF) (Frankfurt:G6H - News) ("Grizzly" or the "Company") is pleased to provide an update for its 2011 Exploration Program on its Greenwood Gold Project.
The Company currently has a 100% interest in just over 225,000 acres in a single major block of mineral claims centered on the town of Greenwood, British Columbia. The Company commissioned APEX Geoscience Ltd. (APEX) of Edmonton, Alberta to mobilize field crews to the Greenwood area in early May to commence ground exploration in advance of a planned 5,000 metre drill program on new and existing high quality targets. "With a healthy treasury from this year's successful financing, Grizzly has designed the 2011 Exploration Program on the Greenwood Project as a systematic and scientific approach which we believe may lead to a new discovery in the Greenwood area," stated Brian Testo, President and Chief Executive Officer of the Company, "and Stage 1 of the program, currently underway, will enable us to focus our drilling later in the year exclusively on high quality targets."Immediate and Future WorkAn aggressive Stage 1 field exploration program is underway, including extensive ground geophysical surveys comprised of an induced polarization ("IP") survey conducted by Peter E. Walcott & Associates Ltd. of Vancouver, B.C.. Horizontal loop electromagnetic ("HLEM") survey, Promis electromagnetic ("EM") survey, and magnetometer survey. In addition, prospecting, rock and soil sampling, along with geological mapping, are underway at a number of existing targets including Copper Mountain, Ket 28, and the Dayton area. New targets identified by detailed analysis of the 2008 and 2009 airborne geophysical surveys are also being developed. The focus of the 2011 exploration program is to identify drill targets that are similar in nature to Kinross's Buckhorn Gold Skarn Deposit and Midway's Golden Eagle Epithermal Gold Deposit located in the State of Washington, each of which are reported to contain indicated resources of more than one million ounces of gold.To date, approximately 1,600 soil and rock samples have been collected and have been shipped to ALS Chemex in Vancouver, B.C. for analysis. More than 70 line-km of IP surveys (over a minimum of 9 previously identified targets) and more than 20 line-km of HLEM and Promis EM surveys have also been completed. The planned ground work is budgeted at $1.0 million and will continue into late July or early August.Upon completing interpretation of data from the Stage 1 program, drill targets will be selected, prioritized and land use applications for drilling will be submitted. The Company plans to commence drilling in late summer or early fall 2011 and has allocated a minimum budget of $1.2 million on 5,000 metres of drilling at Greenwood in 2011.With recent price increases in silver, the Company plans to examine its land holdings for silver potential. The historic Phoenix Mine, located in close proximity to and surrounded by the Greenwood Gold Project mineral claim holdings, produced more than 6 million ounces of silver. There are a number of historic showings and old workings from which silver was produced on Greenwood Project's mineral claims in the area. Each of these historic showings and workings will be examined during the field program that is underway.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 BoardGrizzly Discoveries Inc.Brian Testo, President
For further information, please visit our website at http://www.grizzlydiscoveries.com 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 www.sedar.com.
Grizzly disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.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.
All of the Company’s historical disclosures are available at www.sedar.com.