Grizzly Discoveries Inc. (TSX
VENTURE:GZD)(OTCQX:GZDIF)(FRANKFURT:G6H) ("Grizzly" or the
"Company") is pleased to provide the following updates on
continuing exploration activities at its Greenwood Gold Project,
its Alberta Potash Project, and its 50%-owned Provost Property,
jointly owned with Pacific Potash Corporation ("Pacific").
Current Exploration Status - Greenwood Gold Project
The Stage 1 field-based exploration program which began in May
2011 continues to progress. The program consists of extensive
ground geophysical and sampling surveys. To date, approximately
7,000 soil samples and 500 rock grab samples have been collected
and shipped to ALS Chemex in Vancouver, British Columbia. More than
200 line-km of ground electromagnetic (EM) surveys, and more than
120 line-km of ground magnetic surveys have also been completed.
The work has resulted in the identification of several new drill
targets in different areas of the property.
Drilling commenced in early October at the Dayton Prospect
targeting IP chargeability EM anomalies identified by the 2011 IP
survey. The first two holes tested two separate IP EM anomalies,
one 200 m x 300 m and the second roughly 150 m by 200 m. Each hole
intersected significant thicknesses (greater than 50 m of core
length) of brecciated volcanics, volcaniclastics and sediments with
intervals of silicification, quartz vein stockworks and associated
sulphides.
Brian Testo, President of Grizzly, states that "we are excited
about the size and intensity of the sulphidized breccia zones
visible in the new Dayton drill core and the potential to
significantly improve the known gold-copper mineralization
intersected in 2010. We have prioritized the zones of interest for
logging and sampling so that we can get the samples into the lab
for rush analyses".
Once the Dayton drilling is completed, the drill will be moved
to targets at the Ket 28, Motherlode and Overlander areas. Drilling
will continue into early December with the plan to drill a total of
4,000 to 5,000 m. The 2011 field work to date also identified new
drill targets at the P2, P4 and B4-B5 target areas. Land use
applications for drilling at these new target areas as well as the
Copper Mountain area have been submitted to the Ministry of Energy
and Mines in Cranbrook, British Columbia. Assay results for the
current drilling campaign are expected in early December through
January.
Current Exploration Status - Alberta Potash Project and
50%-owned Provost Property
In September of 2011, the Company signed a letter of intent
("LOI") with Pacific to commence a multiple drill hole (well)
potash exploration program on the Grizzly - Pacific 50:50 Provost
Property. Grizzly and Pacific have engaged Barlon Engineering Group
Ltd. ("Barlon") and Taylor Land Services ("Taylor") both of
Calgary, Alberta, to prepare the required well licensing and site
preparations for three well site locations. Pursuant to the LOI, a
minimum of one well will be drilled with costs shared equally by
Grizzly and Pacific. Subject to results from the initial well and
approval from Grizzly and Pacific, up to two additional wells may
be drilled on the property. Pacific has received well licences and
has commenced drilling on its 100%-owned Provost Property, adjacent
to the 50:50 Provost Property (See Pacific News Release dated
October, 25th, 2011). Once one or both of these wells are completed
it is anticipated that the drill will move to one of the selected
sites on the 50:50 owned Provost Property to drill one or more
wells.
Grizzly has also engaged Barlon and Taylor to license two well
site locations on its 100%-owned South Block of the Alberta Potash
Project, northeast of Medicine Hat, Alberta. At least one well site
will be prepared and a well drilled in November, 2011.
Grizzly expects receipt of a seismic interpretation report from
RPS Boyd Petrosearch for its 100% owned North Block of the Alberta
Potash Project, centered near Lloydminster, Alberta. The Company
intends to engage Barlon and Taylor to complete well site licensing
on at least two well locations in the North Block. The Company
expects to drill at least two wells at these locations during late
2011 or early 2012.
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 48,350,268 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 2.4 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 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.
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.
Contacts: Grizzly Discoveries Inc. Brian Testo President (780)
693-2242www.grizzlydiscoveries.com IR PRO COMMUNICATIONS Nancy
Massicotte 604-507-3377 or Toll Free:
1-866-503-3377ir@grizzlydiscoveries.comwww.irprocommunications.com
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