EDMONTON, ALBERTA-(March 29, 2010) - Grizzly Discoveries Inc. (TSX VENTURE:GZD) (FRANKFURT:G6H) ("Grizzly") is pleased to provide the following property and exploration update for its Greenwood Gold Project, British Columbia.
2010 Exploration
The management of Grizzly has approved an initial Stage 1 exploration program starting during May, 2010 of approximately $500,000 that will include geological mapping, sampling, ground geophysics and drilling at the Copper Mountain and Sappho target areas as summarized below. The 2010 exploration program will be supervised and conducted by APEX Geoscience Ltd. (APEX). The initial 2010 exploration program will include approximately 1,200 m of core drilling at the two target areas. Neither target area has any documented historic drilling but there is evidence of historic mining activities at both areas. New and recent exploration highlights include the following:
The Copper Mountain area has yielded a total of 6 rock samples with 9.41 up to 99.6 grams per tonne (g/t) gold (0.27 up to 2.9 ounces per ton (oz/t) Au) and up to 19.7 g/t (0.57 oz/t) silver (Ag) with associated anomalous copper (Cu), zinc (Zn), arsenic (As) and bismuth (Bi).
Gold and copper mineralization in the Copper Mountain area is hosted in Late Paleozoic Knob Hill Group volcanics and sediments and Triassic Brooklyn Formation sediments. Mineralization is associated with extensive wallrock alteration, sulphides, veining and, in some cases, skarn alteration.
Sampling in and around the historic Sappho showings hosted in the Jurassic age Sappho alkaline intrusive complex has yielded up to 27.1 g/t (0.79 oz/t) platinum (Pt), 1.49 g/t (0.04 oz/t) palladium (Pd), 75.3 g/t (2.2 oz/t) Ag, 0.64 g/t Au and 8.28% Cu.
The Jurassic age Cu-Ag-Pt-Pd mineralization at the Sappho area is associated with semi-massive to massive sulphide veins, blebs, pods and disseminations consisting of chalcopyrite-pyrite-magnetite hosted by pyroxenite, monzonite and syenite intrusions. The intrusions are spatially associated with a distinct 500 m by 800 m ovoid magnetic anomaly identified in the 2008 airborne geophysical survey.
In addition to the high priority Sappho and Copper Mountain target areas, a number of geophysical anomalies were identified from the 2008 and 2009 AeroTEM III airborne geophysical surveys. APEX has recommended follow-up exploration consisting of regional prospecting, geological mapping, rock and soil sampling and ground geophysics.
Further Land Acquisition
Grizzly is pleased to announce that it has signed a purchase agreement ("the Agreement") with two individuals at arm's length to Grizzly, to acquire a 100% interest in the Snowshoe property immediately east of the town of Greenwood. To complete the purchase Grizzly must issue a total of 40,000 common shares in the share capital of Grizzly to the vendors upon regulatory approval. Grizzly currently holds an interest in approximately 210,000 acres in the Greenwood to Rock Creek area of south central British Columbia. The Snowshoe purchase agreement covers 14 minerals claims for a total of approximately 3,700 acres.
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.
Grizzly is an aggressive Canadian exploration company focused on exploring for world class gold and base metal deposits in British Columbia and diamonds and industrial minerals in Alberta. In British Columbia, Grizzly currently has four precious-base metal properties totaling over 225,000 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 26,006,969 common shares issued to date.
On behalf of the Board
Grizzly Discoveries Inc.
Brian Testo, President
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.
For more information, please contact
Grizzly Discoveries Inc.
Brian Testo
President
780-693-2242 or 780-425-BEAR (2327)
www.grizzlydiscoveries.com