Grizzly Discoveries Inc.
TSX VENTURE : GZD
FRANKFURT : G6H

Grizzly Discoveries Inc.

January 18, 2010 09:19 ET

Grizzly Intersects Gold Mineralization in Six of Nine Drillholes at Ket 28 With up to 11.90 g/t Over 2.0 m

EDMONTON, ALBERTA--(Marketwire - Jan. 18, 2010) - Grizzly Discoveries Inc. (TSX VENTURE:GZD) (FRANKFURT:G6H) ("Grizzly") is pleased to provide the following exploration update for its Greenwood Gold Project, British Columbia.

2009 Drill Program

The 2009 drilling campaign was initiated in early November and completed in mid-December. 1,050 m in 9 diamond drillholes were completed at the Ket 28 target in the Rock Creek area; 750 m in 5 drillholes were completed at the Lawless prospect in the Sidley Mountain area. The drilling program was supervised by APEX Geoscience Ltd. (APEX) of Edmonton, Alberta. The drilling was conducted by Lone Peak Drilling of Kimberley, B.C. 1,345 core samples were collected and sent to ALS Chemex in Vancouver B.C. for gold and multi-element geochemical analysis. Preliminary gold assays have been received for all samples and multi-element analyses have been received for most samples.

Ket 28 Target

At Ket 28 six drillholes (9TK01 to 9TK06) targeted the historic Ket 28 gold occurrence beneath and along strike from historic drillholes. Previous RC and diamond drillholes during the mid 1990's reported intersecting up to 4.46 grams per tonne (g/t) or 0.13 ounces per ton (oz/t) gold (Au) over 11.83 m and 52.18 g/t (1.522 oz/t) Au over 3.35 m. Gold mineralization at the Ket 28 showing is spatially associated with quartz veins and pyrite bearing silicified shear/breccia zones hosted in highly deformed and altered Paleozoic Anarchist Formation volcanic (mafic) and sedimentary rocks. The prior drilling was done with a wide variety of dips and azimuths. Ground magnetic and electromagnetic (EM) surveys conducted during 2009 indicated that the gold mineralization is spatially associated with a northwest trending structure. The drill program during 2009 was focused on systematic drilling from northeast to southwest across the structure. All but one of the drillholes intersected multiple zones of gold mineralization with the highlights given in Table 1 below. Gold zones were intersected on the northeast edge of the structure, within the structure and at depth on the southwest side of the structure. The structure ranges from about 20 to 50 m wide and is defined by a highly foliated and strained chlorite, quartz +/- graphite schist. Gold occurs in highly sheared mafic volcanics or volcanic sediments and is usually associated with late stage brecciation, quartz veins and pyrite. Elevated silver (Ag), copper (Cu), zinc (Zn) +/- arsenic (As) and +/- bismuth (Bi) usually accompany the Au mineralization.

Drillholes 9TK01 and 9TK02 drilled beneath the historic Ket 28 showing at -45 and -60 degrees respectively, yielded up to 2.77 g/t (0.08 oz/t) Au over 11 m from 63 to 74 m core length in hole 9TK01 (Table 1) and 8.75 g/t (0.26 oz/t) Au over 3 m at a depth of 117 m core length with a higher grade zone of 11.90 g/t (0.35 oz/t) Au over 2 m (Table 1). The high grade Au intersection in 9TK02 represents the deepest high grade intersection obtained to date at Ket 28. The zone is open to depth and along strike and requires further drill testing.



Table 1. Summary assay results 2009 diamond drillholes Greenwood Gold
Project.
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Drill Hole Zone From To Interval Au Ag Cu Zn
(m) (m) (m) (g/t) (g/t) % %
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9TK01 Ket 28 Z1 20.26 28.00 6.74 0.69 - - -
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Ket 28 Z2 63.00 74.00 11.00 2.77 2.36 0.01 0.05
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Includes 65.00 69.00 4.00 3.62 3.65 0.03 0.09
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9TK02 Ket 28 Z1 11.50 17.50 6.00 1.19 0.70 - 0.01
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Ket 28 Z2 53.00 54.00 1.00 9.11 3.70 - -
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Ket 28 Z3 117.00 120.00 3.00 8.75 3.20 0.01 0.01
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Includes 118.00 120.00 2.00 11.90 4.25 0.01 0.01
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9TK03 Ket 28 Z1 20.00 24.00 4.00 2.80 1.25 - 0.01
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Includes 23.00 24.00 1.00 8.37 2.70 - -
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Ket 28 Z2 49.00 62.50 13.50 1.02 1.61 0.01 0.04
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49.00 50.50 1.50 4.28 3.00 0.01 0.02
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9TK04 Ket 28 Z2 67.50 70.50 3.00 0.90 1.00 - 0.02
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Includes 70.50 70.90 0.40 4.11 1.64 - 0.03
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Ket 28 Z2b 94.5 97.5 3.00 1.13 - - 0.02
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Ket 28 Z3 125.00 127.00 2.00 1.43 0.8 0.01 0.03
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9TK05 Ket 28 No Significant Assays
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9TK06 Ket 28 6.00 7.50 1.50 1.04 0.8 - 0.01
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Ket 28 Z1 28.20 29.00 0.80 1.57 - - -
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9TK07 Ket 28 No Significant Assays
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9TK08 Ket 28 Z2? 63.00 75.00 12.00 0.77 - - -
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Includes 63.00 65.00 2.00 3.81 - - -
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Ket 28 Z3? 108.00 109.5 1.50 1.45 - - -
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9TK09 Ket 28 No Significant Assays
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9LW01 Lawless No Significant Assays
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9LW02 Lawless No Significant Assays
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9LW03 Lawless No Significant Assays
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9LW04 Lawless No Significant Assays
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9LW05 Lawless No Significant Assays
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Drillholes 9TK07 to 9TK09 were drilled to the northwest of the historic Ket 28 occurrence and were designed to test an EM anomaly identified by the 2009 helicopter-borne AeroTEM III time domain and magnetic survey. Drillhole 9TK008 yielded a wide low grade Au zone with 0.77 g/t Au over 12 m that includes a higher grade zone of 3.81 g/t over 2 m (Table 1). The zone appears to be within the main northwest trending shear zone characterized by graphite bearing chlorite-sericite-albite schist (Table 1).

Lawless Target

A total of five drillholes (9LW01 to 9LW05) targeted the historic Lawless Au occurrence, which was defined by three historic RC drillholes that reported 35.25 g/t Au (1.03 oz/t) over 3.05 m, 10.73 g/t (0.31 oz/t) Au over 1.52 m and 8.83 g/t (0.26 oz/t) Au over 3.05 m from a 1993 RC drilling program. The Au mineralization was reported to be related to pyrite, chalcopyrite, sphalerite and molybdenite in association with silicified alkalic intrusives and skarn-like mineralization in contact with Paleozoic sedimentary and volcanic rocks. The 2009 Grizzly drilling campaign intersected a number of skarn zones up to 11 m thick along with mafic volcanics, deformed sedimentary rocks and a number of different types of alkalic instrusives. Extensive quartz veining along with silicification, alteration, pyrite and widespread minor molybdenite and chalcopyrite were encountered in most of the drillholes. However, the highest Au assay from the Grizzly 2009 drilling campaign was 0.39 g/t Au, obtained from the 11 m thick skarn intersected in drillhole 9LW03. The historic gold results remain unexplained.

Upcoming 2010 Exploration Program

Check assaying along with geological interpretation and three dimensional modeling are currently in progress in order to properly evaluate the 2009 drilling data. Once complete the plan for 2010 will be formulated and will include extensive ground exploration to develop new targets along with further drilling at Ket 28 and drilling at Copper Mountain, Sappho and other targets developed during the 2009 fieldwork campaign.

Brian Testo, President of Grizzly, states that "we are extremely pleased to have encountered gold in six of nine drillholes at Ket 28 in association with a wide shear zone and extensive alteration that is open to depth and along strike. As this was the first of many drill campaigns, we are looking forward to further drilling during 2010 at Ket 28, as well drill testing the high grade gold showings at Copper Mountain and platinum, silver and copper showings at the Sappho area near Greenwood."

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 210,000 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 25,906,969 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.

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