Grizzly Discoveries Inc.

FRANKFURT : G6H
TSX VENTURE : GZD
OTCQX : GZDIF


Grizzly Discoveries Inc.

December 05, 2012 15:20 ET

Grizzly Discoveries Announces Grant of Stock Options and Changes to Outstanding Stock Options

EDMONTON, ALBERTA--(Marketwire - Dec. 5, 2012) - Grizzly Discoveries Inc. (TSX VENTURE:GZD)(OTCQX:GZDIF)(FRANKFURT:G6H) ("Grizzly" or the "Company") announces that the Board of Directors of the Company (the "Board") has authorized the grant of stock options under the Company's Stock Option Plan to two consultants of the Company to purchase an aggregate of 200,000 common shares of the Company exercisable at a price of $0.10.

In addition, the Board has approved, subject to approval of the TSX Venture Exchange (the "Exchange"), an amendment of the exercise price of the following stock options granted under the Company's incentive stock option plan to $0.10 per common share of the Company.

Total Number of Options to be Repriced Number of Options Held by Non-Insiders Number of Options Held by Insiders Expiry Date Original Exercise Price
100,000 100,000 - April 13, 2013 $0.50
500,000 500,000 - August 23, 2013 $0.75
200,000 - 200,000 December 29, 2014 $0.42
625,000 175,000 450,000 January 20, 2015 $0.40
750,000 270,000 480,000 November 10, 2015 $0.30
40,000 40,000 - November 16, 2015 $0.30
200,000 - 200,000 March 11, 2016 $0.47
200,000 - 200,000 April 25, 2016 $0.55
1,100,000 225,000 875,000 October 31, 2016 $0.75
3,715,000 1,310,000 2,405,000

Pursuant to policies of the Exchange, the amendment to the exercise price of incentive stock options held by insiders of the Company must be approved by disinterested shareholders of the Company at the next annual general meeting of shareholders of the Company. Such stock options may not be exercised until disinterested shareholder approval is obtained.

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 48,725,268 common shares issued and outstanding.

Grizzly is an aggressive and diversified Canadian mineral exploration company exploring for: potash in Alberta; world class gold and base metal deposits in British Columbia; and diamonds in Alberta.

On behalf of the Board

Grizzly Discoveries Inc.

Brian Testo, President

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; the ability to satisfy the conditions of closing of the Offering; 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.

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