Grizzly Discoveries Inc.

Grizzly Discoveries Inc.

August 31, 2011 10:53 ET

Grizzly Provides Update on Greenwood Gold Project and Prepares to Drill New Targets With Anomalous Gold-In-Soils

EDMONTON, ALBERTA--(Marketwire - Aug. 31, 2011) - Grizzly Discoveries Inc. (TSX VENTURE:GZD) (OTCQX:GZDIF) (FRANKFURT:G6H) ("Grizzly" or the "Company") is pleased to provide the following update on its 2011 exploration program at its 100% owned Greenwood Gold Project, a 225,000 acre contiguous block of mineral claims centered on Greenwood, British Columbia. The Company commenced ground exploration in early May and has recently received drill permits from the British Columbia Ministry of Energy and Mines for the Ket 28, Dayton and Motherlode target areas. Grizzly is currently planning to commence a 4,000 metre ("m") to 5,000m surface diamond drilling program during the upcoming months to test these and a number of new target areas. The Company anticipates that the drill contractor, Lone Peak Drilling, will commence drilling in early September.

Current Exploration Status

The Stage 1 field-based exploration program, which began in May 2011, continues to progress. The program consists of extensive ground geophysical surveys including: induced polarization ("IP") surveys; horizontal loop electromagnetic ("HLEM") surveys; Promis electromagnetic ("EM") surveys; magnetometer surveys; prospecting; and rock and soil sampling. This is coupled with geological mapping at a number of existing targets including: Copper Mountain, Ket 28, and the Dayton area, as well as a series of new targets identified by detailed analysis of airborne geophysical surveys conducted in 2008 and 2009. To date, approximately 5,923 soil samples and 354 rock grab samples have been collected and shipped to ALS Chemex in Vancouver, British Columbia. More than 94 line-km of IP surveys (at 9 targets), more than 61 line-km of ground HLEM and Promis EM surveys, and more than 67 line-km of ground magnetic surveys have also been completed. The budget for these activities is approximately $1.2 million and will continue through early September, with results to follow.

New Targets for Follow-up Exploration

The 2011 fieldwork has identified coincident IP or HLEM anomalies with spatially associated excellent gold-in-soil anomalies of greater than 100 parts per billion (ppb) gold at the Overlander, P2, P4, P5 and B4-B5 target areas. Additional gold-in-soil anomalies have been identified in conjunction with IP anomalies at previously drilled targets including Ket 28 and Dayton. Anomalous rock grab samples with greater than 5 grams per tonne (g/t) gold or greater than 1% copper, in most cases, are spatially coincident with magnetic or EM anomalies that have been identified at Overlander, P5, B7 along with Ket 28, Dayton and the Copper Mountain target areas. A number of the gold-in-soil anomalies and anomalous rock grab samples that are spatially associated with geophysical anomalies; including HLEM and IP anomalies, represent drill targets. A number of the anomalies are also coincident with historic workings that have never been drilled.

Future Work

Land use applications for drilling have been submitted to the Ministry of Energy and Mines in Cranbrook, British Columbia for approval for the Copper Mountain and Overlander target areas of the Greenwood Gold Project, which we expect to obtain by September or October, 2011. The Company has instructed APEX Geoscience Ltd. to construct and submit drilling applications for the P2, P4, P5 and B4-B5 target areas. The Company plans to commence drilling by early September and continue through to the end of November, 2011, which includes an approximately 4,000m to 5,000m diamond drilling program.

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

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 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.

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