Grizzly Discoveries Inc. (TSX VENTURE: GZD) (OTCQX: GZDIF)
(FRANKFURT: G6H) ("Grizzly" or the "Company") is pleased to provide
the following update for its Alberta Potash Project.
Brian Testo, President and Chief Executive Officer of Grizzly,
states that "exploration work is underway on our Alberta Potash
Project. We are aggressively pursuing the development of this
project given our belief that agricultural products and foodstuffs
could experience significant inflation over the next several years.
We are excited and encouraged that the Alberta Potash Project has
the potential for economic concentrations of potash in an
industry-friendly province such as Alberta where the tax regime and
royalty structure is favorable. This economic environment, combined
with the immense size of the project and indications of historic
potash mineralization at depths favorable for solution mining, bode
very well for the future results of our exploration."
Alberta Potash Land Holdings Confirmed to be 2.34 Million
Acres
The Company currently has a 100% interest in approximately 1.88
million acres in two major blocks, with the North block centered
about the towns of Lloydminster and Provost and the South block
Northeast of Medicine Hat (see Grizzly's web site at
www.grizzlydiscoveries.com for an illustrative map). In addition,
Grizzly holds a 50% interest in an additional 458,000 acres in 21
metallic and industrial mineral ("MAIM") permits centered on the
town of Provost along the Alberta-Saskatchewan border. These
permits, which were previously in application (see Grizzly news
release dated January 20, 2011) have now been officially granted by
the Government of Alberta. Grizzly's total land holdings for potash
are now confirmed at more than 2.34 million acres. The Company's
entire potash land holding is underlain by the potash-bearing
Prairie Evaporite Formation. The property is road accessible and
can be explored year-round.
Seismic Work to Commence with Drilling to Follow
APEX Geoscience Ltd. of Edmonton, Alberta has recommended that
the Company conduct an aggressive Stage 1 seismic data acquisition
and drilling program in order to identify the most prospective
areas of potash on the property. Over the next month the Company
will engage a seismic data expert and will begin to acquire and
interpret seismic data. Once seismic data is available and
interpreted a series of drill collars will be selected leading to
the commencement of land use applications for drilling. The Company
will then engage a drilling contractor with the intent to commence
drilling in September or October of 2011. Once the areas that are
considered most prospective for economic concentrations of potash
are identified, the Company will proceed to Stage 2 resource-type
drilling, which is anticipated to commence in 2012.
Government Data Indicates Potash Occurrences on 100% Owned
Permits
A large portion of Grizzly's 100% owned MAIM permits exist in
close proximity to, or directly contain, areas that are underlain
by potash-bearing beds within the uppermost portion of the Prairie
Evaporite Formation. The presence of potash-bearing beds within the
upper portion of the Prairie Evaporite in east-central Alberta near
and along the Saskatchewan border is indicated by geological maps
produced by agencies of the governments of Alberta and
Saskatchewan, specifically Alberta Research Council ("ARC")
Bulletin 29 (Hamilton, 1971) and Saskatchewan Geological Survey
Report 181 (Fuzesy, 1982). A number of Grizzly's permits exist in
close proximity to a reported occurrence of potash minerals in a
deep well (VCO #15) in the Vermilion area of east-central Alberta.
The ARC author reporting the occurrence suggests that the potash
mineral "sylvite exists in substantial quantities ... throughout
the first 50 feet of the Prairie Evaporite" (Golden, B.Sc., 1965).
The author also suggests the potash minerals "are of the same
composition and depositional sequence and depth as the potash at
Unity and Saskatoon, Saskatchewan", currently the location of a
number of potash mines. Recent analytical work by the Alberta
Geological Survey (Eccles et al., 2009) on what is left of the
drill core from VCO #15 has yielded potassium oxide (K2O) grades of
up to 18.6% and confirms the observations of Golden (1965). The
reported occurrence of potash minerals is at a depth of
approximately 1,061 metres below surface.
Data Analysis Reveals Potential for Economic Potash on 50% Owned
Permits
In late December, 2010, Grizzly and Pacific Canada Potash Ltd.
submitted 21 MAIM permit applications in the Provost area to the
Government of Alberta totaling approximately 458,000 acres on a
tenants-in-common basis, constituting the Provost Potash Property.
The analysis of available geophysical logs for historic oil wells
on the property has revealed a high probability of potash-bearing
beds underlying the Provost Potash Property. More specifically, it
appears the east-central and southeastern areas of the property
have very high potential for economic-grade potash-bearing beds.
Gamma-ray responses from historic oil and gas wells suggest that
the grades of potash-bearing beds underlying the Provost Potash
Property could attain K2O grades ranging from 15% to 25% across
thicknesses of 1 to 5 metres (Klarenbach, P.Geol., 2009). These
responses all occur at a depth of about 1,300 metres in the
uppermost 60 metres of the Prairie Evaporite Formation, which is
the main host to potash deposits in Saskatchewan (Holter,
1969).
Grizzly Issues Stock Options
The Board of Directors has authorized a grant of 200,000
incentive stock options ("Options") to Jeremy Strautman pursuant to
his appointment as Interim Chief Financial Officer of the Company
on March 31, 2011. The Options entitle Mr. Strautman to acquire up
to 200,000 common shares of the Company at an exercise price of
$0.55, expiring April 21, 2016 or earlier in accordance with the
Company' stock option plan. Mr. Strautman's appointment and the
grant of the Options are subject to acceptance by the TSX Venture
Exchange.
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 47,982,492 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 2.34 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.
All 2011 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.
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;
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. Investor Relations
www.grizzlydiscoveries.com IR PRO COMMUNICATIONS Nancy Massicotte
604-507-3377 or Toll Free: 1-866-503-3377 ir@grizzlydiscoveries.com
www.irprocommunications.com
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