Grizzly Provides Update on Greenwood Gold Project- Mobilizes Crews to Field
May 09 2011 - 2:57PM
Marketwired
Grizzly Discoveries Inc. (TSX VENTURE: GZD) (OTCQX: GZDIF)
(FRANKFURT: G6H) ("Grizzly" or the "Company") is pleased to provide
this update for its Greenwood Gold Project. The Company holds a
100% interest in more than 225,000 acres in a single contiguous
block of mineral claims (the "Project") centered on the town of
Greenwood, British Columbia. The Company has commissioned APEX
Geoscience Ltd. ("APEX") of Edmonton, Alberta to mobilize field
crews to the Greenwood area and commence the 2011 exploration
program.
Immediate and Future Work
APEX personnel will conduct an aggressive Stage 1 field-based
exploration program consisting of ground geophysical surveys
including induced polarization surveys, prospecting, rock and soil
sampling, and geological mapping at existing targets including
Copper Mountain, Ket 28 and the Dayton area as well as at new
targets identified in airborne geophysical surveys commissioned by
Grizzly in 2008 and 2009. Once these datasets are received and
interpreted, a series of drill collars will be selected leading to
land use applications for drilling. The Company plans to commence
drilling in late summer to early fall 2011. The Company has planned
a minimum budget of $2 million for fieldwork and approximately
5,000 metres of drilling.
The Company's exploration efforts to date on the Project have
largely focused on its gold potential. However, given the recent
price increases in silver and the evidence of historic production
within the Project area, the Company plans to conduct an extensive
evaluation of its land holdings for silver potential. The historic
Phoenix Mine, situated approximately 1.5 kilometres from the
Company's mineral claim holdings, produced more than 1 million
ounces of gold and 6 million ounces of silver. In addition, there
are historic showings and old workings from which silver was
produced on the Company's mineral claims in the area. In light of
these factors, in addition to the Company's targets being examined
for gold, each of these historic showings and workings that were
rich in silver will also be examined for silver during the 2011
summer field 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 48,315,268 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 2.34 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.
On behalf of the Board
Grizzly Discoveries Inc.
Brian Testo, President
For further information, please visit our website at
www.grizzlydiscoveries.com or contact Investor Relations.
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. Brian Testo President (780)
693-2242 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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