EDMONTON, ALBERTA--(Marketwire -07/25/11)- Grizzly Discoveries Inc. (TSX-V: GZD) (OTCQX: GZDIF) (Frankfurt: G6H.F - News) ("Grizzly" or the "Company") is pleased to announce that it has applied for a new metallic and industrial mineral permit in Alberta (the "Permit") covering approximately 4,672 hectares (11,680 acres) to add to its existing land holdings of more than 2.4 million acres for its Alberta Potash Project. The Permit is located 67 km northeast of the City of Medicine Hat along the Saskatchewan border.
The permit application was submitted to cover an area that has a historic oil test well, DML Medhat 6-36-19-1, which has a gamma log spike indicative of a potash intersection of approximately 21.6 % K2O over 1 to 2 meters. The intersection is at a depth of approximately 1,660 m below surface, which is an ideal depth for potential solution mining due to the heat of the formation. Grizzly currently holds more than 968,000 acres of existing metallic and industrial mineral permits in its Medicine Hat Block that are adjacent to and completely surrounding the area of the new application. Grizzly is planning to drill at least one potash test hole in the Medicine Hat area in the last quarter of 2011.
Planned 2011 Drill Program
The Company is currently planning to apply for permits to drill two holes, and drill at least one hole, on each of: its 100% owned North block in the Provost-Lloydminster area; its 100% owned South block in the Medicine Hat area, and; the Company's 50%-owned Provost Property with Pacific Potash Corporation. Permitting and drilling on the Provost Property is expected to be funded jointly by Grizzly and Pacific Potash Corporation in proportion to each party's 50% interest. Further updates will be provided once permitting has been completed and drill contractors selected.
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 is a diversified Canadian mineral exploration company listed on the TSX Venture Exchange with 48.7 million shares issued, focused on developing significant Potash assets in Alberta. The Company holds, or has an interest in: metallic and industrial mineral permits for potash totaling more than 900,000 acres along the Alberta-Saskatchewan border; over 235,000 acres of precious-base metal properties in British Columbia; and more than 600,000 acres in 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 http://www.grizzlydiscoveries.com.
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.
Grizzly Discoveries Inc.
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All of the Company’s historical disclosures are available at www.sedar.com.