EDMONTON, ALBERTA--(Marketwire -11/02/11)- Grizzly Discoveries Inc. (TSX-V: GZD.V - News) (OTCQX: GZDIF.PK - News) (Frankfurt: G6H.F - News) ("Grizzly" or the "Company") and Pacific Potash Corporation (TSXV: PP.V - News) ("Pacific") are pleased to announce that they have completed site preparations at the 50:50 Provost Property near Provost, Alberta to drill the first well on the property at the 10-11-40-1W4M location.
The 50:50 Provost Property is jointly owned by Grizzly and Pacific, and initial potash exploration drilling on the property in 2011 is funded jointly by Grizzly and Pacific in proportion to their respective 50% interests. The drill rig has been mobilized to the prepared well site 10-11-40-1W4 location. Drilling at the 50:50 Provost Property should commence shortly. This exploratory well and the 1,460 metre well just completed by Pacific at its 100%-owned Provost Property, adjacent to the jointly owned 50:50 Provost Property, are believed to be the first exploratory wells drilled in Alberta to test specifically for Potash.
Within the Region and underlying the 50:50 Provost Property lies the potash-bearing Patience Lake Member of the Prairie Evaporite formation. The Patience Potash Member is anticipated to range from three to ten metres thick, at depths of 1,300 to 1,450 metres. It is anticipated that drilling of the exploratory well at the 50:50 Provost Property will require approximately 7 to 10 days to complete and geophysically log.
All Grizzly 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.
Brian Testo
President
(780) 693-2242
IR PRO COMMUNICATIONS
Nancy Massicotte
Investor Relations
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All of the Company’s historical disclosures are available at www.sedar.com.