EDMONTON, ALBERTA--(Marketwire - April 4, 2012) - Grizzly Discoveries Inc. (TSX VENTURE:GZD) (OTCQX:GZDIF) (FRANKFURT:G6H) ("Grizzly" or the "Company") is pleased to announce that it has entered into an amending agreement (the "Agreement") with Mineworks Ventures Inc. ("Mineworks") with respect of the option agreement between Grizzly and Mineworks dated February 17, 2009 (the "Option Agreement"), pursuant to which the Company was granted an option to acquire a 100% interest in the Sidley-Dayton Gold Property in the Greenwood District in British Columbia (the "Property").
Pursuant to the Amending Agreement, in order to complete the exercise of the option, Grizzly will issue an additional 200,000 common shares to Mineworks, in lieu of a $100,000 cash payment originally to be paid in 2013, for an aggregate total of 450,000 common shares and cash payments totaling $85,000, including the common shares and cash payments previously paid to Mineworks under the terms of the original Option Agreement.
All other material terms of the Option Agreement have been confirmed, including the retention by Mineworks of a combined 2.5% net smelter royalty on the Property, up to 1.5% of which can be purchased by Grizzly for a price of $1,500,000. The Amending Agreement remains subject to the approval of the TSX Venture Exchange.
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.