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Grizzly Discoveries Starts Drilling to Identify High Grade Gold at Greenwood Gold Project

Grizzly Discoveries Inc. (TSX VENTURE:GZD) (FRANKFURT:G6H) has announced the commencement of the fall drilling program, the identification of a high priority gold in soil anomaly at the Dayton Prospect and assay results for the last four core holes drilled at the Greenwood Gold Project in British Columbia during 2010.

At the Sappho target, a large 500 m x 800 m magnetic feature indicative of an alkaline intrusive complex was tested with four holes and yielded encouraging copper, gold, silver and platinum group element (PGE) results.

Brian Testo, President of Grizzly, states that "we are excited about the high priority gold in soil anomaly identified at the Dayton area and are planning to test the anomaly during the fall drilling program. The results of the Sappho drilling have confirmed the presence of widespread gold, platinum, silver and copper across significant widths. We look forward to conducting a follow-up drilling program at Sappho. The sources of high grade copper, silver, and platinum found in grab samples from the Sappho remain to be discovered."

2010 Sappho Drilling Results

A total of 640 m in 4 drillholes were completed at the Sappho prospect in the Greenwood area during the Stage 1 summer reconnaissance drilling campaign. Final assays have been received for the four holes and are summarized below in Table 1. Drillholes 10SP01 and 10SP02 were drilled to target the North and Main historic surface showings of copper (Cu), silver (Ag), platinum (Pt) and gold (Au), respectively. The drilling results confirmed the mineralization identified at surface, which included results of 0.11 grams per tonne (g/t) Pt and 0.025% Cu across 12.0 m core length in hole 10SP01 along with 0.26 g/t Au and 0.036% Cu across 6.0 m core length in hole 10SP02 (Table 1). Assays of selective rock grab samples from the North showings yielded up to 8.28% Cu, 75.3 g/t Ag, 0.64 g/t Au and 27.1 g/t Pt and up to 13.1% Cu, 298 g/t Ag, 2.2 g/t Au and 2.99 g/t Pt at the Main showings.

Drillhole 10SP03 targeted a blind magnetic anomaly within the Sappho alkaline complex and intersected skarn and hornfels in conjunction with highly altered monzodiorite and pyroxenite and yielded 0.124% Cu, 0.018% zinc (Zn), 8.68 g/t Ag, 0.22 g/t Au and 0.07 g/t Pt over 63.5 m core length with narrow higher grade zones at the upper and lower contacts of the hornfels to skarn zone (Table 1). The mineralization is hosted in a wide and intense zone of biotite-garnet-magnetite hornfels to skarn with abundant pyrite and chalcopyrite.

2010 Dayton Surface Results

During August and early September 2010 a total of 1,021 soil samples (including field duplicates) were collected at the Dayton Prospect over a grid approximately 2.0 km by 1.4 km with 50 m lines and 25 m stations. Final sample results have been received from ALS Chemex, North Vancouver. A total of 40 soil samples yielded at least 50 parts per billion (ppb) Au up to a maximum of 272 ppb Au defining an excellent soil anomaly area 200 m wide by 450 m long as a potential Au target. The gold anomaly is accompanied by a strong Cu anomaly with more than 100 soil samples containing greater than 100 parts per million (ppm) up to 1,225 ppm Cu. The Au-Cu anomaly has seen some historic percussion drilling during the late 1980's but is inadequately drilled. Surface rock grab sampling and geological mapping have identified the presence of abundant pyrite and chalcopyrite associated with hornfels and skarn spatially associated with altered alkaline intrusives.

A total of 370 rock grab samples collected from around the Dayton area during 2010 have yielded a total of 119 samples with greater than 100 ppb Au up to 16.0 g/t Au with 19 grab samples yielding greater than 1 g/t Au. Many of the gold bearing rock grab samples were collected from old trenches and outcrops spatially associated with the Au in soil anomaly identified by the 2010 soil sampling program. The Dayton area represents a high priority drill target area. Ground geophysical surveys and additional soil sampling are planned along with drilling during the fall 2010 program.

2010 Future Plans

Drilling permits have been received for drilling at the Motherlode area, as well for follow-up drilling at the Copper Mountain (1.0 g/t Au over 30 m core length) and Ket 28 (8.75 g/t Au over 3.0 m and 2.77 g/t Au over 11 m) target areas. A permit application for drilling at the Dayton target area has been submitted. A total of up to 2,000 m of diamond drilling is planned for the fall 2010 program.

A geological crew from APEX Geoscience Ltd. has mobilized to the field and started the fall exploration program. A soil sampling survey is underway to further define the Prince of Wales target in the Copper Mountain area. These data along with further geological studies will be completed and evaluated before further drilling of the Prince of Wales and other targets in the Copper Mountain area will be conducted.

The crew will also conduct ground geophysical surveys including magnetics and possibly HLEM at the Dayton prospect prior to drilling. Further follow-up soil sampling is being contemplated in other areas of historic anomalies in the highly prospective Dayton area. Drilling will be initiated at the Dayton prospect upon receiving the government drilling permit.

All 2010 field and office exploration programs are being 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.

Source: Grizzly Discoveries Inc.

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