Grizzly Discoveries Announces Grant of Stock Options and Changes to Outstanding Stock Options

EDMONTON, ALBERTA -- (Marketwire - Dec. 5, 2012) - Grizzly Discoveries Inc. (TSX VENTURE:GZD) (OTCQX:GZDIF) (FRANKFURT:G6H) ("Grizzly" or the "Company") announces that the Board of Directors of the Company (the "Board") has authorized the grant of stock options under the Company's Stock Option Plan to two consultants of the Company to purchase an aggregate of 200,000 common shares of the Company exercisable at a price of $0.10.

In addition, the Board has approved, subject to approval of the TSX Venture Exchange (the "Exchange"), an amendment of the exercise price of the following stock options granted under the Company's incentive stock option plan to $0.10 per common share of the Company.

Total Number of         Number of      Number of
Options to be        Options Held   Options Held                          Original
Repriced          by Non-Insiders    by Insiders       Expiry Exercise   Date Price
100,000                   100,000              -        April 13, 2013 	$0.50
500,000                   500,000              -       August 23, 2013 	$0.75
200,000                         -        200,000     December 29, 2014 	$0.42
625,000                   175,000        450,000      January 20, 2015 	$0.40
750,000                   270,000        480,000     November 10, 2015 	$0.30
40,000                     40,000              -     November 16, 2015 	$0.30
200,000                         -        200,000        March 11, 2016 	$0.47
200,000                         -        200,000        April 25, 2016 	$0.55
1,100,000                 225,000        875,000      October 31, 2016 	$0.75
3,715,000               1,310,000      2,405,000

Pursuant to policies of the Exchange, the amendment to the exercise price of incentive stock options held by insiders of the Company must be approved by disinterested shareholders of the Company at the next annual general meeting of shareholders of the Company. Such stock options may not be exercised until disinterested shareholder approval is obtained.


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 48,725,268 common shares issued and outstanding.

Grizzly is an aggressive and diversified Canadian mineral exploration company exploring for: potash in Alberta; world class gold and base metal deposits in British Columbia; and diamonds in Alberta.


On behalf of the Board Grizzly Discoveries Inc.

Brian Testo
President



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; the ability to satisfy the conditions of closing of the Offering; 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.


Contact

Grizzly Discoveries Inc.
Brian Testo, President
(780) 693-2242
www.grizzlydiscoveries.com

IR PRO COMMUNICATIONS
Nancy Massicotte, Investor Relations
604-507-3377 or Toll Free: 1-866-503-3377
ir@grizzlydiscoveries.com
www.irprocommunications.com