Mr. Brian Testo reports

GRIZZLY PROVIDES GREENWOOD PROPERTY UPDATE AND 2018 EXPLORATION PLANS

Grizzly Discoveries Inc. has submitted permit applications to conduct drilling at three targets, all located within its Greenwood project area in Southern British Columbia, including the Ket 28, Motherlode North and Dayton targets.

The primary focus of the company's planned exploration activities during 2018 will be drilling at the Ket 28 gold target with the intent to outline a maiden resource. Exploration drilling is also planned for the Motherlode precious metal target and the Dayton copper-gold porphyry target, but will be dependent on financing activities. Additional follow-up surface exploration is planned for a number of mineralized target areas that have yielded copper-cobalt geochemical anomalies in surface sampling obtained through the company's previous exploration.

The company also announces that it has, since Feb. 1, 2018, received gross proceeds of $142,075 and issued 1,961,000 common shares pursuant to the exercise of outstanding warrants and options with exercise prices between five cents and 7.5 cents per common share.

Ket 28 geology and prior results

At the Ket 28, Grizzly and other explorers have intersected anomalous gold associated with sulphide-bearing silicified sediments, hornfels and skarn. The gold mineralization is associated with several structures at the edge of a strong positive ovoid aeromagnetic anomaly that is two kilometres in length by one km in width and is likely indicative of an underlying intrusion. The Ket 28 target is approximately 13 km northwest of Kinross's Buckhorn gold mine which is hosted in a pyroxene skarn south of the Canada-United States border.

Historic exploration in the 1990s by other explorers at the Ket 28 prospect, which is located within the Rock Creek claim group of the Greenwood project, yielded high-grade gold including up to 52.19 grams per tonne of gold over 3.35-metre core length. Drilling by Grizzly in 2009 and 2010 at the Ket 28 target following up the historic drilling in the mid 1990s yielded up to 2.77 g/t Au over 11 m core length and 8.75 g/t Au over three m with a higher-grade zone of 11.90 g/t Au over two m core length. Wider intervals of lower-grade mineralization were also intersected as well with 1.02 g/t Au over 13.5 m core length and 1.19 g/t Au over 10.35 m core length. The gold mineralization intersected by prior explorers and Grizzly is considered open along strike and to depth.

The company has submitted an application to the B.C. Ministry of Mines to conduct drilling and other exploration at the Ket 28 target with approximately 2,500 m in 10 to 12 drill holes planned for 2018. The proposed drill program will target the gold-prospective zone in the central portion of the Ket 28 target area, with the intention of developing a maiden mineral resource estimate and expanding the currently defined limits of gold mineralization. The initial Ket 28 drill program is expected to cost approximately $500,000 and is subject to financing.

Motherlode geology and prior results

North of the historic Motherlode mine, drilling of a coincident magnetic and electromagnetic anomaly in 2011 yielded a new gold discovery with the intersection of 1.56 g/t Au and 11.12 g/t silver (Ag) across 19.0 m core length with a high-grade zone of 17.15 g/t Au, 41.7 g/t Ag, 0.56 per cent lead (Pb) and 1.51 per cent zinc (Zn) across 1.5 m core length in hole 11ML03. Drill hole 11ML05, collared 40 m northeast of 11ML03, yielded similar results, with 1.64 g/t Au and 3.15 g/t Ag across 14.85 m core length with a higher-grade zone of 6.79 g/t Au, 11.1 g/t Ag and 1.04 per cent Zn across 1.5 m core length. Hole 11ML04, drilled beneath 11ML03, yielded 0.51 g/t Au and 1.02 g/t Ag over 13.5 m core length with a higher-grade zone of 3.43 g/t Au, 2.90 g/t Ag and 0.8 per cent Zn over 1.5 m core length.

The Au-Ag-Zn-Pb intersections in drill holes 11ML03, 11ML04 and 11ML05 are associated with fine grained pyrite, sphalerite and galena in chlorite-biotite altered hornfelsed late Paleozoic to Triassic sedimentary rocks adjacent to a small alkalic intrusion. Breccia zones and silicification are common in the hornfels zone. Small sections of marble and skarn with elevated precious and base metals were intersected in all three holes. Further drilling is being planned for the Motherlode North discovery. The company has submitted an application to the B.C. Ministry of Mines to conduct drilling and other exploration at the Motherlode North target area.

Dayton geology and prior results

Grizzly's Greenwood property is considered highly prospective for the presence of copper porphyries similar to those which have recently been discovered in northwestern and central British Columbia. A recent strategic review has identified a number of prospects that have geological characteristics and, in some cases, mineralization that is indicative of copper-porphyry style mineralization. The Dayton prospect, on which exploration was conducted by the company between 2009 and 2011, including drilling, yielded strong evidence of copper-gold porphyry style mineralization.

A total of 1,021 soil samples indicated a strong northwest-trending copper-gold anomaly approximately 450 m by 200 m with more than 100 of the samples containing from 100 parts per million (ppm) copper (Cu) up to 1,225 ppm Cu, along with 40 samples containing greater than 50 parts per billion Au. Surface mapping in the area identified a number of occurrences of pyrite and chalcopyrite, locally associated with high Cu and Au grades, in association with strongly hornfelsed volcanics, sediments and alkaline intrusions, along with local skarn. An induced polarization survey identified a number of high-quality positive chargeability anomalies, a couple of which are associated with the soil anomaly.

A drilling program conducted in 2010 intersected up to 0.03 per cent Cu and 0.18 g/t Au over 96 m of core length, including a higher-grade zone of 0.38 per cent copper-equivalent (CuEq) over 8.1 m core length. In subsequent drilling conducted in 2011, a second eastern IP anomaly with a weak associated Cu-Au soil anomaly was drill tested and yielded 0.22 per cent CuEq over 117 m of core length, with a high-grade zone of 0.42 per cent CuEq (0.15 per cent Cu, 0.43 g/t Au and 0.81 g/t Ag) over 51 m near the top of the hole. These drill holes intersected the Cu-Au-Ag mineralization in large alteration and breccia zone with grades that compare favourably with the reported grades for a number of recently discovered Cu porphyries in northwest British Columbia.

Potential for cobalt mineralization

During late 2017, the company performed an initial review to see if its landholdings were prospective for the presence of cobalt (Co). The strategic review identified the presence of at least 13 rock grab samples with greater than 0.05 per cent, including up to 0.10 per cent Co, from at least five separate target occurrences across the eastern half of Grizzly's project area. The database shows an additional 31 rock grab samples that have yielded assays of between 0.02 per cent and 0.05 per cent Co.

A preliminary review of the sample database indicates that many of the rock samples with anomalous Co also contain anomalous values for Cu and precious metals including Au and Ag. In many cases, the samples with anomalous Co were collected from Cu-enriched skarn and hornfels developed in Paleozoic sediments and intrusions, where the original sampling targeted precious metals. Grizzly has initiated a property-wide review, including its extensive soil and drill hole database along with much of the historic data for the district that it has compiled over the years. The goal will be to target potential Co-Cu-Au-Ag mineralization associated with skarn across the district and come up with targets for follow-up exploration during summer and fall 2018.

Brian Testo, president and chief executive officer of Grizzly, stated: "We are excited that with the ongoing recovering of the mining sector during 2018, that we will now be able to push forward with our plans to expand the mineralization identified at Ket 28 and other targets in the Greenwood project area. In addition, we look forward to our phase 1 surface exploration program focused on cobalt."

Warrant and options exercised

During the third fiscal quarter-to-date (beginning Feb. 1, 2018), the company has received gross proceeds of $132,075 from the exercise of 1,761,000 outstanding warrants issued in private placements in 2016 and 2017, each with an exercise price of 7.5 cents per common share. Additionally, the company has received gross proceeds of $10,000 pursuant to an optionee exercising 200,000 stock options with an exercise price of five cents per common share issued in 2017 under the company's stock option plan. The exercise of these warrants and options has resulted in the issuance of 1,961,000 common shares of Grizzly.

About Grizzly Discoveries Inc.

Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange with 56.7 million shares issued, focused on developing significant potash assets in Alberta and its precious metals properties in southeastern British Columbia. The company holds or has an interest in: metallic and industrial mineral permits for potash totalling more than 60,000 acres along the Alberta-Saskatchewan border, over 180,000 acres of precious/base-metal properties in British Columbia, and more than 161,000 acres of properties which host diamondiferous kimberlites in the Buffalo Head Hills region of Alberta.

The technical content of this news release and the company's technical disclosure have been reviewed and approved by Michael Dufresne, MSc, PGeol, PGeo, who is the qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

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