Mr. Brian Testo reports

GRIZZLY PROVIDES UPDATE ON OPTION AGREEMENT AT GREENWOOD, BC AND GRIZZLY GREENWOOD PLANS FOR 2020

Grizzly Discoveries Inc. has received notice from KG Exploration (Canada) Inc., a subsidiary of Kinross Gold Corp., that it intends to terminate the option pursuant to the option agreement dated Sept. 15, 2015, with an estimated effective date of Jan. 29, 2020. Under the terms of the Kinross option, KG Exploration (Canada) is required to, among other things, conduct reclamation and file sufficient expenditures, or pay in lieu, to ensure the option area mineral claims are in good standing for at least one year from the effective date of termination.

Subsequent to completion of its 2019 work program on the claims under option, KG Exploration has incurred over $750,000 (U.S.) and completed over 750 metres of diamond drilling in exploration. In accordance with the Kinross option, KG Exploration will ensure that all maintenance costs are covered for a period of one year after the effective date of termination, that all reclamation has been completed and filed, and all technical information returned to the company.

Grizzly 2020 Greenwood exploration plans

Grizzly has identified high-priority drill targets at the Ket 28 prospect, located within the Rock Creek claim group of the Greenwood project, at which historic drilling in 1994 intersected high-grade gold with 52.19 grams per tonne (g/t) gold (Au) over 3.35 metres (m) core length. Drilling by Grizzly in 2009 and 2010 at the Ket 28 prospect, 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 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 company is currently planning a 2020 exploration program that will focus on the Ket 28 prospect, where the gold mineralization is open along strike and to depth, requiring further drill testing. Grizzly is planning a 10-hole to 15-hole drill program that will target the gold prospective zone in the central portion of the Ket 28 prospect, with the intention of expanding the currently defined mineralized zone and developing a maiden mineral resource estimate. The initial Ket 28 drill program is expected to cost approximately $500,000 to $750,000 and is subject to financing.

All of the mineral claims in the company's Greenwood property are 100 per cent owned by Grizzly, other than the Rock Creek Ket 28 claim group, which is 80 per cent owned by Grizzly and 20 per cent owned by Mineworks Ventures Inc., a private corporation based in Vancouver, B.C.

Grizzly chief executive officer Brian Testo stated: "Our extensive land position on the Greenwood property hosts numerous mineralized areas. Our initial focus is to develop a high-grade gold resource estimate that can lead to production potential. We believe the Ket 28 prospect has such potential and this will be the first of several recommended stages of exploration to accomplish our goals in this prolific mining region of southeastern B.C. As well, there is interest in other portions of our landholdings and we will be pursuing potential option agreements with other third parties for exploration opportunities on other portions of Grizzly's significant land position."

About Grizzly Discoveries Inc.

Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange, focused on its precious metals and cobalt-copper properties in southeastern British Columbia. The company holds, or has an interest in, over 180,000 acres of precious base metal properties at its Greenwood property.

The technical content of this news release and the company's technical disclosure has been reviewed and approved by Michael B. Dufresne, master of science, professional geologist, professional geoscientist, who is the qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

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