Grizzly updates BC exploration

Grizzly Diamonds Ltd. provides the following property and exploration update for a number of its 100% owned British Columbia precious and base metal properties.

Grizzly has signed an amendment to the option agreement dated March 1, 2008 with Mineworks Ventures Inc. (Mineworks), a private B.C. based company at ‘arms length’ to Grizzly, to acquire 100% mineral interest in the Greenwood Property located in the vicinity of the town of Greenwood, BC. The amendment provides for the addition of the Copper Mountain and Motherlode claim groups, which will add a total of 61,650 acres (24,950 hectares) to the existing Greenwood Property, which brings the total land holding for the project to 77,225 acres (31,250 hectares). The Copper Mountain and Motherlode claim groups are road accessible from both Greenwood and Grand Forks and are host to or surround a number of historic mines and mineral occurrences including most notably the historic Motherlode, Sunset and Greyhound underground and open pit gold-silver-copper mines and the Copper Mountain copper-silver-gold showings. The historic Motherlode mines produced in excess of 178,000 ounces (oz) of gold (Au), 723,000 oz of silver (Ag) and 80 million pounds of copper (Cu) between 1900 and 1962.

A 2,300 line-km helicopter-borne AeroTEM III magnetic and time domain electromagnetic (EM) survey was commissioned in early May to fly the entire Greenwood Property and is expected to commence in early June. Ground crews provided by APEX Geoscience Ltd. have been mobilized to the project area to complete prospecting, stream sediment and rock sampling. Once the airborne survey is completed and the results of the initial field program are received field crews will be mobilized to the field to conduct follow-up exploration later in the summer or fall.

Exploration during 2008 will consist of an expenditure of about $400,000 that will include a comprehensive compilation of all prior exploration in the area along with the AeroTEM III survey, surface prospecting and a detailed creek and rock sampling program. This Phase 1 exploration will eventually lead to drilling during either fall 2008 or summer/fall 2009.

Source : http://www.grizzlydiamonds.com/s/Home.asp

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