Grizzly Provides Update on Option Agreement at Greenwood, BC and Grizzly Greenwood Plans for 2020

Edmonton, Alberta--(Newsfile Corp. - December 30, 2019) - Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) ("Grizzly" or the "Company") has received notice from KG Exploration (Canada) Inc. ("KG Exploration"), a subsidiary of Kinross Gold Corporation, that it intends to terminate the option pursuant to the option agreement dated September 15, 2015 ("Kinross Option") with an estimated effective date of January 29, 2020. Under the terms of the Kinross Option, KG Exploration (Canada) Inc. 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 USD 750,000 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 g/t Au over 3.35 m core length. Drilling by Grizzly in 2009 and 2010 at the Ket 28 prospect, following up the historic drilling in the mid 1990`s, yielded up to 2.77 g/t Au over 11 m core length and 8.75 g/t Au over 3 m, with a higher grade zone of 11.90 g/t Au over 2 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 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% owned by Grizzly other than the Rock Creek Ket 28 claim group which are 80% owned by Grizzly and 20% owned by Mineworks Ventures Inc., a private corporation based in Vancouver, BC.

Grizzly CEO, 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 BC. As well, there is interest in other portions of our land holdings, 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 with 67 million shares issued, focused and 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. Additionally, Grizzly holds approximately 10,000 acres with Co-Cu-Ag mineralization at its Robocop Property, both located in southeastern British Columbia.

The technical content of this news release and the Company's technical disclosure has been reviewed and approved by Michael B. Dufresne, M. Sc., P. Geol., P.Geo., who is the Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.

On behalf of the Board,
Grizzly Discoveries Inc.

Brian Testo
President
(780) 693-2242

For further information, please visit our website at www.grizzlydiscoveries.com or contact Investor Relations:

Nancy Massicotte
IR PRO COMMUNICATIONS INC.
Tel: 604-507-3377
Toll Free: 1-866-503-3377
Email: ir@grizzlydiscoveries.com
www.irprocommunications.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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; 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.

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