GZD Grizzly Discoveries Inc

Grizzly Discoveries Inc. (TSX VENTURE: GZD) (FRANKFURT: G6H) (OTCQX: GZDIF) ("Grizzly" or the "Corporation") is pleased to announce that it has entered into two consulting agreements with third parties to provide public and investor relations services to the Corporation.

On February 1, 2011, the Corporation entered into a consulting agreement with Wall Street Buy Sell Hold Inc. ("Wall Street") and Kieran Thomas Consulting Corp. ("Kieran"). Wall Street and Kieran have been retained for a six month contract to provide public and investor relations services to the Corporation which is extendable for up to another six to twelve months. Wall Street and Kieran are highly regarded investor relations firms headquartered in New York operating under the same management for the past 3 years.

Effective immediately, the consulting agreement for investor relations and market making is for a term of six months. Under the terms of the services agreement, which is subject to TSX Venture Exchange approval, Wall Street and Kieran will receive $3,000 per month in fees and reimbursement of expenses. Each of Wall Street and Kieran has been granted a total of 125,000 options exercisable at $0.40 per share pursuant to the Corporation's stock option plan. The options vest in stages over twelve months with no more than one quarter of the options vesting in any three month period and expire in five years or earlier in accordance with the Corporation's stock option plan. Upon termination of the contract, Wall Street and Kieran will have 30 days to exercise any vested options as is required for a Tier 2 issuer.

Prior to the grant of options outlined above, Wall Street and Kieran had no direct or indirect interest in the Corporation nor its securities.

On February 2, 2011, the Corporation entered into a consulting agreement with Undiscovered Equities, Inc. ("Undiscovered Equities"). Undiscovered Equities has been retained until July 2011 on contract to provide public and investor relations services to the Corporation which is extendable at the Corporation's option. Undiscovered Equities is a highly regarded investor relations firm headquartered in Florida operating under the same management for the past 9 years.

Effective immediately, the consulting agreement for public and investor relations is for a term of approximately five months. Under the terms of the services agreement, which is subject to TSX Venture Exchange approval, Undiscovered Equities will receive $3,000 per month in fees and reimbursement of expenses. Undiscovered Equities has been granted a total of 250,000 options exercisable at $0.40 per share. The options vest in stages over twelve months with no more than one quarter of the options vesting in any three month period and expire in five years or earlier in accordance with the Corporation's stock option plan. Upon termination of the contract, Undiscovered Equities will have 30 days to exercise any vested options as is required for a Tier 2 issuer.

Prior to the grant of options outlined above, Undiscovered Equities had no direct or indirect interest in the Corporation nor its securities.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities of Grizzly in the United States. The securities described in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state and may not be offered, sold or delivered in the United States absent an exemption from registration.

About Grizzly Discoveries Inc.

Grizzly is an aggressive Canadian exploration company focused on exploring for world class gold and base metal deposits in British Columbia, and for diamonds and industrial minerals in Alberta. In British Columbia, Grizzly currently has four precious-base metal properties totaling over 235,000 acres. It currently holds more than 600,000 acres in diamond properties which host diamondiferous kimberlites in the Buffalo Head Hills and Birch Mountains of Alberta. Grizzly has also acquired metallic and industrial mineral permits for potash totaling more than 2.43 million acres in Alberta along the Saskatchewan border.

Grizzly trades on the TSX Venture Exchange under the symbol GZD, with 34,254,636 Common Shares issued and outstanding.

On behalf of the Board

Grizzly Discoveries Inc.

Brian Testo, President

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

Forward Looking Statements

This press release includes certain statements that may be deemed to be forward-looking statements. All statements in this press release, other than statements of historical facts that address access to capital, regulatory approvals, exploration drilling, exploitation activities and events or developments that the Corporation expects are forward-looking statements. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially form those projected in the forward-looking statements. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this press release, and the Corporation undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. For more information on the Corporation, investors should review the Corporation's continuous disclosure filings that are available at www.sedar.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.

Contacts: Grizzly Discoveries Inc. Brian Testo President (780) 693-2242 www.grizzlydiscoveries.com IR PRO COMMUNICATIONS Nancy Massicotte 604-507-3377 or Toll Free: 1-866-503-3377 ir@grizzlydiscoveries.com www.irprocommunications.com