TSX-V: GGI
Frankfurt: RQM
VANCOUVER, Feb. 26, 2013 /CNW/ - Garibaldi Resources Corp.
(TSX-V: GGI) (the "Company") is pleased to provide shareholders the
following exploration review for the year 2012. The company
undertook regional evaluations at its five 100% owned projects in
Mexico: Tonichi, Rodadero, and Badesi in Sonora State,
Iris in Chihuahua State, and Sianori in Durango State.
At the 100% owned (52,000 hectare) Tonichi project in Sonora State, Garibaldi
continued test drilling at the Locust target. To date, 9 holes
totalling 1757.7 meters have been completed at Locust and an update
on holes 7-9 is pending. Results from the first 6 holes (see news
release dated August 16, 2012) are
considered by the Company's geologists to be encouraging and
exhibit the potential for a possible bulk tonnage gold deposit.
Garibaldi was successful in negotiating an
option agreement on both the Aurora and Marco Frac. 1 & 2
inlier claims (600 hectares combined) situated contiguous along the
southern border of the Locust target (see news releases of
September 27, 2012 and October 10, 2012). The option agreement for the
Aurora claim calls for a 1000 meters of drilling to be completed
within the first year of the option and two holes totalling 387
meters have been completed with the Company's NQ/BQ diamond drill,
a third hole, number 10 is underway. The Company also added
concessions to the Tonichi Project in 2012, including 100%
interests in the Obispo and the Pender 1 & Pender 2 claims
where first phase exploration work has started.
Garibaldi's 2012 regional survey of the
company's 100% owned Rodadero project (49,000 hectares) in
Sonora state is expected to be
completed in the first quarter of 2013. Several areas of
prospective mineralization have been delineated to date.
The evaluation of the Company's 100% owned Iris
project at Ocampo in Chihuahua
State was completed and several drill targets were defined.
The logistics and timing for further exploration of these drill
targets is being assessed.
Garibaldi's regional exploration programs at
Morelos in Chihuahua State, Badesi
and Sianori in Sonora and Durango
States, did not provide results that satisfied the Company's
objectives to define high value targets generated from regional
surveys. In 2012, the Company added 7,249 hectares in
concessions while reducing its land holdings by 82,500 hectares to
a total 108,212 hectares, from more than 200,000 hectares or 2,000
sq. kms the previous year. The reductions and the subsequent
property tax savings will be redirected to exploration expenditures
on the Company's remaining 3 district scale projects.
Garibaldi was reimbursed $6,175,000 Mexican pesos (approximately
$475,000 USD) in IVA taxes by the
Mexican Government in 2012. With over $6,000,000 dollars in cash and marketable
securities, the Company is well funded for 2013. Management is
pleased with the accomplishments of the geological staff in
advancing the 2012 exploration programs cost effectively and within
budget and is looking forward to continued advancement in the
development of the Company's projects in the upcoming exploration
season.
We seek safe harbour
GARIBALDI RESOURCES CORP.
per: "Steve Regoci"
Steve Regoci, President
Neither the TSX Venture Exchange nor its Regulation Services
Provider accepts responsibility for the adequacy or the accuracy of
this release.
SOURCE Garibaldi Resources Corp.