TSXV: GGI
Frankfurt: RQM
VANCOUVER, Sept. 30, 2013 /PRNewswire/ - Garibaldi Resources
Corp. (TSX.V: GGI) (the "Company" or "Garibaldi"), management is
pleased to provide an update on the Company's 100% owned Grizzly
project in NW B.C.
As previously reported, Garibaldi has
completed a high resolution heli-borne aeromagnetic and radiometric
survey over Grizzly West, a high priority target area within
Garibaldi's 175 sq. km Grizzly project. The survey tied into an
earlier survey by Fugro that covered the central part of Grizzly
and the southern part of Prosper
Gold's Sheslay Property where a drill program was recently
announced.
A preliminary review of the combined data
confirms that the rock units underlying the Grizzly extend north
onto the Sheslay Property and shows two parallel faults (extending
15 kms from Grizzly West, to Grizzly Central) which appear to be
related to porphyry copper-gold occurrences on Sheslay and Grizzly
West. Additional processing of the data is ongoing and results will
be announced as they become available (see attached map of
aeromagnetic survey).
Carl von
Einsiedel, P.Geo., a non-independent geological consultant
and a qualified person as defined by NI-43-101, has reviewed this
release and approved the geological content thereof.
Garibaldi has closed a Flow-through Private
Placement of 333,335 shares of its securities at $0.15 cents per share for gross proceeds of
$50,000 CDN. The shares are subject
to a hold period and may not be traded until January 30, 2014. The funds will be used to
expand an immediate ground reconnaissance and sampling program on
the Grizzly project.
Steve Regoci,
Barrie Di Castri, Greg Burnett and Brent
Petterson, all directors and/or officers of the Company,
each subscribed for 66,667 shares of the private placement
financing. As a result of the issuance of the shares to the
foregoing directors, the financing is considered to be a related
party transaction subject to the TSX Venture Exchange Policy 5.9
and Multilateral Instrument 61-101. Garibaldi is relying on
exemptions from the formal valuation and minority shareholder
approval requirements provided under sections 5.5(a) and 5.7(a) of
Multilateral Instrument 61-101 on the basis that participation in
the private placement by insiders will not exceed 25% of
Garibaldi's market capitalization.
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.
PDF available at:
http://stream1.newswire.ca/media/2013/09/30/20130930_C5983_DOC_EN_31532.pdf