TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
VANCOUVER, May 1, 2014 /PRNewswire/ - Recognizing the
extraordinary mineral wealth potential and dynamic pace of
development in northwest British
Columbia, Garibaldi Resources Corp. (TSX.V: GGI) (the
"Company" or "Garibaldi") is pleased to announce that it has
acquired two highly prospective Cu-Au porphyry properties within
the Stikine Arch to complement its flagship Grizzly Project in the
prolific Sheslay Valley district.
"The rapid progress at Sheslay, combined with
mining and infrastructure developments regionally, accelerated our
plans to target and capture more exceptional ground within the
Stikine Arch at the bottom of the market cycle,'' stated
Steve Regoci, President and CEO of
Garibaldi. "This gives our shareholders a very strategic leveraged
opportunity for the future while we focus immediately and
vigorously on unlocking the value of the Grizzly."
"Garibaldi's early bird strategy of selectively
acquiring exciting key prospects exhibiting particular
mineralogical features has consistently paid dividends for our
shareholders," Regoci continued. "This is evidenced by the
acquisition and sale of the Temoris project in Mexico, plus the acquisition, expansion and
accelerating exploration of our dominant land position, the largest
of any junior, within the copper-gold porphyry rich Sheslay Valley
corridor. The addition of Red Lion and Mount Saint Mary to
the Garibaldi property portfolio emphasizes our confidence in a
vibrant and exciting future for mining in this part of the
province."
Red Lion
The Red Lion prospect, comprising 35 sq. km, is located 60 km south
of AuRico Gold's Kemess mine and
adjoins the Kiska Metals' Kliyul Cu-Au porphyry project under
option to Teck Resources Ltd. The Red Lion shows extremely
strong Cu-Au stream sediment geochemistry in both Government
Regional Geochemical Survey responses and follow-up proprietary
surveys. Access and infrastructure at Red Lion are excellent with
the powerline to the Kemess South mine only three km away.
Mount Sister Mary (MSM)
The MSM prospect, comprising 58 sq. km, is located approximately 50
km northeast of Imperial Metals' Red
Chris mine and is underlain by similar Triassic and Jurassic
volcanic and plutonic rocks. Government Regional Geochemical Survey
responses confirm prior assessment work in which at least eight
Cu-Ag-Au showings have been documented on the property.
Option Terms
Both the Red Lion and the MSM properties were acquired from one
vendor by way of a 4-year option agreement to purchase a 100%
interest on the following terms:
$18,500 CDN and
75,000 shares within 10 days of TSX Venture approval. Garibaldi
will issue 150,000 common shares in each of the first three years
of the option and 500,000 shares in the fourth year. The
vendor retains a 2% NSR, half of which Garibaldi may purchase at
any time for $2,000,000 CDN.
Shares Issued For Hat East and Hat East 2
Claims - Sheslay Valley
Garibaldi has issued the vendor 100,000 common shares of the
Company pursuant to a property purchase agreement dated
January 27, 2014, between the Company
and an arms-length party for the Hat East and Hat East 2 claims
comprising 1,653 hectares (see Garibaldi news release January 31, 2014). The shares are subject
to applicable hold periods and may not be traded until July 10, 2014.
Corporate Fact Sheet
To view the updated Fact Sheet for Garibaldi Resources, please
visit the following URL:
http://www.garibaldiresources.com/i/pdf/GGI-FactSheet-April2014.pdf
Qualified Person
Carl von Einsiedel, P.Geo., a
non-independent geological consultant and a Qualified Person as
defined by NI-43-101, has reviewed this news release and approved
the content thereof.
About Garibaldi
Garibaldi Resources Corp. is an active Canadian-based junior
exploration company focused on creating shareholder value through
discoveries and strategic development of its assets in some of the
most prolific mining regions in Mexico and British
Columbia.
We seek safe harbor.
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.
