VANCOUVER, May 1, 2014 /CNW/ - 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
"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."
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
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
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
$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
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
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.
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
SOURCE: Garibaldi Resources Corp.
For further information:
GARIBALDI RESOURCES CORP.
1150 - 409 Granville Street
Vancouver, BC V6C 1T2
Telephone: (604) 488-8851