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