TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
VANCOUVER, Feb. 25,
2015 /PRNewswire/ - Garibaldi Resources Corp. (TSX.V:
GGI) (the "Company" or "Garibaldi") is pleased to announce that it
has signed a Letter of Intent ("LOI") with Gainey Capital Corp.
(TSX.V: GNC) to initiate an immediate program to deliver
mineralized material from the Company's La Patilla Gold Property in
Sinaloa State, Mexico, to Gainey's
300 tpd processing facility just 40 miles to the southeast.
This LOI marks another important step for
Garibaldi at La Patilla where the Company's strategic plan since
acquiring this asset in 2013 has been to move to the exploitation
stage as quickly as possible to generate cash flow.
Artisanal miners have been active at La Patilla
for decades, the Company has negotiated a long-term agreement with
the local community to allow for exploitation at this property, and
a highly successful drill program in early 2014 confirmed the
presence of near-surface mineralization including 8.5 g/t Au over
10.4 meters within a broader interval of 3.1 g/t Au over 30 meters
in diamond drill hole LP-14. La Patilla is considered very
prospective for high-grade "shoots".
Garibaldi and Gainey will use this LOI as a
framework for a potential long-term revenue sharing agreement
between the two companies. In addition, the processing of
mineralized material from La Patilla will provide Garibaldi with
important additional metallurgical and grade information to further
assess the exploitative potential of this asset. Preliminary La
Patilla metallurgical testing by Garibaldi has produced encouraging
results.
"Our team in Mexico was very impressed with Gainey's
state-of-the-art gravimetric/flotation processing center,"
commented Steve Regoci, Garibaldi
President and CEO. "This should be an excellent fit for advancing
La Patilla which importantly is located just a short distance
away."
Investors are cautioned that the planned
processing of mineralized material from La Patilla is not based on
a National Instrument 43-101 mineral resource or reserve estimate,
preliminary economic assessment, prefeasibility study or
feasibility study. As a result, there is no assurance that
Garibaldi will be able to economically extract mineralization from
La Patilla.
Rodadero Update
Garibaldi eagerly anticipates updating
shareholders with regard to the latest exploration developments
including assay results from ongoing work at Rodadero, its Mexican
flagship project, during the week of March
2, 2015.
Recent corporate developments, including a
Rodadero site visit by a second leading producer, and the recently
announced bid for Paramount Gold and Silver Corp. by Coeur Mining
Inc., have required management to weigh competing strategies to
ensure maximum value for shareholders.
Garibaldi values and appreciates its
shareholders' loyalty and patience as the Company continues to work
toward a breakthrough year in both Mexico and British
Columbia.
Garibaldi at PDAC
Garibaldi invites shareholders and interested
investors to visit the Company's booth (#3153) and meet with
management at PDAC, Sunday, March 1
through Wednesday, March 4, at the
Toronto Convention Centre. Drill
core from Rodadero will be on display.
Qualified Person
Dr. Craig Gibson,
Certified professional Geologist and a director of Garibaldi is a
non-arms-length Qualified Person for the Company's Mexico projects and a direct manager of the
technical programs operated under contract by Prospeccion Y
Desorrollo Minera del Norte (ProDeMin). Dr. Gibson 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.