Vancouver, British Columbia - March 2, 2010 – Garibaldi Resources Corp. (TSX.V: GGI) (the “Company”) “) is pleased to provide an update to shareholders regarding ongoing drilling and exploration programs in Mexico at its Tonichi and Morelos projects in Sonora and Chihuahua States respectively.
The Rembles 1200 meter drill program announced on December 17, 2009 in southern Tonichi, Sonora State is underway after the mobilization in early January of the Company owned NQ diamond drill. The first of the 8 drill holes proposed was completed in early February and drilling has commenced on the second hole. The first hole ended at a depth of 154 m and tested the northeastern part of the more than 300m long mineralized quartz-hematite breccia zone where grab samples of up to 21.7 g/t Au were reported. Assay results are currently pending. Ahead of drilling, the Company negotiated an option agreement with key land owners that outlined the protocol for acquiring surface rights at fair market value overlying the mineral rights owned by Garibaldi.
The Company has also successfully negotiated a similar option agreement with key land owners over The Locust “gold in soil” anomaly announced October 29, 2009. The Locust geochemical target has a strike length of 1150 meters and a width of up to 800 meters and was identified as a direct result of the Company’s high resolution hyperspectral survey. In early February, 2010, a 600 hectare claim just to the south of the Locust anomaly within Garibaldi’s dominant land position at Tonichi was awarded by government lottery and 480 hectares was won by Penoles. To avoid attracting further attention to the new Locust target, exploration efforts were postponed until after the lottery. As previously announced, a planned mapping and trenching program at Locust will now be initiated.
After a review of the database for Garibaldi’s 40,000 hectare Morelos concession in Chihuahua State by Alain Charest, who recently joined Garibaldi’s advisory board, and recommendations from Dr. Peter Megaw, a revised exploration strategy will focus on five prospective target areas to be mapped, sampled and evaluated one by one. Alain Charest will oversee and direct the Morelos program which is situated just 20 kms southeast of Goldcorp’s El Sauzal mine, which was originally discovered by Alain Charest.
Garibaldi is also pleased to announce that it has entered into an agreement to retain the services of Grandich Publications, LLC to provide public relations and corporate communications services for the Company for a period of one year commencing March 1, 2010. Terms of the agreement provide for a monthly payment of USD$2,000 and 150,000 incentive options at .25 cents vested over 12 months. Peter Grandich is publisher of the Grandich Letter and is Chief Commentator at Agoracom.com North America’s largest online small-cap investment center.
“We believe that with the addition of Grandich Publications, LLC and Accent Marketing we have significantly strengthened our Investor Relations Strategy. Garibaldi is now uniquely qualified to accomplish the goal of raising our profile amongst investors globally, on both the retail and institutional level. We look forward to working with all of our investor relations partners to communicate a clear and compelling investment opportunity to investors and the financial media.” said Mr. Steve Regoci President and CEO of Garibaldi Resources.
Green Baron Report Webcast
To listen to an exclusive audio interview webcast with Garibaldi’s President on the Green Baron Report please visit http://www.thegreenbaron.com/Webcasts.htm.
Stock Option Grant
In conjunction with entering into the agreement with Peter Grandich, the Company announces that it has granted Incentive Stock Options on up to 150,000 shares of the Company’s capital stock at a price of $0.25 per share, which price is not lower than the last closing price of the Company’s shares prior to this announcement, less the applicable discount. The options are granted pursuant to the Company’s Stock Option Plan and will be subject to applicable regulatory vesting requirements and hold periods.
About Garibaldi Resources
Garibaldi Resources Corp. is a Canadian junior mining company focused on the exploration for gold, silver and base metal deposits along the central and northern parts of the highly prolific Sierra Madre mining belt located in northwestern Mexico. The Company controls seven district scale properties covering more than 2,500 square kilometres of prospective stratigraphy surrounding and along strike from some of the most robust gold and silver mining projects ever discovered in Mexico including El Sauzal, Mulatos and Ocampo. As part of the Company’s “Rapid Assessment Protocol”, the Company is committed to utilizing the world’s most sophisticated remote sensing technologies to effectively target major alteration systems commonly associated with significant gold, silver and base metal discoveries.
We seek safe harbour.
GARIBALDI RESOURCES CORP.
per: “Steve Regoci”
Steve Regoci, President