Garibaldi Resources Corp.

Garibaldi Resources Corp.

May 18, 2006 09:01 ET

Garibaldi Resources Corp.: Purchase of Iris Claims at Ocampo Accelerated; Private Placement Closed

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 18, 2006) -

Iris Claims, Ocampo, Mexico

Garibaldi Resources Corp. (the "Company") (TSX VENTURE:GGI) is pleased to announce that, further to its news release of February 8, 2006, it has completed the acquisition of a 100% interest in the 5600 hectare mining concession located at Ocampo, Mexico by accelerating and paying in full the balance of the purchase instalments due to Minera Gamma (the "Vendor"). The Company now owns the concession outright, subject to a 2% NSR retained by the Vendor, one-half of which may be purchased by the Company for a lump sum payment of US$1,500,000.

The Iris concession lies adjacent to the northwest border of Gammon Lake Resources' Ocampo Deposit and is less than 5 kilometres west of Agnico Eagle's newly acquired Pinos Altos Deposit.

Private Placement Closes

Further to its news release of March 31, 2006, the Company is pleased to announce that it has closed its private placement of 300,000 units of its securities at a price of $0.50 per unit. Each unit consists of one common share in the capital of the Company and one-half of one non-transferable share purchase warrant with each whole such warrant (the "Warrant") entitling the holder to acquire one additional common share of the Company at a price of $0.60 per share for one year. The units, the Warrants and any underlying shares are subject to a hold period and may not be traded until September 12, 2006.


Steve Regoci, President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.

Contact Information