Garibaldi Resources Corp.
TSX VENTURE : GGI

Garibaldi Resources Corp.

March 23, 2006 09:00 ET

Garibaldi Resources Corp.: Final Results of Phase 1 Exploration Program Confirm Potential for Multiple Discoveries at Morelos Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 23, 2006) - Garibaldi Resources Corp. (the "Company") (TSX VENTURE:GGI) is pleased to announce additional results from the Phase 1 exploration program carried out on the Company's Morelos Project in Chihuahua, Mexico. The Morelos Project, located approximately 30 kilometers southeast of Glamis Gold's El Sauzal Mine, consists of a series of concessions totaling 36,000 hectares that cover a historic mining camp that has seen little modern exploration. Garibaldi Resources acquired an option to purchase a 100% interest in Morelos based on state of the art satellite image analysis that revealed several areas that have the same signature as the altered zones surrounding Glamis Gold's El Sauzal gold deposit.

As previously announced, an independent technical report prepared by P. Megaw of Imdex Inc. confirmed that large alteration zones similar to the alteration zones associated with the El Sauzal gold deposit are present on the Morelos property. The report concluded that the Morelos property has potential to host high sulfidation epithermal style gold deposits as well as various other styles of mineralization and recommended a Phase 1 program of stream sampling to be followed, contingent on favorable results, by an extensive program of geological mapping, grid sampling, geophysics and drilling. As announced February 16, 2006 the stream sediment sampling program identified multiple high priority areas for follow up in Phase 2.

During the latter part of the Phase 1 program field crews carried out limited prospecting and grid sampling programs in easily accessible parts of some of the priority areas defined by the stream sampling program. Results of this work are considered very encouraging and it is important to note that field personnel have only examined a small percentage of the priority areas defined by the stream surveys and satellite imaging.

In the west central part of the project area, initial prospecting of an area referred to as Loreto, located upland from a stream sample that returned 0.967 g/ton gold, identified a series of multiple, parallel, poorly exposed, north east trending quartz veins containing vuggy silica and pyrite. The veins range from one to five meters in width and seven out of ten samples collected from float and bedrock returned highly anomalous gold values. Results from the seven samples ranged from 1.020 to 16.350 g/ton gold with most of the samples in the 2 to 10 g/ton gold range. Silver values ranged from 4.8 g/ton to 98.3 g/ton and it is important to note that many of these samples also contained elevated As, Sb, Bi, Mo, Cu, Pb, and Zn values which is typical of high sulfidation epithermal systems.

Approximately two kilometers to the east of Loreto, an area covering several thousand square meters hosts numerous veins and stringer zones which locally contain sulfides, tourmaline and very high silver values was also identified. The first veins that were identified in this area were examined by P. Megaw on his initial field examination and he notes that this style of mineralization may represent a feeder zone for the areas that exhibit alteration typical of high sulfidation systems. Samples collected by Megaw assayed up to 4 g/t gold and 1400 g/t silver and the area is appropriately named El Roden in acknowledgement of the prospector that made the initial discovery

Approximately two kilometers to the south of Loreto, a stream sediment sample from the initial sampling program returned a value of 1.455 g/t gold. A small reconnaissance soil grid comprising forty four, 25 meter spaced samples was established near the high stream sample. Approximately one third of the samples were anomalous in gold and nine of the samples returned values of more than 0.1 g/ton gold. Two of the samples returned values above 1 g/ton gold (1.105 and 1.200 g/ton gold). The anomalous values are concentrated in the southern part of the grid and the anomaly is open to the west.

Approximately 2.5 kilometers further south, in an area of interest referred to as La Gloria (initially identified from satellite imaging), prospecting and preliminary grid sampling has defined two important areas of gold mineralization. The La Gloria area was noted by Megaw in his initial report and follow up prospecting and soil sampling has returned highly anomalous gold values. Rock sampling returned values of up to 25 g/ton gold and soil samples returned values of up to 1.34 g/ton gold. The high gold values in rocks and soils in this area are completely within high priority areas defined by satellite imaging.

The second area (located approximately 500 meters northwest of La Gloria) consists of poorly exposed area that exhibits abundant, vuggy quartz float. This area was selected for preliminary grid sampling and results from this grid are considered extremely encouraging. A total of twenty samples were collected at 25 meter intervals and more than half of the samples collected returned anomalous gold values with seven samples returning values ranging from .202 g/ton gold to a high of 1.735 g/ton gold. Five rock samples collected within the grid area also returned anomalous gold values ranging up to 1.1 g/ton gold. The anomaly is open to the east, north and southwest of the area sampled.

As announced on February 16, 2006 management of Garibaldi has approved the Phase 2 Exploration Program recommended for Morelos. Trenching and detailed grid sampling will be carried out to evaluate the gold and silver mineralization and soil geochemical anomalies identified at Loreto, La Gloria and El Roden and all of the remaining areas defined by the stream sampling and satellite imaging will be examined and sampled. Results will be announced as they become available.

Carl von Einsiedel, P.Geo., is the qualified person responsible for the technical information contained in this press release. The full text of the 43-101 report prepared by Peter Megaw, PhD. of Imdex Inc. is available for viewing on SEDAR at www.sedar.com.

The company's website has links to 3D images that show the distribution of satellite image anomalies within the Morelos claim area, the satellite image anomaly associated with Glamis Gold's El Sauzal Mine, the location of the priority areas defined by work to date and the satellite imaging data available for the Company's most recent acquisition located close to Gammon Lake Resources' Ocampo Mine and Agnico Eagle's Pinos Altos Project.

GARIBALDI RESOURCES CORP.

Steve Regoci, President


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