Garrison International Ltd.
TSX VENTURE : GAU

Garrison International Ltd.

November 13, 2006 16:21 ET

Garrison Enters Into a Purchase Agreement with Asia Intercept Mining Group Limited

TORONTO, ONTARIO--(CCNMatthews - Nov. 13, 2006) - Garrison International Ltd. (TSX VENTURE:GAU)(the "Corporation") announces that it entered into a purchase agreement on November 3, 2006 with Asia Intercept Mining Group Limited ("AIM") on the Tsaagan Stahuir mining project (the "TSR Project"), located in the Bayankhonger Province, Bayan-Ovoo Soum, in southwestern Mongolia. Garrison can earn a 100% interest on the TSR Project by issuing 7.4 million shares of the Corporation to AIM at a deemed current market value of approximately CDN$0.065 per share and by making a cash payment of US$200,000 into a Trust Account held by Lehman, Lee & Xu Mongolia, LLC, a law firm whose Mongolia office is located in the capital city of Ulaan Bataar.

The cash funds will be released to the Mongolian citizens who are Vendors of the TSR Project, Mrs. Altenstesteg Yondonsambuu (US$105,000) and Mr. Narankhuu Gurdorj (US$95,000) upon signing of the transfer of title for the Exploration License No. 10866X to Garrison Asia LLC, a 100% wholly owned (Mongolian) subsidiary of Garrison International Ltd. Title will be granted to Garrison for a period up to 6+ years expiring November 30, 2012. This agreement has been approved by the Board of Directors and is subject to regulatory approval in Canada.

The TSR Project Team will be dedicated to the discovery of gold mineralization from the mapped veins 4, 5, 6 and 23 within a Granite - Greenstone Belt. The total combined strike length of the presently known quartz veins exceeds 4 kilometres and vein widths range from 0.3 to 12 metres. The TSR Project is 4 square kilometers in size and lies on strike to an existing operating mine currently producing gold at a head grade of +15-18 g/t gold from vein extensions 450 metres south of the TSR Project. Four drill targets have been identified for immediate investigation with drilling due to commence in early February. Two Directors of the Corporation, Mr. Blair Krueger and Dr. Yanshao Chen conducted a site visit in October 2006. The project description and the gold grades quoted above are provided by Mr. Tony Bainbridge, B.Sc. Honours AUSIMM, A.I.G., who is a professional geologist, a shareholder of AIM and a Qualified Person accredited in Australia.

About Garrison

Garrison is a junior mineral exploration company focused on acquiring and developing advanced stage gold properties in China and Mongolia. For complete details on Garrison and its partners, management encourages investors and interested parties to view its public documents filed on SEDAR at www.sedar.com.

Forward-Looking Statements - All statements, other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding the future plans and objectives of Garrison. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Garrison assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.

Shares Outstanding - 37,170,057

Contact Information

  • Garrison International Ltd.
    Blair Krueger
    President
    (416) 524-8150
    Email: blairk@aol.com