Garibaldi Resources Corp.
TSX VENTURE : GGI

Garibaldi Resources Corp.

April 17, 2007 09:01 ET

Reconaissance Sampling Identifies Silver and Gold Mineralization at Garibaldi's Temoris Property

Update on Temoris Property

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 17, 2007) - Garibaldi Resources Corp. (the "Company") (TSX VENTURE:GGI) is pleased to provide the following update on exploration at the Company's Temoris Property in Chihuahua State, Mexico.

In January 2007, the Company carried out a preliminary assessment of several historic gold and silver, vein type prospects identified on regional geological maps published by the Consejo de Recursos Minerales (Mexican Geological Survey). These prospects are located south east of Palmarejo Silver and Gold Corp.'s (TSX:PJO) ("Palmarejo") Trogan Project in the southern part of Garibaldi's 54,000 hectare concession. Garibaldi's concession completely surrounds Palmarejo's 3.0 million gold equivalent ounce Trogan deposit and also surrounds Azteca Gold's Guerrero al Tirano project.

The published regional geological maps show that the known prospects are localized along the projected extension of the northwest trending structures that host the low sulphidation vein systems at Trogan and at Guerrero al Tirano. As described in technical reports published by Palmarejo, drill testing of clay alteration zones localized along these structures (some of which were identified by satellite imaging) has resulted in the discovery of extensive new mineralized zones.

During the initial sampling program, Garibaldi field personnel collected over 300 rock and soil samples from prospect pits and trenches, caved adits, clay alteration zones and overburden covered areas along the most easterly of the northwest oriented structures that extend onto the Temoris concession. Samples from all of the known prospects returned elevated gold and silver contents with values ranging from several hundred ppb to 5.0 grams per tonne gold and from several grams per tonne silver to several hundred grams per tonne with one sample assaying more than 1,000 grams per tonne.

Limited sampling of previously untested mineralization exposed in recent road cuts along the projection of the most westerly of the regional structures returned gold values ranging from several hundred ppb gold to 5.3 grams per tonne and silver values ranging from 337 grams per tonne to 4,770 grams per tonne. It is interesting to note that the best results were obtained from an area which exhibits fairly extensive overburden cover and limited bedrock exposure which may not have seen significant prospecting in the past. Preliminary petrographic work on samples collected from some of the alteration zones and silicified zones that were sampled showed free gold and textures typical of epithermal vein systems.

Based on initial results at Temoris management plans to implement an extensive summer program of mapping and systematic sampling designed to identify target areas for follow up trenching and if warranted, drill testing.

All samples were shipped to the ALS Chemex preparation laboratory in Hermosillo (Mexico) where they were fine crushed (70% passing a 2 mm screen), pulverized (85% passing a 75 micron screen) and a pulp split separated for assay by a riffle splitter. These pulps were shipped to the ALS Chemex laboratory in North Vancouver, Canada, where a 30-gram split of each was assayed for gold and silver by standard fire assay and a 10-gram split was analysed for an additional 30 elements by ICP spectrometry.

Mr. Carl von Einsiedel, P.Geo., is the Qualified Person responsible for the technical information contained in this press release.

Private Placement Closes

Further to its news release of February 5, 2007, the Company is pleased to announce that it has closed its private placement of 150,000 units of its securities at a price of $0.60 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 $0.70 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 August 11, 2007.

GARIBALDI RESOURCES CORP.

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

  • Garibaldi Resources Corp.
    Steve Regoci
    President
    (604) 488-8828
    (604) 488-8871 (FAX)
    Website: www.garibaldiresources.com
    or
    Badshah Communications
    1-866-857-7522