VANCOUVER, Feb. 26, 2013 /CNW/ - Garibaldi Resources Corp. (TSX-V: GGI) (the "Company") is pleased to provide shareholders the following exploration review for the year 2012. The company undertook regional evaluations at its five 100% owned projects in Mexico: Tonichi, Rodadero, and Badesi in Sonora State, Iris in Chihuahua State, and Sianori in Durango State.
At the 100% owned (52,000 hectare) Tonichi project in Sonora State, Garibaldi continued test drilling at the Locust target. To date, 9 holes totalling 1757.7 meters have been completed at Locust and an update on holes 7-9 is pending. Results from the first 6 holes (see news release dated August 16, 2012) are considered by the Company's geologists to be encouraging and exhibit the potential for a possible bulk tonnage gold deposit.
Garibaldi was successful in negotiating an option agreement on both the Aurora and Marco Frac. 1 & 2 inlier claims (600 hectares combined) situated contiguous along the southern border of the Locust target (see news releases of September 27, 2012 and October 10, 2012). The option agreement for the Aurora claim calls for a 1000 meters of drilling to be completed within the first year of the option and two holes totalling 387 meters have been completed with the Company's NQ/BQ Diamond drill, a third hole, number 10 is underway. The Company also added concessions to the Tonichi Project in 2012, including 100% interests in the Obispo and the Pender 1 & Pender 2 claims where first phase exploration work has started.
Garibaldi's 2012 regional survey of the company's 100% owned Rodadero project (49,000 hectares) in Sonora state is expected to be completed in the first quarter of 2013. Several areas of prospective mineralization have been delineated to date.
The evaluation of the Company's 100% owned Iris project at Ocampo in Chihuahua State was completed and several drill targets were defined. The logistics and timing for further exploration of these drill targets is being assessed.
Garibaldi's regional exploration programs at Morelos in Chihuahua State, Badesi and Sianori in Sonora and Durango States, did not provide results that satisfied the Company's objectives to define high value targets generated from regional surveys. In 2012, the Company added 7,249 hectares in concessions while reducing its land holdings by 82,500 hectares to a total 108,212 hectares, from more than 200,000 hectares or 2,000 sq. kms the previous year. The reductions and the subsequent property tax savings will be redirected to exploration expenditures on the Company's remaining 3 district scale projects.
Garibaldi was reimbursed $6,175,000 Mexican pesos (approximately $475,000 USD) in IVA taxes by the Mexican Government in 2012. With over $6,000,000 dollars in cash and marketable securities, the Company is well funded for 2013. Management is pleased with the accomplishments of the geological staff in advancing the 2012 exploration programs cost effectively and within budget and is looking forward to continued advancement in the development of the Company's projects in the upcoming exploration season.
We seek safe harbour
GARIBALDI RESOURCES CORP.
per: "Steve Regoci"
Steve Regoci, President
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or the accuracy of this release.
SOURCE: Garibaldi Resources Corp.
For further information:
GARIBALDI RESOURCES CORP.
1150 - 409 Granville Street
Vancouver, BC V6C 1T2
Telephone: (604) 488-8851 Website: www.garibaldiresources.com