VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Mar 18, 2009 -- Garibaldi Resources Corp. (CDNX:GGI.V - News) -
Grizzly Property
Garibaldi Resources Corp. ("Garibaldi"), is pleased to announce that it has entered into an option agreement with Equinox Exploration Corp. (formerly Consolidated Dencam Development Corporation) ("Equinox") whereby Equinox can acquire up to a 70% interest in Garibaldi's Grizzly Property (the "Property") consisting of 51 mineral claims covering approximately 15,500 hectares located in the Telegraph Creek area of British Columbia. The Grizzly Property is an early stage Alkalic copper/gold porphyry target similar to Nova Gold's Galore Creek deposit 120 kilometres to the south.
The agreement provides for Equinox to earn a 50% interest in the Property by completing $300,000 of expenditures on the Property by February 26, 2012, of which $100,000 must be incurred by February 26, 2010. Upon earning a 50% interest, Equinox has been granted a second option to earn an additional 20% interest in the Property by issuing 1,000,000 common shares in its capital to Garibaldi and completing a further $700,000 in expenditures on the Property by February 26, 2013. On Equinox earning an interest in the Property, the parties have agreed to enter into a joint venture for the further exploration and development of the Property. The agreement is subject to acceptance for filing by the TSX Venture Exchange.
With Garibaldi's extensive property holdings, management is now well positioned to continue to add value and increase deal flow with generative transactions.
Additional Director
Garibaldi is also pleased to announce that Raphael Hinojosa, Operations Manager, Mexico, was appointed a director of Garibaldi at the last Annual General Meeting. Mr. Hinojosa joined Garibaldi Resources in 2007. He obtained a Bachelor Degree in Business Administration from the Tecnologico de Monterrey in Monterrey, Mexico. He is a corporate administrator with experience in management and development of start-up companies in Mexico, his native country. Mr. Hinojosa is responsible for overseeing all administrative activities related to exploration undertaken on Garibaldi's projects in the Sierra Madre Region of Mexico.
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:
Contacts:
Garibaldi Resources Corp.
Steve Regoci
President
(604) 482-8828
(604) 488-8871 (FAX)
Website: http://www.garibaldiresources.com
