|August 20, 2009|
Garibaldi Acquires Property and Approves Coal Survey
Garibaldi Resources Corp. ("Garibaldi") is pleased to announce that it has negotiated terms under which it will acquire from Ram Exploration Ltd. ("Ram"), a British Columbia company, five mineral tenures comprising approximately 1,600 hectares located in the Iskut River area of north western British Columbia and known as the King Property. The King Property is located just north of the Iskut River, approximately 10 kilometers north northeast of the former Snip Mine. Previous exploration work, in the 1980''''s, identified significant gold, silver and base metal targets that warrant additional exploration.
Under the agreed terms, Garibaldi will pay Ram $10,000 in cash and issue 100,000 shares upon approval of the transaction by the TSX Venture Exchange, pay a further $90,000 in cash or shares in tranches over five years and complete $100,000 in work on the property.
Garibaldi also wishes to announce that it has granted permission to the Comision Federal Electricidad ("CFE"), an agency of the Federal Government of Mexico, at no cost to Garibaldi, to carry out a limited exploratory drilling program on Garibaldi's Tonichi concession in Sonora State designed to evaluate and test the potential for coal. Garibaldi owns the coal rights to this area of Tonichi which has a history of coal extraction by locals on a small scale. CFE has moved two diamond drill rigs onto Garibaldi's Tonichi III claims to test the La Calerita and Tarahumara target areas. The program is part of a regional survey to define the potential for coal resources sufficient to supply coal fired electric generation plants in Sonora State. Garibaldi will have access to all geological data generated by this program and will inform shareholders of any significant developments.
GARIBALDI RESOURCES CORP.
per: "Steve Regoci" Steve Regoci, President
You can view the Next News Releases item: Thu Oct 29, 2009, Garibaldi's Exploration Strategy Pays Off - Significant 'Gold in Soil' Anomaly Discovered Over Hyperspectral Target
You can view the Previous News Releases item: Wed Aug 12, 2009, Appointment to Advisory Board
You can return to the main News Releases page, or press the Back button on your browser.