|February 17, 2009|
Garibaldi Acquires 6,000,000 Shares of Paramount Gold and Silver Corp. in Exchange for the Rights to Temoris Silver Disctrict, Mexico
|Garibaldi Resources Corp. ("Garibaldi"), is pleased to announce that it has entered into an agreement with Paramount Gold and Silver Corp. ("Paramount") to sell Garibaldi's option interest in the 54,000 hectare Temoris Concessions, in Chihuahua State, Mexico in consideration for the payment of $US400,000 in cash (paid) by Paramount and the issuance to Garibaldi, on closing, of 6,000,000 shares in Paramount''s capital. The shares are to be released in twelve equal tranches of 500,000 shares. Closing under the agreement is subject to regulatory approval. |
"This transaction allows Garibaldi's shareholders to participate in the tremendous leverage offered by owning a significant percentage of Paramount while avoiding the risk and dilution to develop Temoris into a world class silver district", stated Steve Regoci, President & CEO, of Garibaldi.
Garibaldi was successful in adding significant value at Temoris by developing multiple drill targets and will continue its cutting edge remote sensing strategy to generate and prioritize prospects as it analyzes the results of its hyperspectral survey. Garibaldi will now begin reducing its vast land position in the Sierra Madres down to project size target areas surrounding mineralized zones.
GARIBALDI RESOURCES CORP.
per: "Steve Regoci" Steve Regoci, President
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