|June 20, 2008|
Garibaldi to Joint Venture 30% of Temoris Project
|Garibaldi Resources Corp. (the "Company"), is pleased to announce that it has signed an agreement with Paramount Gold and Silver Corp. (Paramount) (AMEX: PZG; TSX: PZG) to form a joint venture agreement with respect to 17,208 hectares of Garibaldi''s Temoris Project in Chihuahua State, Mexico. |
The map below outlines Garibaldi''s holdings in the area and the portion subject to the joint venture:
As part of the transaction, Garibaldi will provide Paramount with its geologic data, including the results of its recent regional hyperspectral airborne survey. Paramount will be the exploration manager under the joint venture.
Steve Regoci, President and CEO of Garibaldi said, "With Garibaldi controlling eight large scale projects in Mexico and a dominant land position at Temoris, this agreement with Paramount will significantly accelerate the development of this world class silver district."
Paramount has made an initial payment to Garibaldi in the amount of US$100,000. Paramount will earn a 50% interest by making an additional payment of US$400,000 and issuing 600,000 restricted common shares, both on signing a definitive agreement, and spending US$700,000 on exploration within 15 months thereof. To increase its interest to 70%, Paramount must spend an additional US$1,000,000 in exploration expenditures within 30 months, make an additional payment of US$500,000, and issue an additional 400,000 restricted common shares.
Upon earning a 70% joint venture interest, Paramount may increase its interest to 80% within 30 months of the signing of the definitive agreement through payment of US$500,000 in cash or shares, exclusively and limited to the approximately 6,657 hectares referred to in the October 6, 2006, agreement.
About Garibaldi: Garibaldi Resources Corp. is a next-generation exploration company utilizing newly emerging technology to generate acquisition targets in large under explored historic mining districts in Mexico's Sierra Madres that exhibit evidence of hydrothermal alteration typical of recently discovered epithermal style deposits.
"Safe-Harbor" Statement: This press release contains forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company may not be realized. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company''s ability to control, and that actual results may differ materially.
GARIBALDI RESOURCES CORP.
per "Steve Regoci" Steve Regoci, President
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