TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
VANCOUVER, Nov. 7, 2014 /PRNewswire/ - Garibaldi Resources
Corp. (TSX.V: GGI) (the "Company" or "Garibaldi") is pleased to
announce that it has arranged a non-brokered private placement of
up to 5,000,000 units of the Company at a price of $0.20 per unit (see details below) for total
gross proceeds of up to $1 million.
Proceeds of the financing will be used to immediately expand
current drilling and exploration programs following up on a growing
high-grade discovery at its 100%-owned Rodadero North Silver-Gold
Project in central Sonora State, Mexico, and for general working capital
purposes.
"We effectively leveraged our previous discovery in Mexico (the Temoris option) to avoid any dilution to our
share structure since 2009," commented Steve Regoci, Garibaldi President and CEO.
"Our management, geological and advisory board teams now see
Rodadero as an even greater opportunity than Temoris given the scale of the project, the
high grades returned to date from drilling and sampling, and the
near-surface nature of the silver, gold and base metal
mineralization.
"We believe we're seeing the emergence of a new mineral camp in
this part of Sonora State which commands a rapid increase in the
pace of drilling and exploration.
"As we continue to get very encouraging signs from ongoing
drilling at Silver Eagle, where discovery hole SE-14-01 returned an
exceptional and shallow 7-meter intercept grading 2,010 g/t Ag,
we've also completed plans for 9 proposed drill holes at Tarichi,
2.5 km to the southeast where the exploration target is a
near-surface high-grade silver and gold system. Tarichi is
the second of 11 high priority areas outlined at Rodadero North
over a 10-km long, 5-km wide corridor. Hyperspectral 'hot
spots' and extensive mapping and sampling results suggest a
possible structural linkage among at least some of these 11
separate targets that are each highly mineralized at
surface."
True width of the bonanza grade discovery in SE-14-01 is
estimated to be approximately 80% of the reported interval (see
October 23 news release for latest
drilling and exploration highlights from Rodadero North).
Private Placement Details
The proposed private placement will consist of an offering of
units of the Company's securities at a price of $0.20 per unit. Each unit will contain one
common share in the capital of the Company and one non-transferable
share purchase warrant with each warrant entitling the holder to
acquire one additional common share of the Company at a price of
$0.30 for a period of two
years. Finders' fees in cash and/or securities will be
payable with respect to the private placement.
The private placement is subject to acceptance for filing by the
TSX Venture Exchange.
Corporate Fact Sheet
To view the updated Fact Sheet for Garibaldi Resources, please
visit the following URL:
http://www.garibaldiresources.com/i/pdf/GGI_Factsheet.pdf
Qualified Person
Dr. Craig Gibson, Certified
Professional Geologist and a director of Garibaldi, is a
non-arms-length Qualified Person for the Company's Mexico projects and the direct manager of the
technical programs operated under contract by Prospeccion Y
Desorrollo Minera del Norte (ProDeMin). Dr. Gibson has reviewed
this news release and approved the content thereof.
About Garibaldi
Garibaldi Resources Corp. is an active Canadian-based junior
exploration company focused on creating shareholder value through
discoveries and strategic development of its assets in some of the
most prolific mining regions in Mexico and British
Columbia
We seek safe harbor.
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.
