VANCOUVER, Sept. 30, 2013 /PRNewswire/ - Garibaldi Resources Corp. (TSX.V: GGI) (the "Company" or "Garibaldi"), management is pleased to provide an update on the Company's 100% owned Grizzly project in NW B.C.
As previously reported, Garibaldi has completed a high resolution heli-borne aeromagnetic and radiometric survey over Grizzly West, a high priority target area within Garibaldi's 175 sq. km Grizzly project. The survey tied into an earlier survey by Fugro that covered the central part of Grizzly and the southern part of Prosper Gold's Sheslay Property where a drill program was recently announced.
A preliminary review of the combined data confirms that the rock units underlying the Grizzly extend north onto the Sheslay Property and shows two parallel faults (extending 15 kms from Grizzly West, to Grizzly Central) which appear to be related to porphyry copper-gold occurrences on Sheslay and Grizzly West. Additional processing of the data is ongoing and results will be announced as they become available (see attached map of aeromagnetic survey).
Carl von Einsiedel, P.Geo., a non-independent geological consultant and a qualified person as defined by NI-43-101, has reviewed this release and approved the geological content thereof.
Garibaldi has closed a Flow-through Private Placement of 333,335 shares of its securities at $0.15 cents per share for gross proceeds of $50,000 CDN. The shares are subject to a hold period and may not be traded until January 30, 2014. The funds will be used to expand an immediate ground reconnaissance and sampling program on the Grizzly project.
Steve Regoci, Barrie Di Castri, Greg Burnett and Brent Petterson, all directors and/or officers of the Company, each subscribed for 66,667 shares of the private placement financing. As a result of the issuance of the shares to the foregoing directors, the financing is considered to be a related party transaction subject to the TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101. Garibaldi is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of Multilateral Instrument 61-101 on the basis that participation in the private placement by insiders will not exceed 25% of Garibaldi's market capitalization.
We seek safe harbour.
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.