VANCOUVER, Oct. 10, 2012 /PRNewswire/ - Garibaldi Resources Corp. (TSX-V: GGI) (the "Company") is pleased to announce that it has acquired an option to purchase a 100% interest in the Marco 1 (330 hectares) and Marco 2 (150 hectares) concessions, contiguous to the Company's Locust drill target at its Tonichi project, Sonora State, Mexico.
The Marco 1 & 2 inlier claims straddle the recently optioned Aurora claim (see news release of September 27, 2012) on both its western and eastern flanks and the consolidation of the combined three claim blocks bordering the Locust drill target to the south is now complete. The option payments over 4 years total $1,500,000 USD and the terms of the agreement are as follows:
First Year - $30,000 USD down payment (Paid) and two bi-annual payments of $30,000 USD and $40,000 USD totalling $100,000 USD.
Second Year - Two bi-annual payments of $50,000 USD and $80,000 USD totalling $130,000 USD.
Third Year - Two bi-annual payments of $100,000 USD and $200,000 USD totalling $300,000 USD.
Fourth year - Two bi-annual payments of $400,000 USD and $570,000 USD totalling $970,000 USD.
A phase one sampling and mapping exploration program has begun on the Marco 1 & 2 claims.
About the Tonichi Project:
The Tonichi project is located in the prolific Sierra Madre Precious Metal Belt eastern Sonora State, Mexico, and covers 47,000 hectares (please visit www.garibaldiresources.com to view project maps). The project land package abuts the properties surrounding several exploration projects including Promontorio (Kootenay Silver) and the Luz de Cobre-San Antonio de la Huerta (Red Tiger Mining, formerly Zaruma Resources).
We seek safe harbour
GARIBALDI RESOURCES CORP.
per: "Steve Regoci"
Steve Regoci, President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.
SOURCE Garibaldi Resources Corp.
Image with caption: "Tonichi Gold Project (CNW Group/Garibaldi Resources Corp.)". Image available at: http://photos.newswire.ca/images/download/20121010_C5532_PHOTO_EN_19088.jpg