TSX Mining News: Garibaldi (TSX.V: GGI) Signs LOI To Send La
Patilla Mill Feed To Gainey Capital's Processing Facility
Vancouver,
British Columbia - February 26, 2015 (Investorideas.com Mining stocks newswire)
Garibaldi Resources Corp. (TSX.V: GGI) (the "Company" or
"Garibaldi") is pleased to announce that it has signed a Letter of
Intent (“LOI”) with Gainey Capital Corp. (TSX.V: GNC) to initiate an immediate
program to deliver mineralized material from the Company’s La Patilla Gold
Property in Sinaloa State, Mexico, to Gainey’s 300 tpd processing facility just
40 miles to the southeast.
This
LOI marks another important step for Garibaldi at La Patilla where the
Company's strategic plan since acquiring this asset in 2013 has been to move to
the exploitation stage as quickly as possible to generate cash flow.
Artisanal
miners have been active at La Patilla for decades, the Company has negotiated a
long-term agreement with the local community to allow for exploitation at this
property, and a highly successful drill program in early 2014 confirmed the
presence of near-surface mineralization including 8.5 g/t Au over 10.4 meters
within a broader interval of 3.1 g/t Au over 30 meters in diamond drill hole
LP-14. La Patilla is considered very prospective for high-grade
"shoots".
Garibaldi
and Gainey will use this LOI as a framework for a potential long-term revenue
sharing agreement between the two companies. In addition, the processing of
mineralized material from La Patilla will provide Garibaldi with important
additional metallurgical and grade information to further assess the
exploitative potential of this asset. Preliminary La Patilla metallurgical
testing by Garibaldi has produced encouraging results.
"Our
team in Mexico was very impressed with Gainey's state-of-the-art
gravimetric/flotation processing center," commented Steve Regoci,
Garibaldi President and CEO. "This should be an excellent fit for
advancing La Patilla which importantly is located just a short distance
away."
Investors
are cautioned that the planned processing of mineralized material from La
Patilla is not based on a National Instrument 43-101 mineral resource or
reserve estimate, preliminary economic assessment, prefeasibility study or
feasibility study. As a result, there is no assurance that Garibaldi will be
able to economically extract mineralization from La Patilla.
Rodadero Update
Garibaldi
eagerly anticipates updating shareholders with regard to the latest exploration
developments including assay results from ongoing work at Rodadero, its Mexican
flagship project, during the week of March 2, 2015.
Recent
corporate developments, including a Rodadero site visit by a second leading
producer, and the recently announced bid for Paramount Gold and Silver Corp. by
Coeur Mining Inc., have required management to weigh competing strategies to
ensure maximum value for shareholders.
Garibaldi
values and appreciates its shareholders' loyalty and patience as the Company
continues to work toward a breakthrough year in both Mexico and British
Columbia.
Garibaldi at PDAC
Garibaldi
invites shareholders and interested investors to visit the Company's booth
(#3153) and meet with management at PDAC, Sunday, March 1 through Wednesday,
March 4, at the Toronto Convention Centre. Drill core from Rodadero will be on
display.
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 a 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
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