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.
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
