As announced February 16, 2006 and March 22, 2006, stream sediment sampling completed as part of Phase 1 confirmed that many of the creeks draining the target areas defined by satellite imaging exhibit elevated gold values. In some samples, assay results showed gold contents of more than 0.5 g/t (highest value was 1.4 g/t) suggesting potential for discovery of "in situ" mineralization upstream of the sample locations.
Results of follow up prospecting and soil sampling programs completed in May (comprising 650 rock samples and over 600 soil samples) have defined at least five main target areas consisting of untested gold and silver bearing veins, "gold in soil anomalies" and areas of intense hydrothermal alteration. These targets include the Loreto or "Spanish Works Area" where 39 of 62 samples from an area containing widespread quartz float and numerous exposed veins have returned anomalous gold values, the El Roden Area which hosts numerous veins that returned bonanza silver grades of up to 1,400 g/t, the 1455 Grid (located close to the stream sediment sample that returned a value of 1.4 g/t gold) and the La Gloria Area which have returned soil sample assays of over 1 g/t gold and an extensive zone of advanced argillic alteration referred to as El Baldi, which exhibits highly elevated pathfinder elements such as arsenic and barium which are often associated with high sulphidation style mineralization. A generalized geological map showing the location of the main target areas referred to in this release, known prospects from the Mexican government geological database and the major geological structures within the Morelos claim area is attached to and forms part of this release.
Mineralization in the area referred to as the Spanish Works is considered a high priority target based on the fact that all of the samples that returned high gold values are localized within a north - north west striking corridor that extends for several hundred meters along strike and lies along the projected extension of a major structural zone identified on the published CRM maps (Mexican Government geological maps - refer to attached geological map). The Spanish Works area was identified early in 2006 by prospecting upland from a stream sample that returned 0.9 g/t gold. Work in this area has identified widespread mineralized float and a series of poorly exposed, northwest and east-west trending, gold and silver bearing quartz veins (1 to 5 meters wide) containing vuggy silica and pyrite. Initial sampling of the veins and altered wall rocks showed gold values ranging from 1.02 to 16.35 g/t gold and 4.8 to 98.3 g/t silver. Verification sampling carried out during the latest program confirmed that these veins contain significant gold values and it is important to note that many samples also contained elevated As, Sb, Ba, Mo, Cu, Pb, and Zn values which is typical of high sulfidation epithermal systems.
The prospecting and grid based soil sampling completed to date at La Gloria and the 1455 Grid has defined gold in soil anomalies which exhibit values ranging from 0.1 to more than 1 g/t gold. These anomalies are interpreted as possible overburden covered zones of gold mineralization which are open to expansion in several directions. The La Gloria Area is also one of the best examples where direct, follow up sampling within target areas defined by satellite imaging has identified elevated gold values in soils.
In summary, prospecting and sampling to date on the Morelos Project has defined multiple target areas that warrant extensive additional exploration work. The geological map that accompanies this release shows that most of the targets that have been identified are aligned along regionally extensive structural zones suggesting they may be expressions of an extensive hydrothermal system.
Exploration work in the central and west central parts of the Morelos Property is ongoing and it is important to note that large areas of the property (including satellite image anomalies and defined structures) have still not been examined. Results will be released as they become available. For reference, detailed sample location maps showing gold and silver values in rock and soil samples from the main target areas will be made available on the Company's website at www.garibaldiresources.com.
Carl von Einsiedel, P.Geo., is the qualified person responsible for the technical information contained in this press release. The full text of the 43-101 report on the Morelos project prepared by Peter Megaw, PhD. of Imdex Inc. is available for viewing on SEDAR at www.sedar.com.
The company's website, www.garibaldiresources.com has links to 3D images that show the distribution of satellite image anomalies within the Morelos claim area, the satellite image anomaly associated with Glamis Gold's El Sauzal Mine. The website also has links to satellite imaging data available for the Company's IRIS project (adjoining Gammon Lake Resources' Ocampo Mine and Agnico Eagle's Pinos Altos Project) and the Company's Temoris Project (adjoining Palmarejo's Trogan Deposit).
GARIBALDI RESOURCES CORP.
Steve Regoci, President
To view attached map, please click on the following link: http://www.ccnmatthews.com/docs/ggi0623.pdf
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Contacts: Garibaldi Resources Corp. Steve Regoci President (604) 488-8828 (604) 488-8871 (FAX) www.garibaldiresources.com