Mr. Steve Regoci reports

GARIBALDI GRIZZLY CENTRAL DRILLING UPDATE

Garibaldi Resources Corp.'s continuing first-ever drill program at the company's 100-per-cent-owned Grizzly project in the Sheslay district of northwest British Columbia continues to reveal a robust system.

The third hole, collared 200 metres due south of GC-15-01, has intersected a very thick mafic unit from near surface to a depth of at least 308 metres. Fine-grained disseminated chalcopyrite was observed between 31 m and 86 m, beginning directly beneath the glacial till. This transitioned into an intensely altered zone between 86 m and 102 m featuring 40 per cent quartz veins hosting sulphides. Creamy white quartz contains black and grey sulphides with pyrite along the margins, cut by clear aphanitic chalcedony veins. The rock in this 16 m zone is dark red to maroon, magnetic and fine grained.

Notably, throughout a 205.6 m intersection from 102.4 m to 308 m, pyrite occurs as very fine-grained polished shear surfaces in a black, strongly magnetic unit.

Both GC-15-03 and GC-15-01 were drilled toward the east into a chargeability and magnetic high. A one-kilometre-long north-south-trending geochemical anomaly has been outlined approximately 500 m east of where these holes were collared.

Steve Regoci, Garibaldi president and chief executive officer, commented: "Visual evidence from the first three holes firmly indicates the powerful influence exerted by the Kaketsa pluton two km west of Grizzly Central drill targets. Geological processes appear to have involved a tremendous amount of heat and fluids. It's exciting to see what Mother Nature has cooked up in these rocks over the millennia. The geology speaks volumes for the potential to add to the unfolding story of the Sheslay district where two porphyry deposits have already been defined, including Doubleview Capital's gold-rich Hat discovery 10 km east of our current drilling.

"We look forward to consistent news flow from the Grizzly and we eagerly anticipate initial assay results. In addition, we expect to update shareholders in the near future with regard to progress at Garibaldi's Red Lion property in north-central British Columbia, contiguous to the Kliyul project recently drilled by Teck Resources Ltd., and on developments at our high-grade discoveries in Mexico. Between B.C. and Mexico, we are well positioned for an exciting finish to the year and a strong start to 2016."

Qualified person

Adrian Smith, PGeo, an on-site consultant for the company's Grizzly project and a qualified person as defined by National Instrument 43-101 regulations, has reviewed this news release and approved the contents thereof.

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