Mr. Steve Regoci reports

GARIBALDI DISCOVERS "ULTRA 1 ZONE" WITH HIGH-GRADE MINERALIZATION AT GRIZZLY CENTRAL

Initial assay results from the first five holes ever drilled by Garibaldi Resources Corp. at its 300-square-kilometre, 100-per-cent-owned Grizzly project have revealed unique Sheslay-district mineral discoveries along a 1.2-kilometre-wide portion of Grizzly Central, including a potential large-scale deposit in a Kaketsa multielement ultramafic. The fertile Kaketsa pluton towers approximately 2.5 kilometres west of the "Ultra 1 zone" defined by three of the holes.

A fully winterized camp allows for the immediate continuation of Garibaldi's program, while the discovery of the Ultra 1 zone supports the theory that a series of "masked" deposits may exist at Grizzly Central, which is almost entirely overburden covered. Garibaldi is the Sheslay district's dominant landholder, with seven regional target areas adjacent to copper-gold porphyry deposits on two other properties, 120 kilometres west of the Red Chris mine.

Ultra 1 zone

Widely spaced drill holes GC-15-01, GC-15-03 and GC-15-04 in the Grizzly Central Ultra 1 zone intersected a very thick, homogeneous ultramafic "black unit," including a 206-metre section in GC-15-03, consisting of high-grade magnesium (grades ranging between 21.7 per cent and 23.5 per cent Mg) and elevated nickel (ranging between 0.11 per cent and 0.15 per cent Ni). This structure is preceded by consistent, highly elevated scandium at the top of each hole, including 54 metres grading 34 grams per tonne in GC-15-03.

All three holes bottomed in the strongly magnetic, fine-grained and intensely altered black unit. Notably, nickel appears to be associated with sulphides, as indicated by a preliminary nickel weak acid leach extraction test carried out by Bureau Veritas. Continuing metallurgical testing of the black unit will determine, among other things, the potential for high-purity magnesium oxide. Results are expected shortly.

GC-15-03, collared 200 metres south of GC-15-01 and 586 metres east of GC-15-04, was the deepest hole drilled (308 metres), angled at 65 degrees toward the east.

Speculatively, this unique ultramafic package discovered in the Sheslay district could be a layered intrusive with the potential to host even higher-grade zones along with other types of mineralization, including PGMs (platinum group metals) and gold, which were detected above background levels in some of the core samples.

The above holes cover only the southern portion of a five-kilometre north-south belt of elevated magnetic response trending north to northeast over Grizzly Central, consisting of three separate magnetic highs as much as 2,000 metres in width.

The Ultra 1 zone is open in multiple directions and is interpreted through geophysics to expand significantly toward the south in terms of distance, width and depth.

Steve Regoci, Garibaldi's president and chief executive officer, commented: "Given our gold-silver success in Mexico and now these discoveries on first-ever drilling at Grizzly Central, we're extremely confident in our geological team's ability to track the geochemical and geophysical signatures of potential blind deposits that may exist elsewhere at Grizzly Central and other regional areas. It's very clear why the Association of Mineral Exploration British Columbia refers to this region as the No. 1 greenfield district in the entire province."

Easternmost drill hole returns scandium throughout

GC-15-05, collared 650 metres east of GC-15-03 on a small ridge just beyond the Ultra 1 zone, returned consistent, highly elevated scandium in all assayed three-metre core samples (20 in total) at various depths throughout its 253-metre length. This included a 33-metre section (from 19 metres to 52 metres) grading 34 g/t Sc, while the final three metres of the hole returned the highest scandium grade of 39 g/t.

Eastward, a very large and highly prospective area of Stuhini volcanics exists in the Grizzly Central valley, beginning about 200 metres downslope from GC-15-05 (drilled toward the east).

"A big arrow points toward the east with this unusual hole and that has us very excited," commented Mr. Regoci.

Garibaldi is conducting extensive analysis of GC-15-05 and looks forward to providing additional information on this hole in a coming Grizzly Central update.

Given the pervasiveness and grades of scandium in GC-15-05, and similar grades above the black unit in GC-15-01, GC-15-03 and GC-15-04 to the west, Garibaldi geologists will be investigating the potential for higher concentrations of this important element at Grizzly Central. Five out of nine surface samples taken along a hill 50 to 200 metres south of GC-15-04 returned scandium values grading between 34 g/t and 45 g/t, while the other four samples assayed between 20 g/t and 25 g/t Sc.

Moving forward

Metallurgical and petrographic details, more assay results, and consultation with various experts will drive the company's important follow-up strategy on the ground at Grizzly Central.

The north-south fault-bounded Ultra 1 zone appears to bisect Stuhini volcanics to the east from the Kaketsa porphyry environment to the west (multiple domains).

The area covered by this first-ever drilling represents just 4 per cent of the entire 25-square-kilometre Grizzly Central regional target as defined to date, highlighting the scale and the potential for additional discoveries elsewhere at Grizzly Central and throughout the entire Grizzly project.

Porphyry system potential closer to Kaketsa

Alteration zonation, vein density and lithology, coupled with an increasing westward trend of gold-in-soil results in an ionic leach survey, suggest the potential for a copper-gold porphyry core west of the Ultra 1 zone along the immediate periphery of the 30-square-kilometre multiphase Kaketsa pluton. Hole GC-15-02, drilled toward the west, intersected a diorite and quartz monzodiorite package featuring high-temperature alteration consistent with a nearby porphyry environment.

For further details on the five holes completed to date, project maps, core photos, and additional information on the Grizzly project and the Sheslay district, please visit Garibaldi's website.

Cautionary statement

The potential quantity and grade of the mineralization at Grizzly Central are currently conceptual in nature. There has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

Mexico update

Crews are on the ground, advancing Garibaldi's high-grade Rodadero silver-gold project in central Sonora state, Mexico, which features the Silver Eagle near-surface deposit and a minimum of 11 other target areas over a land package encompassing 45 square kilometres.

Corporate fact sheet

To view the updated corporate fact sheet for Garibaldi, please visit the company's website.

Quality assurance and control

As part of the drilling program, Garibaldi conducted a quality assurance/quality control program whereby standard samples with known elemental concentrations were inserted into the drill core sample stream prior to being sent to the laboratory. Samples were prepared and analyzed by Bureau Veritas Commodities Canada Ltd. (Acme Labs) at its facility in Vancouver. Samples generally consisted of two to six kilograms of material. Gold, platinum and palladium analyses were performed by 30-gram fire assay fusion with ICP-ES finish. Base metals and other elements, including magnesium, were analyzed as part of a 45-multielement four-acid-digestion ICP-MS package. Additional nickel analysis was conducted on select samples to determine the presence of nickel outside of silicates using weak ammonium citrate leach. Additional quality assurance/quality control was conducted on behalf of Garibaldi by Bureau Veritas Commodities Canada Ltd., including duplicating select drill core samples and analyzing additional in-house standards.

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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