Mr. Steve Regoci reports

GARIBALDI EXERCISES OPTION TO ACQUIRE 100% INTEREST IN HIGH-GRADE SILVER-GOLD TARGET AT ISKUT RIVER CAMP

Garibaldi Resources Corp. has exercised its option to acquire a 100-per-cent interest in the King property featuring high-grade silver-lead-zinc and gold-copper mineralization over several known target zones 12 kilometres north of the Iskut River in northwest British Columbia's Golden Triangle.

The 15-square-kilometre King property is proximal to several historical mines, including Snip and Eskay Creek, in an area that has recently benefited from dramatic advances in infrastructure with the completion of the Forrest Kerr hydroelectric project. These improvements have aided the development of Pretium Resources' Brucejack mine now under construction and Seabridge Gold's massive Kerr-Sulphurets-Mitchell deposits.

Two hundred ninety-five grams per tonne silver and 19.4 per cent lead-zinc over six metres from trenching at King

Limited recent trenching and sampling carried out by Garibaldi over part of the North zone, one of the target areas identified in the 1980s at the King, support historical results and returned a high-grade interval in one trench that averaged 295 g/t Ag with 19.4 per cent combined Pb-Zn over six metres across the strike of the mineralized zone.

The South zone is also prospective for high-grade silver-lead-zinc mineralization while the Central zone has returned high-grade gold values from historical surface sampling at the Chubby Creek prospect. A follow-up exploration program is being prepared to define and prioritize preliminary drill targets.

Steve Regoci, Garibaldi president and chief executive officer, commented: "The Iskut River gold camp remains exceptionally prospective. King is within favourable geology along trend, and large underexplored areas directly south of King will be the focus of upcoming extensive programs as announced by Skeena Resources and Colorado Resources at the past-producing Snip mine and the KSP property, respectively. This camp has the potential to produce important new discoveries this summer. Limited historical work at King has been encouraging, and receding glaciers have revealed new exposures at surface.

"With our flagship Grizzly project, the Red Lion and now 100 per cent of the King, we're in a position to capture more value than ever in British Columbia as we continue drilling and building on our success in Mexico," Mr. Regoci concluded.

King terms

The final outstanding payment to the vendor was satisfied in exchange for expanding an internal cell retained by the vendor as provided for under an amendment to the original agreement dated Aug. 15, 2009.

Grizzly project update

Samples from the recent drilling discovery at Grizzly Central (Ultra 1 zone) are undergoing advanced metallurgical testing to determine the potential for recovery of both high-grade magnesium and nickel from what appears to be a very large deposit based on widely spaced drill holes, a homogenous black unit, and a geophysical signature three kilometres long and up to one km wide. Garibaldi expects to be able to report preliminary results during the week of April 18.

Rodadero project update

First-ever drilling continues at the Rambo high-grade gold-silver target contiguous to a known robust vein system on the eastern edge of the Rodadero project in Sonora state, Mexico. The discovery model for Rambo closely parallels the one developed by the same Garibaldi geologist for the high-grade Don Ese vein system, now an important part of Coeur Mining's Palmarejo mine in Chihuahua state.

Corporate fact sheet

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

Quality assurance and control

Samples from the King property were sealed in plastic sample bags and shipped by bonded commercial transport to ALS Chemex in North Vancouver. All samples were prepared and analyzed by ALS Chemex. Samples were dried, crushed to minus-100 mesh and analyzed by AA 23 (atomic absorption) for gold and by ICP 421 (inductively coupled plasma) for copper and a suite of 41 elements. All overlimit silver, lead and zinc analyses were performed by gravimetric methods with an error range of 0.01 per cent.

Qualified person

Carl Von Einsiendel, a non-independent geological consultant and a qualified person as defined by NI-43-101, has reviewed this release and approved the geological content thereof.

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