Mr. Steve Regoci reports

NICKEL-COPPER ASSAYS AND HIGH SULPHIDE CONTENT REVEAL ROBUST GRADE POTENTIAL OF GARIBALDI'S E&L DEPOSIT

Garibaldi Resources Corp. has provided the following update. Recent trenching at the E&L deposit in the Eskay camp of northwest British Columbia's Golden Triangle has returned strong nickel and copper grades in addition to important platinum, palladium, gold and cobalt values in a pyrrhotite-pentlandite-chalcopyrite assemblage.

Significantly, the very high tenor (nickel content in 100 per cent sulphide) of the sampled zone from outcrop at the top of Nickel Mountain confirms the E&L magmatic system has robust grade potential. This underscores the importance of the broad, untested Q magnetic anomaly approximately 800 metres south and 400 metres below the historical deposit.

Highlights from continuous channel sampling across the widest part of a 12-metre mineralized zone at E&L include:

• 12 metres at 1.6 per cent nickel and 1.57 per cent copper (12.8 per cent sulphide);
• Includes eight metres at 2.3 per cent nickel and 2.2 per cent copper (14.3 per cent sulphide);
• Grade range or tenor of 4.8 per cent to 8 per cent nickel and 2.1 per cent to 10.9 per cent copper in 100 per cent sulphide (sulphide analysis).

Steve Regoci, president and chief executive officer, commented: "It is highly significant that in an underexplored district that has produced world-class discoveries such as Eskay Creek, Brucejack and KSM, the E&L represents the first magmatic nickel-copper-gold-platinum-group-element system in this prolific area, with cobalt now confirmed in the sulphides as well.

"In addition, with this exciting new information regarding tenor, we now have evidence to target high-grade magmatic sulphide zones with a more robust grade profile than shallow historical drilling outlined in the 1960s at Nickel Mountain. Our immediate focus is potentially large concentrations of nickel-copper-rich sulphides related to the newly identified Q anomaly. Discovering the full potential of the E&L deposit and property has important implications for the district and our shareholders. Further updates will be provided shortly."

                                   E&L TRENCHING HIGHLIGHT TABLE                                    
 (Eight-metre continuous section of semi-massive (SM), massive (M) and disseminated (D) sulphides)

Sample No.       Length (m)        Ni        Cu        Pt          Pd        Au       Co         S 
                    and            (%)       (%)     (g/t)       (g/t)     (g/t)      (%)       (%)
                   type 

2545             1 m/SM          2.42      2.16      0.37        0.36      0.21     0.10      10.8
2546             1 m/SM          1.60      3.53      0.49        0.58      0.27     0.08      11.6
2547             1 m/SM          2.05      2.47      0.23        0.28      0.22     0.09      11.5
2548              1 m/M          3.05      3.12      0.33        0.55      0.23     0.14      22.5
2549              1 m/M          4.02      1.46      0.38        0.35      0.22     0.16      24.8
2550              1 m/M          2.87      2.12      0.29        0.41      0.17     0.12      18.5
2551              1 m/D          1.70      1.40      0.20        0.35      0.13     0.07       9.5 
2552              1 m/D          0.80      1.55      0.25        0.27      0.10     0.03       4.9 
 

Targeted E&L grade range in sulphides

When considering the sulphide assemblage present at the E&L, the assay results shown in the attached table are extremely encouraging for high tenors wherever sulphides may have accumulated at the property. Using Kerr's (2003) guidelines, samples in the assay table with greater than 10-per-cent sulphide content indicate a calculated range for the E&L of 4.8 per cent to 8 per cent nickel and 2.1 per cent to 10.9 per cent copper in 100 per cent sulphide. The company cautions that potential grades at E&L as an exploration target are conceptual in nature.

The E&L deposit has not been delimited in any direction from the 19 drill holes that were completed half a century ago. The company continues to review current and historical data related to the E&L with further details on the Q anomaly expected shortly from continuing geophysics studies. The company also looks forward to updating shareholders this month on progress at properties elsewhere in the Eskay camp, north-central British Columbia and Mexico.

The Q map

Please visit the company's website for a map showing the E&L deposit and the Q magnetic anomaly to the south.

Quality assurance/quality control

A 12-metre-long trench was marked on outcrop. Using a diamond blade cut-off saw, two parallel cuts spaced eight centimetres apart where cut to a depth of eight centimetres. Samples were measured and marked every metre. Using a chisel and hammer, material was removed from the trench and placed in a marked poly bag with a corresponding sample tag for each metre-long sample. Samples were then delivered directly to ALS Global in North Vancouver. Samples were analyzed by ALS for gold, platinum and palladium by fire assay with ICP-AES (inductively coupled plasma-atomic emission spectroscopy) finish, while nickel and copper were digested with a sodium peroxide fusion.

Qualified person

John Buckle, PGeo, PGeoph, a qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical disclosure in this news release.

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