Garibaldi receives positive Ultra 1 Zone initial metallurgical results

VANCOUVER, April 26, 2016

VANCOUVER, April 26, 2016 /PRNewswire/ - Garibaldi Resources Corp. (TSX.V: GGI) (the "Company" or "Garibaldi") (the "Company") is pleased to report the following progress at its 100%-owned Grizzly Project in the Sheslay district of northwest British Columbia:

• Initial "proof of concept" metallurgical testing by Bureau Veritas has confirmed that high-grade magnesium and nickel intersected in widely spaced drill holes at Grizzly Central (Ultra 1 Zone discovery) are both recoverable from the Kaketsa "black unit"
• Met-Solve Laboratories, specialists in mineral beneficiation using state-of-the-art technologies, have been engaged by Garibaldi to carry out advanced testing of the Ultra 1 Zone material and develop methods for extracting and converting the magnesium and nickel into marketable final products
• A further review of the late 2015 drill program has identified prospective areas where gold mineralization may have formed within the Ultra 1 Zone

Steve Regoci, Garibaldi President and CEO, commented: "The Ultra 1 Zone, which to this point features highly elevated scandium above a magnesium-nickel 'black unit' of apparently very large scale, is a major advancement in the geological understanding of the Grizzly and the entire Sheslay district. As large of a discovery area as this is, defined by broadly spaced holes, wide intercepts and a compelling geophysical signature, the Ultra 1 Zone represents just 1/300^th of the entire Grizzly property package where there are no less than 7 comprehensive regional target centers.

"Further examination of the high-grade gold potential of Grizzly South is our immediate priority at this project outside of Grizzly Central. Elsewhere in B.C. we're focused on capturing value with our now 100%-owned King Property featuring high-grade gold, silver and base metal targets in the heart of the Golden Triangle, and also with our Red Lion Cu-Au porphyry property contiguous to the Kliyul Project optioned by Teck Resources. We're preparing for a busy summer on these three fronts in B.C.," Regoci concluded.

Ultra 1 Zone Metallurgical "Proof of Concept" Testing

Initial metallurgical testing of Ultra 1 zone samples carried out by Bureau Veritas involved a low heat (650 degrees Celsius) process. The solids were filtered out through leaching to produce a residue of magnesium-rich material from the serpentinite with removal of up to 85% of the silica from the magnesium concentrate. Meanwhile, the primary source of nickel in the "black unit" is hosted in sulphides and 80% to 90% of the total nickel from a sample was recovered by Bureau Veritas using a weak acid leach test.

Met-Solve Testing