said April 12that it has exercised its option to fully acquire the King precious and base metals property in BritishColumbia.
Under the earlieragreement in August 2009, Garibaldi was requiredto pay Ram Exploration Ltd. C$10,000 and issue 100,000 shares upon TSX Venture Exchangeapproval, and pay an additional C$90,000 in cash or shares in stages over five yearsand complete C$100,000 in work on the property.
The final outstandingpayment to the seller was satisfied in exchange for expanding an internal cell retainedas provided for under an amendment to the original deal.
Limited trenchingand sampling recently carried out by Garibaldi over part of the property's Northzone returned a high-grade interval averaging 295 g/t of silver with 19.4% combinedlead-zinc over 6 meters across the strike of the mineralized zone.
The South zone isalso prospective for high-grade silver-lead-zinc mineralization while the Centralzone has returned high-grade gold values from historical surface sampling at theChubby Creek prospect.
Garibaldi is currentlypreparing a follow-up exploration program to define and prioritize preliminary drilltargets.