Garibaldi Buys Mineral Tenures in British Columbia
Canadian junior miner Garibaldi Resources has acquired five mineral tenures known as the King Property in British Columbia from Ram Exploration.
Garibaldi will pay $10,000 in cash and issue 100,000 of its shares on approval of the transaction by the TSX Venture Exchange, and pay another $90,000 in cash or shares over five years.
Garibaldi will also complete another $100,000 of work on the property located immediately north of the Iskut River.
Previous exploration work at the 1,600ha site in the 1980s identified significant gold, silver and base metal targets that warrant additional exploration, Garibaldi said.