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Jason Giambi and the Colorado Rockies have exercised their mutual option on his $1 million contract for 2012. The 40-year-old slugger hit .260 with 13 homers and 32 RBIs in 131 at-bats as Todd Helton’s backup last season. He hit a home run once every 10 at-bats against right-handers. Giambi contemplated becoming a free agent given that so many teams, including the Phillies and Rays, showed…