Galena Capital Corp.
TSX VENTURE : FYI

Galena Capital Corp.

February 29, 2008 05:00 ET

Galena Capital Corp.: Assay Chip Samples Return Up to 7.9g/t of Gold and Up to 9924g/t of Silver on Norma Mines' Maria Project

PUERTA VALLARTA, MEXICO--(Marketwire - Feb. 29, 2008) - Galena Capital Corp. (TSX VENTURE:FYI) (the "Company" or "Galena"), a Vancouver based company listed on the TSX Venture Exchange (the "Exchange") is pleased to announce it and Norma Mines Limited have received the first set of assays back from the Maria Project (formerly the San Juan Nepomuceno property) that the Company is in the process of acquiring through the complete acquisition of all Norma Mines Limited shares (as previously announced on January 15, 2008).

Initial exploration work conducted by Norma Mines' geologists included the collection of 66 grab samples under the supervision of Danson Tolman (the President of Norma Mines Limited and a Qualified Person pursuant to National Instrument 43-101). The samples were channel chip samples ranging in lengths of between 0.3 m's and 2.0 m's and averaging approximately 1.26 m's that were taken from the old workings at the end of the main adit of the former mine on the Maria Property. The samples were collected over the three areas where there was manto present at surface in the adit.

The samples were prepared using PREP-31 and assayed for Au using 30g Fire Assay (Au-AA23) and multi-element ICP (ME-ICP41). Due to the high silver content of the sample, certain of the silver assays were obtained by gravimetric analysis (Ag-GRA21).

Significant assay results included:

- 0.5 m's length of 4g/t Au; 9924g/t Ag; 5.2% Pb and 3.8% Zn

- 1.00 m's length of 1.5g/t Au; 3299g/t Ag and 0.70% Pb

- 0.6 m's length of 7.9g/t Au; 2262g/t Ag and 1.6% Pb

- 1.4 m's length of 2.4g/t Au; 1756g/t Ag and 1.0% Pb

- 1.00 m's length of 1.6g/t Au; 7432g/t Ag and 2.2% Pb

Average lengths and grades in the three areas were:

- Area 1 - 1.26 m's length; 0.54g/t Au; 1113g/t Ag; 1.13% Pb and 2.65% Zn (15 grab samples)

- Area 2 - 0.95 m's length; 0.73g/t Au; 591g/t Ag; 0.3% Pb (34 grab samples)

- Area 3 - Mine Dump; 0.2g/t Au; 363g/t Ag; 0.24% Pb (17 grab samples)

The complete assay results are set out at the end of this news release.

These samples shipped in secure containers to ALS Chemex in Lima, Peru for analysis, under the supervision of Mr. Tolman. ALS Chemex is an independent laboratory with ISO9001 certification.

The samples were hosted in oxidized and fractured, polymetallic manto approximately 1.0 m thick hosted by the Facies La Negra limestone.

Independent verification

As part of its due diligence on the acquisition of Norma Mines and the mineral exploration properties owned by Norma Mines' Mexican and Peruvian subsidiaries, the Company retained the services of Owen D.W. Miller Ph.D (a Qualified Person under National Instrument 43-101) of Cardo Consultants SAC to provide an independent technical report on the Maria Project. Dr. Miller's initial property visit included the collection of a total of two grab samples from old workings at the end of the main adit of the former mine on the Maria Property. These two samples were channel chips collected over the 1.0 m width of the manto present at surface in the adit. These samples were hand carried to Lima, Peru by Dr. Miller and analyzed by ALS Chemex. ALS Chemex is an independent laboratory with ISO9001 certification.

The samples were prepared using PREP-31 and assayed for Au using 30g Fire Assay (Au-AA23) and multi-element ICP (ME-ICP41). Due to the high silver content of the sample, silver assays were obtained by gravimetric analysis (Ag-GRA21). The assay results from sample 935 were: Au 1.795g/t; Ag 4650g/t or 149.5 oz/t; Pb: 1.49% and Zn: 0.65%. The samples were hosted in oxidized and fractured, polymetallic manto approximately 1.0 m thick hosted by the Facies La Negra limestone. The second sample returned nominal values.

These results from Sample 935 have helped to validate results obtained by Norma Mines, which was a larger sample area of 66 different location samples discussed above.

The Maria property is located in San Juan Nepomuceno, in the state of Queretaro and comprised of 354 hectares. It operated until the revolution started in 1910. No accurate data or maps are available from that period.

Galena's mission statement is to aggressively build a well financed, premium public company run by dedicated experienced senior management, with projects where production can withstand commodity fluctuations and therefore create a legacy in Mexico and South America.

Galena's unique three stage business plan will help extract maximum value from the multiple projects its team has access to.

Danson Tolman, P.Geo, is acting as the Qualified Person for the Company and has reviewed information contained in this release. For further information please visit www.GalenaCorp.com or contact Galena directly on the number below.

ON BEHALF OF GALENA CAPITAL CORP.

ARNI JOHNANNSON, CHAIRMAN, CEO



ASSAY RESULTS
NORMA MINES SA DE CV - MARIA PROJECT

------------------------------------------------------------------------
Grab AU Ag Pb Zn
Length gr/ton gr/ton % % Observations
------------------------------------------------------------------------
0.50 0.00 1100 0.56 0.43 Oxidized Manto
2.00 0.00 25 0.02 0.07 Oxidized Manto
1.80 0.00 64 0.05 6.70 Oxidized Manto
1.60 0.08 635 0.20 1.00 Oxidized Manto
1.40 0.00 4500 2.95 1.40 Oxidized Manto
1.30 0.00 15 0.56 1.32 Oxidized Manto
1.20 0.00 3700 1.21 2.00 Oxidized Manto
1.20 0.75 749 1.00 7.20 Oxidized Manto
0.50 4.00 9924 5.20 3.80 Mantle Sulphides
0.90 0.00 126 0.80 - Oxidized Manto
1.00 1.50 3299 0.70 - Oxidized Manto
1.20 0.50 444 0.70 - Oxidized Manto
2.00 0.50 496 0.80 - Oxidized Manto
2.50 0.12 374 - - Oxidized Manto
0.80 0.00 64 - - Slate

1.26 0.54 1,113g/t 1.13% 2.65% AVERAGE
------------------------------------------------------------------------


------------------------------------------------------------------------
Grab AU Ag Pb Zn
Length gr/ton gr/ton % % Observations
------------------------------------------------------------------------
0.85 IND 13.90 0.0 - Oxidized Manto
0.30 1.00 824.70 0.1 - Oxidized Manto
0.50 0.90 173.00 0.0 - Oxidized Manto
0.50 1.80 714.00 0.2 - Muest. In fault
0.60 7.90 2 262.10 1.6 - Oxidized Manto
0.40 IND 30.10 0.1 - Oxidized Manto
0.40 1.30 1 187.00 0.3 - Oxidized Manto
0.40 1.70 211.00 0.1 - Oxidized Manto
0.60 0.20 308.40 0.1 - Oxidized Manto
1.00 0.40 186.10 0.0 - Oxidized Manto
0.90 IND 369.50 0.1 - Oxidized Manto
1.00 0.60 241.60 0.0 - Oxidized Manto
1.60 IND 344.10 0.1 - Bolsada sulf
1.00 IND 48.90 0.0 - Mantle Sulphides
1.40 0.30 103.50 0.0 - Mantle Sulphides
0.40 0.80 2 557.80 0.9 - Mantle Sulphides
1.40 2.40 1 756.20 1.0 - Mantle Sulphides
1.30 IND 35.40 2.2 - Bolsada oxidos
1.50 IND 676.50 0.0 - Bolsada oxidos
1.80 IND 27.80 0.1 - Bolsada oxidos
1.30 IND 80.70 0.1 - Bolsada oxidos
0.40 0.30 1 087.90 0.0 - Bolsada oxidos
1.20 0.80 274.10 0.2 - Bolsada oxidos
1.20 0.40 220.10 0.2 - Bolsada oxidos
1.30 1.10 167.70 0.1 - Bolsada oxidos
1.20 0.90 1 326.80 0.0 - Bolsada oxidos
1.20 0.90 1 326.80 0.0 - Bolsada oxidos
1.30 IND 1 159.00 0.6 - Bolsada oxidos
1.20 IND 468.40 0.0 - Bolsada oxidos
1.00 IND 149.10 0.0 - Oxidized Manto
0.60 IND 1 124.90 0.2 - Oxidized Manto
1.00 IND 285.50 0.2 - Oxidized Manto
1.00 IND 379.20 0.2 - Oxidized Manto
1.00 1.60 7 431.60 2.2 - Bolsada de oxidos

0.95 0.73 591.82 0.3 - AVERAGE
------------------------------------------------------------------------


------------------------------------------------------------------------
Grab AU Ag Pb Zn
Length gr/ton gr/ton % % Observations
------------------------------------------------------------------------
Mine Dump IND 931.10 1.8 -
Mine Dump 0.60 426.90 0.3 -
Mine Dump IND 119.80 0.1 -
Mine Dump 0.20 229.80 0.1 -
Mine Dump 0.20 235.50 0.1 -
Mine Dump IND 228.70 0.1 -
Mine Dump IND 177.90 0.1 -
Mine Dump IND 235.90 0.1 -
Mine Dump 0.90 345.90 0.1 -
Mine Dump 1.00 714.80 0.2 -
Mine Dump 0.80 503.90 0.2 -
Mine Dump 0.20 194.50 0.1 -
Mine Dump 0.20 247.40 0.1 -
Mine Dump IND 572.40 0.2 -
Mine Dump IND 214.10 0.2 -
Mine Dump 0.80 116.70 0.0 -
Mine Dump IND 668.60 0.3 -

0.20 362.58 0.24% - AVERAGE
------------------------------------------------------------------------


The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Galena Capital Corp.
    Ian Pedersen
    Investor Relations
    (604) 638-0260 or Toll Free: 1-877-906-3987
    Website: www.GalenaCorp.com