Galena Capital Corp.

Galena Capital Corp.

March 12, 2008 09:00 ET

Galena Capital Corp.: Maureen Project Update-Management Approves Additional Drilling

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 12, 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 provide an update on the Phase One progress for the Maureen Project.

The Company has decided to drill two additional holes. The original plan of drilling 7 holes over 1,500 meters, announced February 01, 2008, will be extended by two extra holes to obtain further information at depth where the width of mineralization is increasing. As of last evening the company has finished 6 of the original 7 holes, the management team is encouraged by the results.

The extension of phase one will commence immediately following the completion of the seventh hole. There will be no delay and the drill rig will not leave the property. Assay results from the first five holes are expected to be released in the next three weeks.

The Maureen Property, formerly the La Suerte project was acquired by Galena Capital in the acquisition of Minas Vallarta. The project is made up of two main vein structures (La Suerte and Escondida). The La Suerte vein is a high grade gold-silver historic producer. As set out in the Company's National Instrument 43-101 independent technical report dated September 18th, 2007 by "Qualified Person" Ron Parent of Resource Eye Services, an unverified report in 2003 by MineraIxtlan entitled "Technical Summary Report on the La Suerte Property Tepic Area, Municipality of Xalisco, Nayarit State, Mexico" presents a compilation of the results of 75 samples taken during previous field programs on the La Suerte Property. The summarized calculations reported an average calculated width of 1.3 meters, with an average Au grade of 7.8 gr/ton, and an average Ag of 236 gr/ton. The report cites a potential area of 600 meters to a depth of 400 m. Tonnage is estimated at 312,000 cubic meters or 468,000 tons. This classification of reserves, as well as grade and tonnage estimates are not compliant with NI 43-101 standards and consequently the estimates from the MineraIxtlan report cannot be relied upon, as this report is not compliant with NI 43-101 standards.

The Maureen Project NI 43-101 report can be obtained off of the Galena Capital Corp. website.

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 over 70 projects its team has access to. For further information please visit or contact the company directly at the contact information provided below.

Ron Parent, a Qualified Person pursuant to National Instrument 43-101 has reviewed the technical information contained in this release.



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