Galena Capital Corp.
TSX VENTURE : FYI

Galena Capital Corp.

May 09, 2008 09:00 ET

Galena Capital Progress Report-Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 9, 2008) - Galena Capital Corp. (TSX VENTURE:FYI) (the "Company" or "Galena"), a resource exploration and development company listed on the TSX Venture Exchange (the "Exchange") wishes to provide an update on its on-going exploration program and specifically comment on the Mercedes project, which is the next project the Company will be drill testing in Mexico.

Galena is currently drilling at the Melissa project, where a 4-hole diamond drill program is underway. Melissa is located in the state of Sonora, Mexico. This work program is expected to be completed within the next 3 weeks. Immediately upon completion of the Melissa drill program, the contractor will demobilize the rig and related equipment and move to the Mercedes Project to commence that drill program. A 20-hole program is planned with the initial phase being 6 holes, with a minimum of 900 metres, dependant on the mineralization.

The Mercedes project is located in a historic mining district which has had many operating mines in the past. The Mercedes project covers 360 hectares in the north east quadrant of the province of Sonora, due east of the city of Hermosillo. Exploration activities in the area have been ongoing and a number of properties have current operations; including Alamo Gold's Mulatos project, EXMIN Resources' Moris project, and Gammon Gold's Ocampo project.

The Company's work program is to complete a diamond drill program to test the extent of the mineralized area; a number of step out holes will be drilled to test the dimensions of the project. In addition, the Company proposes to drill to depth to test the sulphide target. Infrastructure for the project is excellent with access by a paved road from the city of Hermosilo. All permits have been applied for and should be obtained by the end of May, 2008.

President Arni Johannson, states, "Galena continues to advance our projects and expects the release of assay results from a number of our drill projects over the course of the coming weeks." For the latest audio update from Mr. Johannson, click here: www.GalenaCorp.com/multimedia.html and then click on the audio update icon.

As previously announced with the acquisitions of Minas Vallarta and Norma Mines (see news releases of January 15, 2008 and March 25, 2008), the Company acquired the rights to a number of highly prospective gold and silver exploration projects in Mexico and Peru which are being systematically targeted and tested. All of Galena's exploration programs are carried out under the supervision of Luc Rioux, P. Geo., the Company's "Qualified Person" for the purposes of NI 43-101.

For further information please visit our website, www.GalenaCorp.com or contact Galena directly on the number below.

ON BEHALF OF GALENA CAPITAL CORP.,

Arni Johnannson, Chairman, CEO

This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Galena Capital Corp., are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Galena Capital Corp.'s expectations are exploration risks detailed herein and from time to time in the filings made by Galena Capital Corp. with securities regulators.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Contact Information

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