Galena Capital Corp.
TSX VENTURE : FYI

Galena Capital Corp.

July 07, 2008 08:00 ET

Galena Hits High Grade Gold and Silver Vein

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 7, 2008) - Galena Capital Corp. (TSX VENTURE:FYI) (the "Company") is pleased to announce the results from the Phase I drilling program on the Maureen property, located in the state of Nayarit, Mexico. The drilling confirms the occurrence of both gold and silver mineralization and shows that high grade mineralization at depth continues on the property.

Highlights:

MRE-08-04 assayed 0.19 g/t Au and 38.89 g/t Ag over 8.00 m. including 0.66 g/t Au and 235.50 g/t Ag over 1.00 m.

MRE-08-06 assayed 1.98 g/t Au and 326.25 g/t Ag over 4.30 m. including 4.28 g/t Au and 725.60 g/t Ag over 1.00 m. and 3.21 g/t Au and 566.40 g/t Ag over 1.00 m.

MRE-08-07 assayed 13.95 g/t Au and 245.21 g/t Ag over 9.10 m. including 125.63 g/t Au and 2,174.80 g/t Ag over 1.00 m.; 0.25 g/t Au and 39.80 g/t Ag over 1.00 m. and also including 0.76 g/t Au and 12.90 g/t Ag over 1.00 m.

Galena is presently developing their Phase II drill program to include the lateral extensions of the La Suerte vein. Hole MRE-08-07 required additional sampling due to some areas within the high grading zone that were not sampled. At present, we have assumed the gaps to contain no traces of gold or silver. The Company is awaiting results. Nine (9) holes were drilled during this phase of exploration, for a total drilling amount of 1,984.4 metres.



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Drill hole From (m) To (m) Length (m) Au g/t Ag g/t
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MRE-08-01 38.0 41.0 3.0 0.07 22.73
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including 0.01 55.4
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43.00 44.00 1.0 0.05 18.90
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90.0 91.00 1.0 0.04 10.0
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MRE-08-02 120.0 122.0 2.0 0.06 5.95
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including 1.0 0.09 6.90
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239.0 240.0 1.0 0.04 3.90
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MRE-08-03A 92.0 93.0 1.0 0.06 10.0
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MRE-08-04 33.0 34.0 1.0 0.12 3.0
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37.0 45.0 8.0 0.19 38.89
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including 1.0 0.66 235.5
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MRE-08-05 94.0 96.0 2.0 0.08 23.65
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including 1.0 0.13 38.4
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114.0 115.0 1.0 0.11 2.0
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MRE-08-06 61.6 62.6 1.0 0.12 6.0
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66.3 66.8 0.5 0.04 818.5
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110.6 114.9 4.3 1.98 326.25
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including 1.0 4.28 725.6
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including 1.0 3.21 566.40
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MRE-08-07 47.2 56.3 9.1 13.95 245.21
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including 1.0 125.63 2174.8
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including 1.0 0.25 39.8
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including 1.0 0.76 12.9
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65.8 66.9 1.1 0.2 82.8
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MRE-08-08 20.5 21.5 1.0 0.51 21.9
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51.1 56.5 5.4 0.07 4.1
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including 1.0 0.11 7.9
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59.5 62.9 3.4 0.11 5.35
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including 0.12 7.9
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65.8 69.4 3.6 0.05 6.47
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including 0.5 0.1 17.0
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MRE-08-09 44.0 49.3 5.3 0.12 14.94
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including 1.0 0.19 33.7
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Luc Rioux, Director of Exploration for Galena commented, "These results demonstrate the quality of our asset and the success of our exploration strategy. The aggressive near-production exploration efforts, carried out by our dedicated exploration team in Mexico are realizing the additional discovery potential at our Maureen property".

Drill core was logged, split and sampled by Company personnel at facilities in La Curva, state of Nayarit, Mexico. Samples were subsequently bagged, sealed and shipped under the custody of Company personnel to the Sonora Sample Prep facility in Hermosillo, Sonora where the samples were prepared and in order to reduce shipping costs between Mexico and Canada, only the pulps are shipped to the IPL lab in Vancouver, B.C. to be analyzed by standard industry-recognized assay methods.

The drill program and technical data are under the management of Luc Rioux, P. Geo., who is a Qualified Person pursuant to National Instrument 43-101 and have reviewed and verified the technical information contained in this news release.

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

ON BEHALF OF GALENA CAPITAL CORP.,

Arni Johannson, Chairman & CEO

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. 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.

Contact Information

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