Galena Capital Corp.
TSX VENTURE : FYI

Galena Capital Corp.

September 10, 2008 08:30 ET

Galena Intercepts High Grade Vein on Maureen Property

Galena Plans Phase II Drilling of Maureen Based on Vein Interception of 3.66 Ounces of Gold and 63.43 Ounces of Silver Over One Metre

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 10, 2008) - Galena Capital Corp. (TSX VENTURE:FYI) (the "Company" or "Galena") confirms the results of the exploration work that has been completed on the Maureen property. The work that was completed in the Spring and Summer of 2008 consisted of core drilling (HQ-NQ) 2,024.4 metres in 9 drill holes. One drill hole yielded very high-grade results in gold and silver: MRE-08-07. The best results from that hole returned 17.51 g/t Au and 342.7 g/t Ag over 9.1 metres (6.8 m true width), including 125.63 g/t Au and 2,174.8 g/t Ag over 1.0 metre and also including 46.17 g/t Au and 1,263.1 g/t Ag over 0.7 metre (0.33 m true width).

The Maureen property is comprised of 3 non-contiguous claims covering an area of approximately 186.2 hectares and is located approximately 20 kilometres south southeast of the city of Tepic, state capital of Nayarit, Mexico. The Maureen property is a historic, small-scale past producer of high-grade gold and silver. As previously released in the 43-101 report prepared by Mr. Ron Parent of ResourceEye Services Inc., grab samples on the property ran as high as 69.8 grams per ton Au and 705.5 grams per ton Ag. A copy of the report can be reviewed on the Galena website.

A portion of the planned Phase II drilling will concentrate in this high-grade area, in an effort to better define it. The proposed drilling consists of 1,900 metres in 19 holes averaging 100 metres in depth. Further drilling is also proposed to delineate the northwest and southeast extensions of the La Suerte vein. Twelve (12) diamond drill holes accounting for 4,200 metres of core drilling would be drilled for that portion of the Phase II drilling.

The full results, as previously announced are as follows:



---------------------------------------------------------------
Length (m)
Drill hole From (m) To (m) (true width) Au g/t Ag g/t
---------------------------------------------------------------
MRE08-01 38.0 41.0 3.0 (2.25) 0.07 22.73
---------------------------------------------------------------
including 0.01 55.4
---------------------------------------------------------------
43.00 44.00 1.0 (0.75) 0.05 18.90
---------------------------------------------------------------
90.0 91.00 1.0 (0.75) 0.04 10.0
---------------------------------------------------------------
MRE08-02 120.0 122.0 2.0 (1.5) 0.06 5.95
---------------------------------------------------------------
including 1.0 (0.75) 0.09 6.90
---------------------------------------------------------------
239.0 240.0 1.0 (0.75) 0.04 3.90
---------------------------------------------------------------
MRE08-03A 92.0 93.0 1.0 (0.75) 0.06 10.0
---------------------------------------------------------------
MRE08-04 33.0 34.0 1.0 (0.75) 0.12 3.0
---------------------------------------------------------------
37.0 45.0 8.0 (6.0) 0.19 38.89
---------------------------------------------------------------
including 1.0 (0.75) 0.66 235.5
---------------------------------------------------------------
MRE08-05 94.0 96.0 2.0 (1.5) 0.08 23.65
---------------------------------------------------------------
including 1.0 (0.75) 0.13 38.4
---------------------------------------------------------------
114.0 115.0 1.0 (0.75) 0.11 2.0
---------------------------------------------------------------
MRE08-06 61.6 62.6 1.0 (0.75) 0.12 6.0
---------------------------------------------------------------
66.3 66.8 0.5 (0.37) 0.04 818.5
---------------------------------------------------------------
110.6 114.9 4.3 (3.2) 1.98 326.25
---------------------------------------------------------------
including 1.0 (0.75) 4.28 725.6
---------------------------------------------------------------
including 1.0 (0.75) 3.21 566.40
---------------------------------------------------------------
MRE08-07 47.2 56.3 9.1 (6.8) 13.95 245.21
---------------------------------------------------------------
including 1.0 (0.75) 125.63 2174.8
---------------------------------------------------------------
including 1.0 (0.75) 0.25 39.8
---------------------------------------------------------------
including 1.0 (0.75) 0.76 12.9
---------------------------------------------------------------
65.8 66.9 1.1 (0.82) 0.2 82.8
---------------------------------------------------------------
MRE08-08 20.5 21.5 1.0 (0.85) 0.51 21.9
---------------------------------------------------------------
51.1 56.5 5.4 (4.6) 0.07 4.1
---------------------------------------------------------------
including 1.0 (0.85) 0.11 7.9
---------------------------------------------------------------
59.5 62.9 3.4 (2.9) 0.11 5.35
---------------------------------------------------------------
including 0.12 7.9
---------------------------------------------------------------
65.8 69.4 3.6 (3.06) 0.05 6.47
---------------------------------------------------------------
including 0.5 (0.42) 0.1 17.0
---------------------------------------------------------------
MRE08-09 44.0 49.3 5.3 (4.5) 0.12 14.94
---------------------------------------------------------------
including 1.0 (0.85) 0.19 33.7
---------------------------------------------------------------


The Company conducted a sampling program in the inclined shaft of the San Francisco mine. This was to corroborate values obtained by Mr. R. Parent in 2007. Mr. Parent's samples ran between 0.02 and 69.8 g/t Au and 0.9 and 705.5 g/t Ag. Minas de Vallarta's sampling ran between 0.36 and 186.6 g/t Au; 32.0 and 438.0 g/t Ag. Mr. Parent's sample #3006 returned values of 69.8 g/t Au whereas Minas de Vallarta sampling in the same area returned values of 186.6 g/t Au over a width of 1.4 metre (1.0 m true width)-(sample #22126). A distance of approximately 115 metres separates the high-grade values in the inclined shaft and the high-grade results intersected in diamond drill hole MRE-08-07.

The Company is considering drifting between these two locations.

To view Figure 1. Location of proposed drill holes near high grading zone, please click on the following link: http://media3.marketwire.com/docs/fyi910m1.pdf.

The present exploration work is being supervised by Luc Rioux, P. Geo., a "qualified person" for the purposes of National Instrument 43-101, has verified the data disclosed in this news release.

Danson Tolman, Vice President of Exploration state "We regard these results as the starting point for the work we intend to carry out at Maureen. The favourable results warrant follow-up drilling to assess their ultimate potential."

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.

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

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