Galena International Resources Ltd.

June 22, 2011 20:45 ET

Galena International Resources Ltd.: Withdrawal of Full Mining License Application

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 22, 2011) - Galena International Resources Ltd. (TSX VENTURE:GTO) (the "Company") wishes to report that it has given notice to the Directorate General for Energy & Geology ("DGEG"), a division of the Ministry of Economy and Innovation of the Government of Portugal, to withdraw its application for a Full Mining License as it pertains to the Jales/Gralheira project (the "Application") in Northern Portugal.

The Company determined that the development of the property at the current time would prove detrimental to the Company and its shareholders. This is particularly relevant, given the severe economic crisis in several of the Euro Zone countries and the technical issues associated with the final recovery of precious metals from highly arsenical concentrates. In addition there are environmental issues that may arise relating to the disposal of residues containing high amounts of arsenic.

The Company has submitted its formal notice of withdrawal to the DGEG. This has been accepted by the DGEG who have posted notice of the relinquishment of the property on the DGEG web site. Official notice of relinquishment will shortly be published in the "Diário da República" (the official Government Gazette). The Company has no further obligations to the Jales/Gralheira project.

The Company is continuing to examine other mineral exploration opportunities.

On behalf of the Board of Directors

Randy Turner, Director

This news release may contain forward looking statements regarding the ongoing and upcoming exploration work and expected geometry of geological formations and structures. Actual results may differ materially from those currently anticipated in such statements.

"Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release."

Contact Information

  • Galena International Resources Ltd.
    Randy Turner
    604.687.1448 (FAX)