Galena Capital Corp.
TSX VENTURE : FYI

Galena Capital Corp.

April 17, 2008 09:27 ET

Galena Provides Maria Property Update

QUERETARO, MEXICO--(Marketwire - April 17, 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 Maria Project.

The Maria property is located in Mexico in San Juan Nepomuceno, in the state of Queretaro and comprised of 354 hectares. It was operational until the beginning of the revolution in 1910. The property is held through the Company's wholly owned Mexican subsidiary Norma Mines SA de CV ("Norma").

The Company's work crews have mobilized to the site and the initial phase of work involves rehabilitation of underground workings to establish work stations from which to conduct an underground drill program. The Company will have installed a ventilation system within the next 10 days which will provide access to all of the old workings and also to the old shaft.

We expect this initial phase of work to be completed within the next three weeks. The Company called for tenders from various drill contractors and after reviewing all quotations has awarded the contract to complete the first phase 3,600 meter drill program to World Wide Exploration S.A. DE C.V. to provide their services. The project manager on the Maria Project is Mr. Danson Tolman, President of Norma Mines. The drill program is anticipated to commence within the next two weeks.

At this time, all of the tunnel geology is completed and the permit to use a bulldozer on the superficial structure is in process. The contractors have given us access to the lower part of the mine, which has approximately a 200 meter incline. We are currently updating the mine plans and sampling. The infrastructure of the property includes access to water. By the end of April, we expect the surveying will be completed and the review of the surface area by the biologist to obtain the environmental permits for exploration will be in place.

Initial exploration work conducted by Norma Mines' geologists included the collection of 66 grab samples under the supervision of Danson Tolman. The complete assay results were previously released on February 29, 2008. The NI43-101 Property Report is now available and can be viewed on our website www.galenacorp.com.

Galena is pleased to announce that Luc Rioux, P. Geo, of Luc Rioux Geoservices has joined the Galena team as our corporate Qualified Person under National Instrument 43-101. Mr. Rioux's curriculum vitae will be made available on our website shortly.

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. Galena's unique three stage business plan will help extract maximum value from the over 70 projects our team has access to.

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

ON BEHALF OF THE BOARD OF DIRECTORS OF

GALENA CAPITAL CORP.,

ARNI JOHNANNSON, CHAIRMAN, CEO

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