Press Releases

2008-05-09 08:37:42

Galena Capital Corp

Vancouver, British Columbia, May 9th, 2008
GALENA CAPITAL PROGRESS REPORT - MEXICO

Galena Capital Corp. (TSXV: 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 the 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 Johannson"
Arni Johannson
Chairman & CEO
For further information contact: Ian Pedersen (Investor Relations)

Suite 1101, 808 West Hastings Street, Vancouver, British Columbia, V6C 2X4, Canada
Tel: (604) 638 - 0260     Toll Free: (877) 906 - 3987


THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.


Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to the completion of transactions, the timing and amount of payments and securities issuances, the completion of financings, the completion of Galena's three-step business plan, the use of proceeds, future exploration, development and production activities, future expenditures, and completion of technical reports. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the ability to complete contemplated transactions, payments, share issuances and financings, the use of proceeds, the time and success of future exploration, development and production activities and the timing and amount of expenditures.