Press Releases

2008-07-23 09:07:44

Vancouver, British Columbia, July 23rd, 2008 - Galena Capital Corp. (TSXV: FYI) (the "Company" or "Galena"), is pleased to announce the commencement of the internal drill program on its Maria project. The Maria property is comprised of over 544 hectares and is located in the state of Queretaro, Mexico close to the town of El Doctor. The property is held through the Company's wholly owned Mexican subsidiary, Norma Mines SA de CV ("Norma").
The Maria property is a past producer of high grade silver and lead from the early 1900's. As previously released in our news release dated February 29th, 2008, significant samples ranged as follows;
0.5m's length of 4.0g/t Au; 9924g/t Ag and 5.2% Pb and 3.8% Zn
1.0m's length of 1.5g/t Au; 3299g/t Ag and 0.7% Pb
0.6m's length of 7.9g/t Au; 2262g/t Ag and 1.6% Pb
1.4m's length of 2.4g/t Au; 1756g/t Ag and 1.0% Pb
1.0m's length of 1.6g/t Au; 7432g/t Ag and 2.2% Pb
A copy of the NI 43-101 on Maria, as prepared by Owen Miller, Qualified Person, can be reviewed on the Galena website.
The drill program will take advantage of existing mine workings. Galena's technical team has established underground drill stations to test the significant, never tested at depth, "manto" unit from within the Socavon crosscut. A total of 3,600 meters of drilling, comprising 30 holes has been initiated and extension of the crosscut is planned. Also, surface drilling may be undertaken to test the lateral extension of the "manto" unit. All environmental permitting has been completed on the property. The program at Maria is designed to better define the limits of the high silver and lead deposit.
President of Galena Mexico, Danson Tolman comments, "We are very pleased with the assays reported to date at the Maria property and have started underground diamond core drilling with contractor, World Wide Drilling. All internal pads have been established and prepared for this exciting drill program".
Galena's exploration team is looking to delineate resources of high grade silver and also to clearly define the source of the ore manto and/or vertical veins. Structural analysis of the area suggests vertical structures throughout the region. Definition of these structures and the sub-horizontal dimension of the manto are the principal objectives.
The most current information available concerning the historical estimation of the resources on the Maria project are taken from a report issued by the Mexican Ministry of Economics (which can be viewed on their website at http://www.economia.gob.mx/pics/p/p1683/Nepomuceno_Project.pdf ).
In 1989, COREMI (Consejo de Recursos Minerales) estimated a total of 55,220 tons grading 0.73 g/t Au and 592 g/t Ag within the oxidized manto. Contained within the property workings is also 2,000 tons of stockpile grading 362 g/t Ag. (Excerpt taken from 43-101 report by Owen D. W. Miller, March 2008).
Current exploration work is being supervised by Luc Rioux, P. Geo., designated Qualified Person for Galena Capital Corporation, who has reviewed this press release. The resource estimates from this report are not to be relied upon since these reports are not compliant with NI 43-101 standards.
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"
Arni Johannson
Chairman & CEO