Press Releases
2008-11-19 15:32:07
Corporate Update and Business Strategies
Vancouver, British Columbia November 18, 2008 - Galena Capital Corp. (TSXV: FYI) (the "Company" or "Galena"), is pleased to provide the following update regarding our plans for the remainder of the year and looking towards the first quarter of 2009.
Given the current market conditions, the company has significantly reduced overhead and project expenditures. Going forward, we will reduce the staff in Peru and focus primarily on our Mexican projects. Over the past few months, the Company's management team has been able to make critical assessment decisions on our current projects and will be sourcing out opportunities from other companies in need of critical capital injections.
Current Financial Resources
The company's present treasury is approximately CDN $2.3 million, of which an estimated CDN $240,000 will be spent on assessing and developing some short-term, high value cash flow opportunities. Further project expenditures will be financed via joint ventures which the company is currently negotiating and seeking out viable partners. Galena's annual cash burn rate, including property maintenance costs, is being reduced to approximately CDN $1.5 million.
Projects
Galena holds a balanced portfolio of extensive exploration properties in both Mexico and Peru and has identified over 50 favourable targets on 5 properties that warrant major drill testing. Over the next three months management will be reviewing each project to make one of three decisions: 1) To develop a budget for director approval; 2) Keep the project in good standing and wait for stronger capital markets 3) Find a joint Venture or release the project.
Growth
It is our objective to continue to grow and take advantage of opportunities during this market downturn. Galena's primary focus will be to realize some short-term cash flow opportunities and be in a position to advance on new opportunities as they become available.
Chairman Arni Johannson advises shareholders and potential investors: "As a result of market conditions, we are reducing expenditures across the board, yet plan to maintain our key assets and management team, and cost-effectively advance select projects to ensure the value added to our projects to date is safeguarded and potentially enhanced in some areas on behalf of our shareholders."
The Company also announces that it has entered into Management Services Agreement with Canadian Nexus Ventures Ltd. The Management Services Agreement includes direct costs covered by the agreement over a two year period, and is to be reviewed annually.
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
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Back to Press ReleasesGiven the current market conditions, the company has significantly reduced overhead and project expenditures. Going forward, we will reduce the staff in Peru and focus primarily on our Mexican projects. Over the past few months, the Company's management team has been able to make critical assessment decisions on our current projects and will be sourcing out opportunities from other companies in need of critical capital injections.
Current Financial Resources
The company's present treasury is approximately CDN $2.3 million, of which an estimated CDN $240,000 will be spent on assessing and developing some short-term, high value cash flow opportunities. Further project expenditures will be financed via joint ventures which the company is currently negotiating and seeking out viable partners. Galena's annual cash burn rate, including property maintenance costs, is being reduced to approximately CDN $1.5 million.
Projects
Galena holds a balanced portfolio of extensive exploration properties in both Mexico and Peru and has identified over 50 favourable targets on 5 properties that warrant major drill testing. Over the next three months management will be reviewing each project to make one of three decisions: 1) To develop a budget for director approval; 2) Keep the project in good standing and wait for stronger capital markets 3) Find a joint Venture or release the project.
Growth
It is our objective to continue to grow and take advantage of opportunities during this market downturn. Galena's primary focus will be to realize some short-term cash flow opportunities and be in a position to advance on new opportunities as they become available.
Chairman Arni Johannson advises shareholders and potential investors: "As a result of market conditions, we are reducing expenditures across the board, yet plan to maintain our key assets and management team, and cost-effectively advance select projects to ensure the value added to our projects to date is safeguarded and potentially enhanced in some areas on behalf of our shareholders."
The Company also announces that it has entered into Management Services Agreement with Canadian Nexus Ventures Ltd. The Management Services Agreement includes direct costs covered by the agreement over a two year period, and is to be reviewed annually.
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
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Media
Galena CEO Arni Johannson appears on the BBN program, 'Small Caps'. Play Clip
Utilities
Galena Corporate Presentation
Download Here
Audio Update
Listen Here
Corporate Overview
Download Here
Blackberry PPT
Request Call Back
Join The
Galena Network
