Press Releases
2009-02-10 15:33:02
Galena Signs Contract For Judith Silver Mtn.
Vancouver, British Columbia, February 10, 2009 - Galena Capital Corp. (TSXV: FYI) (the "Company" or "Galena"), is pleased to provide this update on its Judith Silver Mountain Property ("Judith") located in the state of Chihuahua, Mexico. The Judith Property is comprised of 6 contiguous claims totaling 597.45 hectares. The property is located 30 kilometres, in a straight line, northeast of the city of Chihuahua, Chihuahua, Mexico. There are substantial historical workings near the Judith property and the area has a long history of resource exploration and development.
The property was acquired in an arms' length transaction with the terms being an initial payment of USD $50,000, which was made in the fall of 2008. The initial payment gave the company the right to a due diligence period during which a detailed diligence program was completed. The work program, which had a total cost of approximately USD $70,000, included a small diamond drill program. The objective of the drill program was to test for continuity and extension of know vein structures and to identify new structures. The drill program was successful in satisfying management's due diligence objectives related to the merits of the property and as a result has made a further payment of USD $ 50,000 and acquired an 80 % interest in the property. The acquisition does not involve the issuance of any shares and no royalty is payable.
The next phase of the Company's work program on this property is to implement a drift program to further identify and explore the structure of the mineralized area of interest. At the completion of the next phase work program the Company anticipates entering into a joint venture agreement to further advance this project.
"The Judith project represents an opportunity that has a short time horizon. The risk versus reward for us is minimal with the goal of having another company advance the opportunity while we reassess our property portfolio in this economic climate. Our geological team carried out a due diligence program and uncovered local infrastructure that could be utilized in future stages of development for this project." states Arni Johannson, chairman of Galena Capital.
Galena's mission statement is to 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 & Director
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Back to Press ReleasesThe property was acquired in an arms' length transaction with the terms being an initial payment of USD $50,000, which was made in the fall of 2008. The initial payment gave the company the right to a due diligence period during which a detailed diligence program was completed. The work program, which had a total cost of approximately USD $70,000, included a small diamond drill program. The objective of the drill program was to test for continuity and extension of know vein structures and to identify new structures. The drill program was successful in satisfying management's due diligence objectives related to the merits of the property and as a result has made a further payment of USD $ 50,000 and acquired an 80 % interest in the property. The acquisition does not involve the issuance of any shares and no royalty is payable.
The next phase of the Company's work program on this property is to implement a drift program to further identify and explore the structure of the mineralized area of interest. At the completion of the next phase work program the Company anticipates entering into a joint venture agreement to further advance this project.
"The Judith project represents an opportunity that has a short time horizon. The risk versus reward for us is minimal with the goal of having another company advance the opportunity while we reassess our property portfolio in this economic climate. Our geological team carried out a due diligence program and uncovered local infrastructure that could be utilized in future stages of development for this project." states Arni Johannson, chairman of Galena Capital.
Galena's mission statement is to 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 & Director
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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