Press Releases
2009-07-16 11:34:06
Galena Announces Joint Venture with QRS Capit
Vancouver, B.C., July 15, 2009 - Galena Capital Corp. (TSXV: FYI) (the "Company" or "Galena"), a Vancouver based company listed on the TSX Venture Exchange (the "Exchange"), is pleased to announce that it has entered into a letter agreement dated July 15, 2009 with QRS Capital Corp. ("QRS"), in respect of a proposed joint venture to be established following the closing of QRS' proposed Qualifying Transaction.
Under the terms of the letter agreement, it is proposed that QRS, Galena and a wholly-owned Peruvian subsidiary of Galena will enter into a joint venture for the exploration and development of Galena's six mineral claims that comprise the Tablachaca Golden River Property, located in Ancash in the Province of Pallasca, Peru (the "Property"). Pursuant to the terms of the letter agreement, the parties have agreed to enter into a definitive joint venture agreement on or prior to August 15, 2009 and intend to close such agreement immediately after the closing of the QRS Qualifying Transaction.
Galena's subsidiary has agreed to act as operator of the joint venture with respect to the exploration and development of the Property and QRS has agreed to fund all exploration and development costs until the commencement of commercial productions following which such costs will be shared. After the joint venture generates profit, it will first be applied to repay the costs advanced by QRS, following which such profit will be shared on an equal basis.
In consideration for the establishment of the joint venture, QRS has agreed to issue 250,000 of its common shares to Galena upon the closing of the definitive agreement and an additional 750,000 common shares upon the commencement of commercial production. In addition, QRS has agreed to pay Galena Cdn$150,000 ten days after the closing of the Qualifying Transaction, such funds to be used by Galena as an advance of costs to conduct further exploration on the Property. Upon the closing date, Galena has agreed to grant QRS a right of first refusal in respect of the sale or transfer of any Peruvian property interests held by Galena or any joint venture opportunities in Peru that Galena offers to the market.
The Property
The Property totals approximately 1,304.5 hectares of mining concessions and comprises the following Claims known as the Tablachaca Golden River Property located in Ancash in the Province of Pallasca, Peru: Golden 2008-1, Golden 2008-2, Golden 2008-3, Golden 2008-4, Golden 2008-5, Golden 2008-6.
ON BEHALF OF GALENA CAPITAL CORP.
"Arni Johannson"
ARNI JOHANNSON
CHAIRMAN AND CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Back to Press ReleasesUnder the terms of the letter agreement, it is proposed that QRS, Galena and a wholly-owned Peruvian subsidiary of Galena will enter into a joint venture for the exploration and development of Galena's six mineral claims that comprise the Tablachaca Golden River Property, located in Ancash in the Province of Pallasca, Peru (the "Property"). Pursuant to the terms of the letter agreement, the parties have agreed to enter into a definitive joint venture agreement on or prior to August 15, 2009 and intend to close such agreement immediately after the closing of the QRS Qualifying Transaction.
Galena's subsidiary has agreed to act as operator of the joint venture with respect to the exploration and development of the Property and QRS has agreed to fund all exploration and development costs until the commencement of commercial productions following which such costs will be shared. After the joint venture generates profit, it will first be applied to repay the costs advanced by QRS, following which such profit will be shared on an equal basis.
In consideration for the establishment of the joint venture, QRS has agreed to issue 250,000 of its common shares to Galena upon the closing of the definitive agreement and an additional 750,000 common shares upon the commencement of commercial production. In addition, QRS has agreed to pay Galena Cdn$150,000 ten days after the closing of the Qualifying Transaction, such funds to be used by Galena as an advance of costs to conduct further exploration on the Property. Upon the closing date, Galena has agreed to grant QRS a right of first refusal in respect of the sale or transfer of any Peruvian property interests held by Galena or any joint venture opportunities in Peru that Galena offers to the market.
The Property
The Property totals approximately 1,304.5 hectares of mining concessions and comprises the following Claims known as the Tablachaca Golden River Property located in Ancash in the Province of Pallasca, Peru: Golden 2008-1, Golden 2008-2, Golden 2008-3, Golden 2008-4, Golden 2008-5, Golden 2008-6.
ON BEHALF OF GALENA CAPITAL CORP.
"Arni Johannson"
ARNI JOHANNSON
CHAIRMAN AND CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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