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July 7, 2008
Galena News Release
Vancouver, British Columbia, July 7, 2008 - Galena Capital Corp. (TSXV:
FYI) (the "Company") is pleased to announce the results from the
Phase I drilling program on the Maureen property, located in the state of
Nayarit, Mexico. The drilling confirms the occurrence of both gold and
silver mineralization and shows that high grade mineralization at depth
continues on the property.
Highlights:
MRE-08-04 assayed 0.19 g/t Au and 38.89 g/t Ag over 8.00
m. including 0.66 g/t Au and 235.50 g/t Ag over 1.00 m.
MRE-08-06 assayed 1.98 g/t Au and 326.25 g/t Ag over
4.30 m. including 4.28 g/t Au and 725.60 g/t Ag over 1.00 m. and 3.21 g/t
Au and 566.40 g/t Ag over 1.00 m.
MRE-08-07 assayed 13.95 g/t Au and 245.21 g/t Ag over
9.10 m. including 125.63 g/t Au and 2,174.80 g/t Ag over 1.00 m. ; 0.25 g/t
Au and 39.80 g/t Ag over 1.00 m. and also including 0.76 g/t Au and 12.90
g/t Ag over 1.00 m.
Galena is presently developing their Phase II drill program to include
the lateral extensions of the La Suerte vein. Hole MRE-08-07 required
additional sampling due to some areas within the high grading zone that
were not sampled. At present, we have assumed the gaps to contain no traces
of gold or silver. The Company is awaiting results. Nine (9) holes were
drilled during this phase of exploration, for a total drilling amount of
1,984.4 metres.
Drill hole From (m) To
(m) Length (m) Au
g/t Ag g/t
MRE-08-01
38.0
41.0
3.0
0.07 22.73
including
0.01 55.4
43.00
44.00 1.0 0.05
18.90
90.0
91.00 1.0
0.04 10.0
MRE-08-02
120.0
122.0
2.0
0.06 5.95
including
1.0
0.09 6.90
239.0
240.0 1.0
0.04 3.90
MRE-08-03A 92.0
93.0
1.0
0.06 10.0
MRE-08-04
33.0
34.0
1.0
0.12 3.0
37.0
45.0
8.0
0.19 38.89
including
1.0
0.66 235.5
MRE-08-05
94.0
96.0
2.0 0.08
23.65
including
1.0
0.13 38.4
114.0 115.0
1.0
0.11 2.0
MRE-08-06
61.6
62.6
1.0 0.12
6.0
66.3
66.8
0.5
0.04 818.5
110.6 114.9
4.3
1.98 326.25
including
1.0
4.28 725.6
including 1.0
3.21 566.40
MRE-08-07 47.2 56.3
9.1
13.95 245.21
including
1.0
125.63 2174.8
including
1.0
0.25 39.8
including
1.0
0.76 12.9
65.8
66.9
1.1
0.2
82.8
MRE-08-08
20.5
21.5
1.0
0.51 21.9
51.1
56.5
5.4
0.07 4.1
including
1.0
0.11 7.9
59.5
62.9
3.4
0.11 5.35
including
0.12 7.9
65.8 69.4
3.6
0.05 6.47
including 0.5
0.1 17.0
MRE-08-09
44.0
49.3
5.3
0.12 14.94
including 1.0
0.19 33.7
Luc Rioux, Director of Exploration for Galena commented, "These
results demonstrate the quality of our asset and the success of our
exploration strategy. The aggressive near-production exploration efforts,
carried out by our dedicated exploration team in Mexico are realizing the
additional discovery potential at our Maureen property".
Drill core was logged, split and sampled by Company personnel at
facilities in La Curva, state of Nayarit, Mexico. Samples were subsequently
bagged, sealed and shipped under the custody of Company personnel to the
Sonora Sample Prep facility in Hermosillo, Sonora where the samples were
prepared and in order to reduce shipping costs between Mexico and Canada,
only the pulps are shipped to the IPL lab in Vancouver B.C. to be analyzed
by standard industry-recognized assay methods.
The drill program and technical data are under the management of Luc
Rioux, P. Geo., who is a Qualified Person pursuant to National Instrument
43-101 and have reviewed and verified the technical information contained
in this news release.
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
For further information please visit www.GalenaCorp.com
or contact Ian Pedersen (Vice President of Investor Relations) directly at
(604) 638-0260.
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