FYI Galena Capital Corp

Galena Capital Corp. (TSX VENTURE:FYI) (the "Company" or "Galena"), a Vancouver
based company listed on the TSX Venture Exchange, is pleased to announce it has
entered into a non-binding Letter of Intent with Imperial Petroleum, Inc.
("Imperial"), a U.S. based company (www.ImperialPetroleumInc.com).


A wholly owned subsidiary of Imperial holds a process technology license (the
"License") respecting a patented and proprietary process that allows for the
recovery of bitumen from oil sands (tar sands). The technology utilizes a
non-thermal, mechanical and chemical process in a closed-loop system to recover
bitumen from oil sands. The closed-loop process results in zero discharge,
except for clean sand and the separated bitumen product.


The Letter of Intent contemplates:



--  The formation of a new entity to be named "Arena Energy, LLC" ("Arena"),
    which is expected to be a Nevada LLC whose capital stock will be owned,
    directly or indirectly, by Galena and Imperial on a 50/50 basis. 
    
--  Arena and Imperial will sign a sub-license agreement under which Arena
    will have a non-exclusive sub-license to use the oil sands recovery
    technology for development of a specific project in the United States. 
    
--  Galena will invest US$850,000 in Arena which will be used to fund: (i)
    the purchase of the sub-license of the oil sands recovery technology;
    (ii) acquisition of a production unit capable of processing up to 2,500
    tons of oil sands per 24 hour period; (iii) lease and equipment
    acquisition and general start up expenses. 
    
--  Galena will be entitled to recover its invested capital out of 80% of
    the net cash flow of Arena after which the 50/50 profit sharing will
    come into effect. 
    
--  The parties' obligations are subject to completion of due diligence, the
    execution of a definitive agreement between Galena and Imperial, and
    receipt of all required regulatory approvals. 



Galena and Imperial intend that Arena will install its initial operation at one
of several potential sites in the U.S. that will provide sufficient minable oil
sands capable of sustaining operations for several years. Based on proof of
concept production runs by Imperial, the production unit to be acquired by Arena
is estimated to commence operations at 300 tons per day with a goal of expanding
to 2,400 tons per day based on Imperial's estimate of the production unit's
maximum capacity.


"Management of Galena looks forward to the satisfactory completion of the due
diligence and finalization of a definitive agreement between Galena and
Imperial. This proprietary technology and process could position Galena at the
forefront of new oil recovery technologies and will provide a highly scalable
business model," states CEO John Seaman.


ON BEHALF OF THE BOARD OF DIRECTORS

GALENA CAPITAL CORP.

FORWARD-LOOKING STATEMENTS

Certain statements made and information contained herein constitute
"forward-looking information" (within the meaning of applicable Canadian
securities legislation). Such statements and information (together, "forward
looking statements") relate to future events or the Company's future
performance, business prospects or opportunities. Forward-looking statements
include, but are not limited to, statements with respect to, the successful
completion of negotiations respecting the sub-licensing of the patented
technology, future production levels, future capital expenditures and their
allocation to exploration and development activities, and expected operating
capacity, that are based on forecasts of future results, estimates of amounts
not yet determinable and assumptions of management.


All statements other than statements of historical fact may be forward-looking
statements. Any statements that express or involve discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives, assumptions
or future events or performance (often, but not always, using words or phrases
such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may",
"will", "project", "predict", "potential", "targeting", "intend", "could",
"might", "should", "believe" and similar expressions) are not statements of
historical fact and may be "forward-looking statements". Forward-looking
statements involve known and unknown risks, uncertainties and other factors that
may cause actual results or events to differ materially from those anticipated
in such forward-looking statements. The Company believes that the expectations
reflected in those forward-looking statements are reasonable, but no assurance
can be given that these expectations will prove to be correct and such
forward-looking statements should not be unduly relied upon.


The Company does not intend, and does not assume any obligation, to update these
forward-looking statements, except as required by applicable laws. These
forward-looking statements involve risks and uncertainties relating to, among
other things, results of exploration and development activities, uninsured
risks, regulatory changes, defects in title, availability of materials and
equipment, timeliness of government or other regulatory approvals, actual
performance of facilities, availability of financing on reasonable terms,
availability of third party service providers, equipment and processes relative
to specifications and expectations and unanticipated environmental impacts on
operations. Actual results may differ materially from those expressed or implied
by such forward-looking statements.

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