Galena Capital Corp. Continues Due Diligence on Oil Sands Technology
June 24 2011 - 11:45AM
Marketwired
Galena Capital Corp. (TSX VENTURE: FYI) (the "Company" or
"Galena"), a TSX Venture Exchange listed company, has received the
initial independent report on the previously announced (May 30,
2011 News Release) Imperial Petroleum Inc. (Imperial) Oil Sands
Recovery Demonstration.
The report included a comprehensive engineering examination, and
lab analysis of the end products, which produced materials and
results that were not in line with set expectations. Resulting from
this are a series of questions and clarifications which Galena has
requested from Imperial and which management expects responses to
in short order, which will provide Galena with the information
necessary to conclude this key component of it's due diligence.
Imperial's management has advised that the inconsistencies that
occurred during testing were a result of variables in sand size and
adherents, which they do not believe will occur in a production
unit, where the feedstock sand will be uniform in nature and the
production unit tuned to the correct specifications.
At this time, Galena has not ruled out proceeding with the
announced joint venture but will monitor and update the market on
the progress and development.
On Behalf of the Board of Directors of Galena Capital Corp.
Michael Leahy, VP of Communications
Certain of the statements made in this news release may contain
forward-looking statements within the meaning of applicable
Securities law. We have made numerous assumptions about the
material forward-looking statements and information contained
herein, including among other things, the assumptions about the
price of oil and gas, anticipated costs and expenditures and our
ability to achieve our goals. Even though our management believes
that the assumptions made and the expectations represented by such
statements or information is reasonable, there can be no assurance
that the forward-looking statements or information will prove to be
accurate. Forward-looking statements and information include, but
are not limited to statements or information with respect to known
and unknown risks, uncertainties and other factors which may cause
the Company's actual results, performance or achievements, or
industry results, to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements and information. Such risks,
uncertainties and other factors include, among others, the failure
to obtain necessary regulatory approvals, risks associated with the
oil and gas industry in general (e.g., operational risks in
development, exploration and production; delays or changes in plans
with respect to exploration or development projects or capital
expenditures; the uncertainty of reserve estimates; the uncertainty
of estimates and projections relating to production, costs and
expenses, and health, safety and environmental risks), and
commodity price, interest rate and exchange rate fluctuations.
Should one or more of these risks, uncertainties or other
factors.
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.
Contacts: Galena Capital Corp. Michael Leahy VP of
Communications (604) 683-7588 (604) 683-7589 (FAX)
info@galenacorp.com www.galenacorp.com
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