Galena International Resources Ltd.: Withdrawal of Full Mining License Application
23 June 2011 - 10:45AM
Marketwired
Galena International Resources Ltd. (TSX VENTURE: GTO) (the
"Company") wishes to report that it has given notice to the
Directorate General for Energy & Geology ("DGEG"), a division
of the Ministry of Economy and Innovation of the Government of
Portugal, to withdraw its application for a Full Mining License as
it pertains to the Jales/Gralheira project (the "Application") in
Northern Portugal.
The Company determined that the development of the property at
the current time would prove detrimental to the Company and its
shareholders. This is particularly relevant, given the severe
economic crisis in several of the Euro Zone countries and the
technical issues associated with the final recovery of precious
metals from highly arsenical concentrates. In addition there are
environmental issues that may arise relating to the disposal of
residues containing high amounts of arsenic.
The Company has submitted its formal notice of withdrawal to the
DGEG. This has been accepted by the DGEG who have posted notice of
the relinquishment of the property on the DGEG web site. Official
notice of relinquishment will shortly be published in the "Diario
da Republica" (the official Government Gazette). The Company has no
further obligations to the Jales/Gralheira project.
The Company is continuing to examine other mineral exploration
opportunities.
On behalf of the Board of Directors
Randy Turner, Director
This news release may contain forward looking statements
regarding the ongoing and upcoming exploration work and expected
geometry of geological formations and structures. Actual results
may differ materially from those currently anticipated in such
statements.
"Neither the TSX Venture Exchange nor the Investment Industry
Regulatory Organization of Canada accepts responsibility for the
adequacy or accuracy of this release."
Contacts: Galena International Resources Ltd. Randy Turner
Director 604.687.6644 604.687.1448 (FAX)
(TSXV:GTO)
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