Vancouver, BC - Galena International Resources Ltd. (TSXV: GTO) (“Galena” or “the Company”) Further to its news releases of August 8, September 29, and November 29, 2016, Galena announces it has received regulatory approval and made the initial option payment and share issuance to acquire the Mikwam property (“Mikwam”) pursuant to the terms of the option agreement with ALX Uranium Corp. (“ALX”) set out in the November 29 news release.
The Mikwam property comprises nine contiguous claims (944 hectares) and is located on the Casa Berardi deformation zone, surrounded by the Detour Gold Burntbush property, in the Larder Lake mining division, approximately 160 kilometres northeast of Timmins, Ont.
Geologically, Mikwam lies in the Harricana-Turgeon belt within the northern portion of the Abitibi greenstone belt of the Superior Province of the Canadian Shield. The Harricana-Turgeon belt hosts polymetallic deposits and several well-known gold deposits such as the Eagle mine, the Casa-Berardi mine and the Detour mine. Earlier this year, Detour Gold Corporation staked its Burntbush project which completely surrounds the Mikwam property. In their September 15, 2016 news release, Detour noted that Galena’s Mikwam property is the only portion of the Burntbush land which contains a gold resource.
Galena’s Mikwam property located within Detour’s Burntbush Property. Map prepared using Google Image (Imagery Date July 11, 2013) and the Ministry of Northern Development an Mines, Claim Data from October 21, 2016.
In connection with the acquisition of the Mikwam property option, Galena engaged Caracle Creek International Consulting Inc. to prepare a National Instrument 43-101 technical report on the Mikwam property. The report, entitled “Independent Technical Report – Mikwam Gold Property – Noseworthy Township, Ontario, Canada”, dated December 8, 2016 (the “Report”), will be available under Galena’s profile at www.sedar.com.
The Report provides an estimated inferred resource for Mikwam, presented below, of 1,810,000 tonnes at 2.34 grams per tonne, containing 136,000 ounces.
Grade Au (g/t)
Contained Au (Ounces)2
Reported cut-off grade of 1.00 g/t Au. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
1Tonnes have been rounded to the nearest 10,000. Grade has been rounded to two (2) significant digits.
2Rounded to the nearest 1,000.
Mark N.J. Ashcroft, President & CEO of Galena, commented, “We are extremely happy to have added the Mikwam property to our Abitibi Gold belt portfolio of assets. With an inferred resource of 136,000 oz, it gives us an excellent starting point in order to further expand the resource. With this agreement, Galena is now the second largest land holder, with 12,537 hectares, in the Burntbush and Lower Detour camps, where we intend to conduct additional exploration in the upcoming exploration season.”
In connection with closing of the acquisition of the option, Galena’s shares have been transferred from the NEX board to Tier 2 of the TSX Venture Exchange. It is anticipated that Galena’s shares will commence trading on Tier 2 under the symbol “GTO” effective at the market open on December 12, 2016.
Galena is a mineral exploration company, with a focus on gold within the prolific Abitibi Gold belt. The company will be considering additional acquisitions of advanced staged opportunities in proven mining districts. Galena has a sound management team with experience in all facets of the mineral exploration and mining industry.
Mr. Jeremy Niemi, P.Geo., the Company’s Qualified Person as defined by National Instrument 43-101 for the Abitibi Greenstone belt projects, has reviewed and approved the technical information in this news release.
GALENA INTERNATIONAL RESOURCES LTD.
“Mark N. J. Ashcroft”
Mark N. J. Ashcroft, President & CEO
For further information please contact Mark Ashcroft at 604-687-3959
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.
All statementsinthispressrelease, otherthanstatementsof historical fact, are”forward-looking information”with respectto Galenawithin themeaning of applicable securitieslaws,including statementswithrespect totheacquisitionofMikwam,resultsofexplorationanddevelopment activities,andthetransactionscontemplatedinconnectiontherewith.TheCompany provides forward-looking statements for thepurpose of conveying informationabout current expectationsandplansrelating tothefutureandreadersarecautionedthatsuch statementsmay notbeappropriateforotherpurposes.By itsnature,thisinformation issubject toinherent risksanduncertaintiesthat maybegeneral orspecificandwhichgiverisetothepossibilitythat expectations,forecasts,predictions,projections orconclusions willnotproveto beaccurate,thatassumptionsmaynotbecorrectandthatobjectives,strategicgoalsandprioritieswillnot beachieved. Theserisksanduncertaintiesincludebut arenot limited tothose identified and reported in Galena’s public filingsunder GalenaInternational’sSEDARprofileat www.sedar.com.AlthoughGalenahasattemptedtoidentify importantfactorsthatcouldcauseactualactions,eventsor resultstodiffermateriallyfromthosedescribedinforward-lookinginformation,theremaybeother factorsthatcauseactions,events orresults nottobeas anticipated,estimated orintended.Therecanbeno assurancethatsuchinformationwillproveto beaccurateasactualresultsandfuture events could differ materially from those anticipated in such statements. Galenadisclaims any intention or obligation to update or revise any forward-looking information,whetherasaresultofnew information,future eventsorotherwise unlessrequiredbylaw.. Although Galena has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Galena disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.