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Galaxy Minerals Announces Update on Yellow Jacket Mine Project, Santa Cruz County, Arizona

Posted on: Wednesday, 3 August 2005, 09:00 CDT

LAKE VILLA, Ill. and SANTA CRUZ COUNTY, Ariz., Aug. 3 /PRNewswire-FirstCall/ -- Galaxy Minerals (BULLETIN BOARD: GAXY) today announced the progress being made on the Yellow Jacket & Phoenix Mine project in the Oro Blanco Mining District, Santa Cruz County, Arizona.

Matt Symonds, Interim President and CEO of Galaxy Minerals Inc. explains the progress being made:

"Recently we have had relatively dry weather in the area. This allowed a survey team to come out and obtain the exact boundary lines on the two properties. We have purchased fencing to surround the areas in the properties where we will be working. We have also purchased a high security gate and solar powered automatic gate opener, which we believe will make access to the protected areas more secure."

Mr. Symonds said that "we had been informed that the fencing on both properties is being installed now. We are also investigating the building of a structure on the properties in which we intend to have offices, store certain equipment, and house a generator. We recently contacted a well drilling company with the expectation of hiring them to drill a well on one of the properties, and we are currently in negotiations with them."

Mr. Symonds also stated that "Galaxy Minerals recently sent samples of gold bearing ore from the properties to a lab to test the efficiency of our proposed pilot plant. We may conduct additional exploration and development activities from time to time around the properties given the 'Inferred Mineral Resource' status of the project (An 'Inferred Mineral Resource' is that part of a Mineral Resource for which tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and assumed but not verified geological and/or grade continuity. It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes which may be limited or of uncertain quality and reliability.). We have been presented with a cost estimate from a supplier of the pilot plant equipment needed to process the ore from our properties. This cost estimate includes plant equipment, plant circuit design, and the use of the supplier's engineering staff. We intend to have the plant equipment and engineers from our supplier onsite at the properties by the end of September 2005."

Mr. Symonds continued: "If everything we have investigated to this point goes according to schedule, we believe, but can not assure, that the properties will be in pilot production by the end of 2005. The previous revenue estimate for the properties stated in our March 2005 press release will not be realized by the end of this year. Although based upon our testing and estimates we believe the projects will be profitable and attain revenue, we cannot assure that the projects will ever attain revenues or be profitable."

As for the Company's Cullebrillas project in Peru, Mr. Symonds stated that the Company believes that the status of the Cullebrillas has remained materially unchanged from that set forth in our 2004 form 10KSB.

To contact the Company and get further information please call Paul Knopick of E&E Communications at +1-949-707-5365 or e-mail at pknopick@eandecommunications.com or mail to info@galaxyminerals.com.

ABOUT GALAXY MINERALS (http://www.galaxyminerals.com)/

Galaxy Minerals, Inc. is incorporated in the State of Florida and trades on the OTC BB under the symbol GAXY.OB. It is an exploration stage company focusing on Mining & Mining Exploration.

The Company's headquarters are located in Chicago. Galaxy Minerals, Inc. 500 Park Ave. Suite 203 Lake Villa IL 60046 847-265-7600 -- Phone 847-265-0995 -- Fax Lines Email: Info@Galaxyminerals.com Forward-Looking Statements:

Mining and Mining Exploration is inherently risky by nature. If you are contemplating an investment in the company you should prior to any such action, contact your financial advisor and or accountant/Legal counsel or other party in advance of any such action. We recommend that you seek advice from an Industry specific consultant in conjunction to consulting your normal advisor. If you are in any doubt rather exercise caution and stay out.

Certain statements included herein may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties.

There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The Company's actual results could differ materially from those anticipated in such forward-looking statements as a result of a number of factors. These risks and uncertainties, and certain other related factors, are discussed in the Company's Form 10-KSB, Form 10-QSB and other filings with the Securities and Exchange Commission. These forward-looking statements are made as of this date and the Company assumes no obligation to update such forward-looking statements as a result of a number of factors.

Galaxy Minerals

CONTACT: Paul Knopick of E&E Communications, +1-949-707-5365,pknopick@eandecommunications.com, for Galaxy Minerals

Web site: http://www.galaxyminerals.com/

Source: PRNewswire-FirstCall

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