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smartbiz85

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smartbiz85

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Friday, 10/08/2004 3:45:10 PM

Friday, October 08, 2004 3:45:10 PM

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Galaxy Minerals Announces Possible Stock Swap With a London Investment Company

LAKE VILLA, Ill., Jul 28, 2004 /PRNewswire-FirstCall via COMTEX/ -- Galaxy Minerals, Inc. (OTC Bulletin Board: GAXY), a mining company with 51 percent interest in 52 mining claims over 1,040 acres in Santa Cruz County, Arizona, today announced it has entered into a conditional stock purchase agreement with a London-based investment company.
Under the terms of the agreement with the investment company, Galaxy Minerals, Inc. has agreed to issue 31,578,950 shares of common stock, restricted in accordance with Rule 144 to the investment company in exchange for a number of ordinary shares of the investment company, calculated by dividing the market value of Galaxy's shares by the US dollar/pound sterling exchange rate. All of the shares of both companies will be placed into an escrow, and released if certain conditions are satisfied. If the investment company has not listed its shares on the London Stock Exchange by September 30, 2004, the Company may rescind the agreement with investment company without further obligation.

http://www.pinksheets.com/quote/news.jsp?url=fis_story.asp%3Ftextpath%3DCOMTEX%5Cpr%5C2004%5C07%5C28...



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