GXY

Galaxy Capital Corp. (TSX VENTURE:GXY) (the "Company" or "Galaxy") is pleased to
announce that it has completed a helicopter-borne electromagnetic and
magnetometer survey on its Buckingham property, 40 km east of Ottawa. 


The survey was flown by Geo Data Systems GDS Inc., of Laval QC. It consisted of
162 line kilometers of flying using a Eurocopter EC 120B helicopter. Data was
collected using the ProspectTEM Time-Domain EM system as well as a Geometrics
Cesium split-beam total field magnetic sensor. 


Preliminary results from this survey are expected within three weeks, and will
be used to direct a field program of ground geophysics, prospecting, mapping and
sampling.


Update on Corporate Name Change 

As previously announced, the shareholders of Galaxy have approved a change in
the name of the corporation to Galaxy Graphite Corp. An application has been
made to the TSX-V for their consent. Once this change is in effect, the stock
symbol will remain "GXY". 


Chris M. Healey P.Geo, a Qualified Person as defined by National Instrument
43-101, has reviewed and approved the technical content of this release.


ON BEHALF OF THE BOARD

Chris M. Healey, President and CEO

We seek safe harbor.

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