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Chief executive Shane Richardson announced Elford and Galuvao had re-signed until the end of the 2004.
"The emphasis is on young players because they are the future of our club," Richardson said.
"We need to maintain the focus on development of this young talent if we are to become the club we intend to become."
Also signed for the same period were Joel Clinton, Garret Crossman, Shane Rodney, Daniel Russell and Frank Pritchard.
Richardson said negotiations were underway or about to commence with a number of other Panthers.