28 Nov

Galway Announces More Encouraging Drill Results from Indian Springs

Released: November 28, 2006

Elko, Nevada: November 28, 2006 – Galway Resources Ltd. (GWY: TSX-V) is pleased to announce encouraging drilling results from the Indian Springs tungsten project. The company recently completed its’ 20 hole 6,000 foot reverse circulation program, and just more recently finished a 5 hole 2,000 feet core program. Results for the first ten holes were reported on August 29, 2006 and on September 26, 2006. Receipt of the results for the last 5 reverse circulation holes and 4 core rig holes are still pending.

“These intercepts indicate good potential for expanding the Indian Springs resource at depth. Combining the results of the two recently completed drilling campaigns with the historical drill data will allow Galway to move forward with the N.I. 43-101-compliant resource estimate to be completed by SRK Consulting in January. That will keep us on track to produce a Scoping Study in March 2007.” cites Marshall Himes the COO of Galway Resources.

Highlights of the Current Drill Results
Analytical results have been received for an additional five holes from the Indian Springs project and are shown in the table provided on the top of the next page. Of particular interest are:

• New Areas of Mineralization: Holes ISR06-112 and ISR06-113 that intersected 280 feet and 100 feet of mineralization in deeper portions of the deposit that have received little previous drilling. Results are pending for a core hole that has since been drilled near ISR06-113.

• High Grade Intercepts: Hole 112 also encountered some very high grade ore grade intercepts in excess of 0.80% WO3.

Current Tungsten Pricing
After trading between $45- $75 per short ton unit (as reported by Metal Bulletin and the United States Geological Service) during the 1980s and 1990s, the significant decrease in exports from China served as the impetus for prices to rise sharply at the end of 2004. Since October of 2005, tungsten prices have remained above $250 per short ton unit, with current pricing above $260 per short ton unit. Note, one short ton unit is equal to 20 pounds of WO3, which puts current tungsten prices at $13.00 per pound.

Hole ID                           From       To    Interval     WO3%
                                                    (Feet)   Fusion/XRF
ISR06-111                           65        80        15      0.20
460 feet TD                        175       205        30      0.19
Twins J-2 (open rotary)
Twins IS-8 (core)                  295       435       140      0.16
                      including    370       375         5      1.38
ISR06-112                          115       140        25      0.25
620 feet TD                        150       175        25      0.16
Tests deeper open
 portion of deposit                315       595       280      0.23
                      including    315       330        15      0.87
                            and    385       395        10      0.85
ISR06-113                          280       380       100      0.17
380 feet TD
Tests deeper open
 portion of deposit
ISC06-115 (core)                    30        45        15      0.30
363 feet TD                        101       145        44      0.25
Twins ISRC-1 (RC)
Twins UCW-83
 (open percussion)                 260       290        30      0.18

ISR06-116                          140       210        70      0.19
260 feet TD
 Expands south end

The near-surface mineralization at Indian Springs tends to dip shallowly to the east. The holes reported here cut the shallow mineralized zones nearly perpendicularly and represent approximately true thickness intercepts. The geometry of the deeper zones is not understood as well, but the holes were not drilled down-dip or parallel to the trend of mineralization and the intercepts are thought to represent substantial zones of disseminated mineralization.

About Indian Springs
The Indian Springs Tungsten Property, located in northeastern Nevada (25 miles north of Montello), is an advanced stage exploration property that has been inactive since the early 1980’s due to low tungsten prices. The open-pittable project represents an opportunity for Galway Resources to bring a historical advanced tungsten property to the Scoping Study (expected March 2007) level in less than 1 year of acquisition by spending less than US$1 million.

The project had undergone extensive exploration drilling and metallurgical testing during the period of 1968 through 1986, including the activities of three major mining companies; Placer Amex, Union Carbide, and Utah International; for a total estimated expenditure of from US$3.0 to $5.0 million. A historical tungsten resource was defined based upon 336 drill holes, representing over 82,000 feet of drilling and thousands of feet of trenching, geologic mapping, sampling, along with metallurgical testing. The drill-defined tungsten mineralization has exploration potential along strike to the northeast and southwest.

The most current reserve, carried out by Utah International in 1984 (internal Company documentation), stated a reserve of 8.85 million tons @ 0.257% WO3 at a 0.17% cutoff and a strip ratio of 4.8. Additionally, using a lower cut-off grade on the same ore body, Utah International also reported a reserve of 21.94 million tons @ 0.179% WO3, at a 0.10% cut-off grade and a strip ratio 1.3. These historical reserve numbers should not be relied upon as they have not been classified according to CIM resource/reserve categories. There is insufficient documentation to categorize the historical “reserves” and therefore to reconcile them with current NI 43-101 resource/reserve categories. While current NI 43-101 compliant resources and/or reserves are not established for Indian Springs, Galway considers the project data to be substantial and relevant. Indications are that resource estimation is achievable using the large amount of existing historical drill data. Plans are in place for SRK Consulting U.S. to produce a N.I. 43-101 resource estimate sometime in January 2007.

About the Company
Management is focused on developing three U.S. based exploration projects that are favorably located and have over 300,000 feet of historical drilling. We have established a solid technical team that is compiling all the historical data and are now advancing these projects in an aggressive but cost effective manner. Management believes that its strategic portfolio of properties offers investors an interesting exposure to a unique blend of commodities.

QA/QC Statement
The Company has implemented a quality assurance and quality control (QA/QC) program to ensure collection and analysis of all drill samples is conducted in accordance with the best possible practices. Samples are stored in a secured area in Montello prior to transfer to lab personnel for shipping to the Chemex sample preparation facility in Elko, Nevada. Other QA/QC procedures include the insertion of blanks and control samples every 100 feet, and re-assaying duplicate pulps of 5% of all samples and 10% of samples assaying greater than 0.1% WO3. All duplicate samples are re-assayed at both Chemex and at a certified independent laboratory (SGS). WO3 is assayed at the Chemex Vancouver laboratory by two methods: (1) lithium borate fusion with an XRF finish and (2) pressed pellet XRF.

The results of the Company’s current drilling program have been reviewed, verified (including sampling, analytical and test data) and compiled by the Company’s geological staff (which includes a “qualified person,” Bob Morrell, CPG, the Company’s Vice President of Project Development, for the purpose of National Instrument 43-101 Standards of Disclosure for Mineral Projects, of the Canadian Securities Administrators).

Bob Morrell is Galway’s Qualified Person responsible for the activities at Indians Springs and has reviewed the technical content of this news release. Galway is following the “Best Practices Guidelines” in documenting, reporting, and conducting exploration activities at Indian Springs.

For further information contact:

Galway Resources Ltd.

Robert Hinchcliffe
President and Director

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.

Forward Looking Statements:

Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to the completion of transactions, the timing and amount of payments and share issuances, the completion of financings, the use of proceeds, future exploration, development and production activities and future expenditures. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the ability to complete contemplated transactions, payments, share issuances and financings, the use of proceeds, the time and success of future exploration, development and production activities and the timing and amount of expenditures.

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