Elko, Nevada: November 3, 2006 – Galway Resources Ltd. (GWY: TSX-V)(“Galway” or “the Company”) is pleased to announce that it has engaged SRK Consulting (U.S.) to provide National Instrument 43-101 estimates for both the Victorio and Indian Springs projects. The Company is also pleased to provide an update on the activities of each of its three projects, all of which are located in the western United States.
“The preparation of the NI 43-101 resource estimates is the logical progression in the development of these projects. The acquisition of these projects was based on our extensive due diligence of all the relevant data for each of the properties. Engaging SRK Consulting to conduct these estimates is a good fit, as they have prepared the 43-101 reports and are familiar with each of our three properties,” cites Marshall Himes the COO of Galway Resources.
Management is focused on developing these projects that collectively have over 300,000 feet of historical drilling done by major mining companies, which management believes would cost over US$20 million to replicate. Management seeks to advance each of the three projects in an aggressive, but cost effective manner. More specifically, two scoping studies are expected to be produced over the next ten months.
Indian Springs: During the latest quarter, the Company made significant progress on the geological, metallurgical, and permitting front for developing this open-pittable tungsten project, located in northeastern Nevada. The company is nearing completion of its’ 20 hole 6,000 feet reverse circulation program, and is currently drilling a five hole 2,000 feet core program. The Company looks forward to incorporating the latest drill results into its’ geological database, with the goal of producing a NI 43-101 report by the end of January 2007. SRK Consulting Inc. (Tucson) has been engaged to prepare the NI 43-101 report. A scoping study for this project is planned to be begin in March 2007.
Victorio: Over the past several months our geologists have compiled all historical data and finished constructing and digitizing the geological database. The required permitting has been granted to carry out our confirmatory drill program. This project is an underground molybdenum-tungsten project located in southern New Mexico.
SRK Consulting Inc. (Tucson) has also been engaged to commence the preparation of a NI 43-101 resource estimate. The preparation of the report is expected to be completed during December 2006. The Company has also engaged Marcus and Marcus Exploration to begin drilling the Victorio project during late November 2006. The plan calls for drilling six holes with a core rig for a total of 12,000 feet. A scoping study is planned to be completed by August 2007.
Lone Mountain: This copper-zinc project is located in the Silver City area of New Mexico. The project was acquired and announced in a news release dated September 14, 2006. The Company is working on completing the geological database on the project, which should be completed over the next few months. Drilling is expected to commence on this project in March 2007.
“We have made considerable progress in the past six months, and I look forward to the strong progress we will make over the next six months. We have assembled a great technical team and put together a great portfolio of interesting properties that offer a unique investment alternative given where we are in the commodity cycle,” stated Robert Hinchcliffe, the President & CEO of Galway Resources.
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 assortment of commodities.
For further information contact:
Galway Resources Ltd.
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.