Vancouver, British Columbia — July 27, 2007 — Galway Resources Ltd. (“Galway” or the “Company”) (TSX-V: GWY) announces that it has increased the number of units to be issued pursuant to the brokered private placement with Evergreen Capital Partners Inc. previously announced on July 10, 2007 to up to 6,400,000 units at a price of $1.25 per unit for aggregate gross proceeds of up to $8,000,000, subject to regulatory approval.
Galway also intends to complete a separate non-brokered private placement of up to 400,000 units at a price of $1.25 per unit for aggregate gross proceeds of up to $500,000, subject to regulatory approval.
The units will have the same terms described in the July 10, 2007 press release.
Galway intends to use the proceeds of the private placements for the ongoing development of its three U.S. based projects and for general corporate purposes and working capital.
About Galway Resources
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 including molybdenum, tungsten, zinc and copper.
On behalf of the Board of Directors
GALWAY RESOURCES LTD.
President and Director
The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this release.
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 financings and the use of proceeds. 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 completion of transactions and expenditures.