TORONTO, April 29, 2014 /CNW/ - Galway Metals Inc.
(TSX-V: GWM) (the "Company") is pleased to announce
today that it has successfully re-negotiated the contract terms for
its Victorio Molybdenum-Tungsten Project located in southwestern
New Mexico.
Under the renegotiated terms, the Company has reduced its annual
option payment to the vendor down from US$200,000 to US$75,000 in 2014 and will also make payments of
US$75,000 in each of the subsequent
three years with a final payment of US$900,000 due in 2018. The Company will also
issue 50,000 shares to the vendor in 2014 as per the previous
contract agreement. Total consideration under the agreement remains
unchanged.
The Victorio Molybdenum-Tungsten Project is an advanced-stage
exploration property in which the Company has an option to acquire
a 100% interest. The property has favorable infrastructure such as
access by paved road to within a few miles of the site, a nearby
railway and a gas pipeline. Victorio is located approximately 20
miles west of Deming, New Mexico,
in Luna County. The Company is
also investigating acquisitions of other promising mineral
properties.
Neither the TSX-V nor its regulation services provider (as
that term is defined in the policies of the TSX-V) accepts
responsibility for the adequacy or accuracy of this
release.
CAUTIONARY STATEMENT: This news release contains forward-looking
information which is not comprised of historical facts.
Forward-looking information involves risks, uncertainties and other
factors that could cause actual events, results, performance,
prospects and opportunities to differ materially from those
expressed or implied by such forward-looking information.
Forward-looking information in this news release includes, but is
not limited to, the Company's objectives, goals or future plans,
statements regarding the estimation of mineral resources,
exploration results, potential mineralization, exploration and mine
development plans, acquisition opportunities, timing of the
commencement of operations and estimates of market conditions.
Factors that could cause actual results to differ materially from
such forward-looking information include, but are not limited to,
failure to convert estimated mineral resources to reserves, capital
and operating costs varying significantly from estimates, the
preliminary nature of metallurgical test results, delays in
obtaining or failures to obtain required governmental,
environmental or other project approvals, political risks,
uncertainties relating to the availability and costs of financing
needed in the future, changes in equity markets, inflation, changes
in exchange rates, fluctuations in commodity prices, delays in the
development of projects, and other risks involved in the mineral
exploration and development industry, as well as those risks set
out in the Company's public disclosure documents filed on SEDAR.
Although the Company believes that the assumptions and factors used
in preparing the forward-looking information in this news release
are reasonable, such as that future results will be consistent with
management's expectations and prior experience, undue reliance
should not be placed on such information, which only applies as of
the date of this news release, and no assurance can be given that
such events will occur in the disclosed time frames or at all. The
Company disclaims any intention or obligation to update or revise
any forward-looking information, whether as a result of new
information, future events or otherwise, other than as required by
law.
SOURCE Galway Metals Inc