Galway Resources Receives Titles for California Concessions
August 27 2012 - 4:15PM
PR Newswire (Canada)
TORONTO, Aug. 29, 2012 /CNW/ - Galway Resources Ltd. ("Galway") is
pleased to announce that it has successfully negotiated to obtain
title to nine mining concessions located in the municipality of
California in Santander, Colombia, where the vast majority of
drilling has taken place to date. Galway has received confirmation
from the Colombian Mining Ministry that mining titles for 100% of
six concessions were successfully transferred and registered to
Galway Resources, including the "fractions" that appear to be
directly within AUX's La Mascota mineralized structure. The three
remaining mining titles are anticipated to be transferred in the
next several weeks. Pursuant to the terms of the various
agreements, Galway has made payments of approximately US$6.6
million in cash, which includes an advance payment on estimated
gold resources, and $7.8 million in share payments will be made
upon approval by the TSX Venture Exchange. Pro rata payments will
be made on additional NI 43-101 compliant measured and indicated
gold resources established until June 15, 2013, payable in both
cash and shares. The initial gold resource estimate on Galway's
California concessions is anticipated to be released in early
September. After assessing drill results of our geological targets,
Galway did not renew the option on the Tronadora concession
0204-68, which is located 2.5 km southwest of Galway's main
California concessions, as well as concession 107-68. Maps can be
viewed on the Company's website at www.galwayresources.com. About
the Company Galway Resources is primarily focused on the
exploration of gold in northeast Colombia, with drill programs
occurring at the California and Vetas gold projects. Galway also
has the Victorio molybdenum-tungsten project, with excellent
infrastructure, in southwestern New Mexico. A positive scoping
study was completed by SRK in 2008. The recent surge in tungsten
pricing, coupled with a steady molybdenum price, has prompted
management to reassess strategic alternatives to advance the
Victorio project. Neither the TSX Venture Exchange nor its
regulation services provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. Forward Looking
Statements: Forward-Looking Statements: Statements in this release
that are forward-looking statements are subject to various risks
and uncertainties concerning the specific factors disclosed under
the heading "Risk Factors" and elsewhere in the Company's periodic
filings with Canadian Securities Regulators. Such information
contained herein represents management's best judgment as of the
date hereof based on information currently available. The Company
does not assume the obligation to update any forward-looking
statement. Galway Resources Ltd. CONTACT: Galway Resources
Ltd.Investor Relations1-800-475-2412www.galwayresources.com
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