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News Releases

 August 29, 2006
2006 Second Quarter Financial Results

 Vancouver, August 29, 2006 -- Galway Resources Ltd. (TSXV:GWY ) ("Galway" or the "Company") announces financial results for its second quarter ended June 30, 2006.

The Company incurred a net loss of US$656,565 for the three-month period ended June 30, 2006, resulting in a net loss per share of US$0.04 compared to a net loss of US$23,988 or a net loss of US$0.02 per share, in the prior year. The net loss increased over the prior year's period as the Company continued work on its Indian Springs and Victorio Projects after completing its qualifying transaction on April 25, 2006. For further details, please refer to the Company's financial statements for the quarter ended June 30, 2006 which have been filed and are available under the Company's profile at www.sedar.com.

About Galway Resources

Galway is a mining exploration company with a focus on acquiring, exploring and developing mineral properties in North and South America.

For further information contact Rob Hinchcliffe at (212) 861-6984.

On behalf of the Board of Directors


"Rob Hinchcliffe"

Rob Hinchcliffe, President

The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of the contents herein.

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.

You can view the Next News Releases item: Tue Aug 29, 2006, Galway Announces First Results from Confirmatory Drilling Program

You can view the Previous News Releases item: Wed Aug 16, 2006, Leigh Freeman Joins The Board And Private Placement Completed

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