|June 12, 2007|
Galway Resources Secures Long Term Contract for Drilling Lone Mountain Copper Zinc Project
|Elko, Nevada: June 12, 2007 - Galway Resources Ltd. (GWY: TSX-V) is pleased to announce that it has entered into an agreement with Connors Drilling to drill 25,000 feet (15 holes). Galway has just completed its second hole at Lone Mountain with another drilling company, with the assay results expected later this summer. The Lone Mountain property is a high grade copper zinc project that has just under 63,000 feet of historical drilling from 34 holes, and is located in a major copper porphyry district in Grant County, New Mexico. |
The emphasis on the initial drilling program at Lone Mountain (10 holes or 20,000 feet of drilling) will be to test the shallower mineralized sediments where seven widely-spaced holes drilled northeast of the intrusion contained interesting mineralization. Most notably, one of the historical intercepts was 26.3 feet averaging 1.63% Cu, 13.73% Zn, 2.54% Pb, 0.04 oz Au/ton and 3.38 oz Ag/ton. Upon completion of this first drilling program, the drill rig will then be moved to the Victorio molybdenum tungsten project for the second drilling campaign.
"Unlike previous owners of the Lone Mountain project, whose focus was on the larger lower grade copper system, the management of Galway has taken a different approach and is targeting the high grade skarn-type copper-zinc mineralization with substantial silver, gold, and lead credits. We think that there is significant potential to expand on the known areas of high-grade mineralization," cites Marshall Himes, COO 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 has compiled all the historical data and we 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 (molybdenum, tungsten, copper, zinc, and silver).
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.
You can view the Next News Releases item: Mon Jun 18, 2007, Galway Resources Files New N.I. 43-101 Report with New Resource Estimate for the Indian Springs Tungsten Project
You can view the Previous News Releases item: Wed May 30, 2007, Galway Resources Engages SRK to Proceed with Scoping Study at the Victorio Molybdenum/Tungsten Project
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