Conway Resources announces closing of private placements totaling $298,000

QUEBEC CITY, May 30, 2011 /CNW Telbec/ - Conway Resources Inc. ("Conway" or the "Corporation") (TSXV: CWY) is pleased to announce the closing of non-brokered private placements of common and flow-through common shares totaling $298,000.

The Corporation closed a first private placement of common shares consisting in the issuance of 2,833,334 common shares of Conway at a price of $0.06 per share for proceeds of $170,000 and 2,833,334 warrants. Each warrant entitles its holder to purchase one additional common share of the Corporation at a price of $0.10 for a 24-month period from closing of the private placement.

The Corporation also closed a second private placement of common shares and flow-through common shares consisting in the issuance of 354,285 common shares of Conway at a price of $0.07 per share for proceeds of $24,800, 1,474,284 flow-through common shares of Conway at a price of $0.07 per share for proceeds of $103,200 and 1,828,569 warrants. Each warrant entitles its holder to purchase one additional common share of the Corporation at a price of $0.12 for a 24-month period from closing of the private placement.

The proceeds from the private placements will be used for exploration work on the Corporation's Quebec properties and for working capital purposes. The common shares issued and the underlying common shares to be issued pursuant to the exercise of the warrants under the private placements are subject to a restricted period on resale of four months and one day.

These private placements are subject to regulatory approval.

About Conway Resources Inc.

Conway is a mining exploration corporation that owns four gold properties and one rare metals property in Quebec. Its main asset is the Belleterre Mine property. The property is the site of the old Belleterre mine, which produced over 800,000 ounces of gold between 1936 and 1959. A total of 2.18 million tonnes of ore at an average grade of 10.73 g/t Au were extracted from the mine, primarily from vein 12 (95% of production). Earlier reports indicate the presence of at least 21 veins on the property.

More information can be found on Conway's website at www.ressources-conway.com.

Forward-Looking Statements

This press release contains certain forward-looking statements that might involve uncertainty, time frames, and/or known and unknown risks beyond the Corporation's control. The Corporation's actual results, performance and achievements may differ materially from the results, performance and achievements implied by such forward-looking statements.

Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.

SOURCE CONWAY RESOURCES INC.

For further information:

Conway Resources Inc.
Laurent Beaudoin    
President and Chief Executive Officer  
(418) 871-3334    
info@ressources-conway.com   
www.ressources-conway.com
Francois Kalos
Corporate Development
(450) 993-0828
kalos@solak.ca

Profil de l'entreprise

CONWAY RESOURCES INC.

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