Conway Resources announces the closing of a $725,000 private placement with a Mining Fund

QUEBEC CITY, Sept. 26, 2011 /CNW Telbec/ - Conway Resources Inc. ("Conway" or the "Corporation") (TSXV: CWY) is pleased to announce the closing of a $725,000 non-brokered flow-through private placement with a Mining Fund.

The private placement consists in the issuance of 12,083,333 flow-through common shares at a price of $0.06 per share for proceeds of $725,000 and 12,083,333 share purchase warrants. Each warrant will entitle its holder to subscribe for one additional common share of the Corporation at a price of $0.10 for a 12-month period following the closing date of the private placement.

In connection with the private placement, the Corporation has paid, as a finder's fee, a cash payment of 4% of the gross proceeds and issued 483,333 compensation common shares and 483,333 compensation warrants. Each warrant will entitle its holder to subscribe for one additional common share of the Corporation at a price of $0.10 for a 12-month period following the closing date of the private placement.

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

The private placement is 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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