Conway Resources completes a $312,000 private placement and extends the expiry date of its warrants

QUEBEC CITY, Feb. 25 /CNW Telbec/ - Conway Resources Inc. ("Conway" or the "Company") (TSXV: CWY) is pleased to announce it has completed a $312,000 non-brokered flow-through private placement. Pursuant to the placement, the Company has issued 5,304,000 flow-though common shares, 936,000 common shares and 6,240,000 warrants, with each warrant entitling its holder to purchase an additional common share of the Company at $0.10 for a 12-month period following the closing date.

Proceeds of the sale of the flow-though shares will be allocated to the Belleterre Mine and LITCO-1 properties. This spring, Conway plans to begin a program of sampling and stripping on the Belleterre Mine property to test geophysical targets in preparation for drilling. Surveys carried out on the property have confirmed the presence of 64 new anomalies striking NE-SW, 24 of which are considered high priority. The Company will also do preliminary work, consisting of a structural base study using satellite imagery, on its LITCO-1 lithium property, located near First Gold's discovery.

The shares issued and the underlying shares that could be issued if the warrants from the private placement are exercised are subject to a resale restriction for a period of four months plus one day.

The Company also received the approval of the TSX Venture Exchange in relation to its request to extend the expiration date of the warrants issued pursuant to private placements closed on March 5, 2010, and March 12, 2010. All the other terms stay the same, which results in: 2,500,000 warrants at an exercise price of $0.10 expiring March 5, 2012, and 1,842,855 warrants at an exercise price of $0.12 expiring March 12, 2012. This extension will enable the Company to obtain financing at a lower cost in the event that the share price rises.

The private placement is subject to regulatory approval.

About Conway Resources Inc.

Conway is a mining exploration company 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    
conway@ressources-conway.com  
www.ressources-conway.com
Francois Kalos
Chief Financial Officer
(450) 993-0828
kalos@solak.ca

Profil de l'entreprise

CONWAY RESOURCES INC.

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