CARLAW CAPITAL III CORP. ANNOUNCES PROPOSED QUALIFYING TRANSACTION

NEX Symbol: CW.H

TORONTO, May 9 /CNW/ - Carlaw Capital III Corp. ("Carlaw" or the "Corporation") is pleased to announce that it has entered into a letter of intent with Galane Gold Mines Ltd. ("Galane"), pursuant to which Carlaw will acquire all of the issued and outstanding common shares in the capital of Galane (the "Proposed Transaction"). Galane recently entered into a purchase agreement to acquire, subject to the fulfillment of certain conditions, gold-producing assets in the southern region of Africa.

When completed, the Proposed Transaction will constitute Carlaw's qualifying transaction pursuant to the policies of the TSX Venture Exchange (the "TSXV"), and is subject to compliance with all necessary regulatory approvals and certain other terms and conditions. A comprehensive press release with further particulars relating to the Proposed Transaction will follow in accordance with the policies of the TSXV.

Carlaw is a capital pool company ("CPC") formed under the TSXV CPC program. In October 2010, Carlaw's listing was transferred to the NEX board of the TSXV under the trading symbol CW.H.

Completion of the Proposed Transaction is subject to a number of conditions, including but not limited to, TSXV acceptance.  There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the filing statement to be prepared in connection with the Proposed Transaction, any information released or received with respect to the Proposed Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a CPC should be considered highly speculative. 

The TSXV has in no way passed upon the merits of the Proposed Transaction and has neither approved nor disapproved the contents of this press release. Neither the NEX Board of the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Certain information in this press release may constitute forward-looking information.  This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Corporation assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Corporation. Additional information identifying risks and uncertainties is contained in the Corporation's filings with the Canadian securities regulators, which filings are available at www.sedar.com.

SOURCE Carlaw Capital III Corp.

For further information:

Amar Bhalla, Chairman, Chief Executive Officer and Chief Financial Officer
Carlaw Capital III Corp.
t: 416.928.5104
e: abhalla@capitinvestment.com

Philip Condon, President and Chief Executive Officer
Galane Gold Mines Ltd.
t: 416.907.2026
e: philip@galanegold.com

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Carlaw Capital III Corp.

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