TORONTO, Dec. 4 /CNW/ - Galway Resources Ltd. (GWY: TSX-V): is pleased to announce that drilling has commenced on its high-grade California gold project in Colombia. Phase I of the planned program will consist of approximately 4,500 meters of diamond drilling and will test along strike previously identified high-grade gold mineralized structures. A second drill will be added in early January 2010. Phase II will consist of up to 25,000 meters of additional diamond drilling.
"Galway is excited to begin drilling at California. The Company's land position is adjacent to and along strike Ventana's La Mascota gold discovery. In the interim, we will be reporting on results from an additional 1,000 geochemical samples, as part of our ongoing exploration efforts," cites Robert Hinchcliffe, President and CEO of Galway Resources.
Drill holes will initially be concentrated in the Pie de Gallo open pit area. Mineralized structures in the open pit are projected to be the same as those that control Ventana's La Mascota and Las Mercedes gold discoveries. Pie de Gallo is a 300 meter long open-pit that has been mined by artisanal miners for hundreds of years. Numerous high-grade channel samples from outcrops and underground workings in the area have been collected and previously reported on (see press release dated August 11, 2009: http://www.galwayresources.com/s/NewsReleases.asp?ReportID=359418&_Type=News-Releases&_Title=Galway-California-Samples-Return-9.2-GT-Au-Along-130-Meters-Including-27.3-...).
Drilling will be conducted by GHM from Medellin, Colombia. The Company expects to complete an average of one drill hole per week with drilling conducted 24 hours per day. Drilling will be supervised by Master Driller Jose Salas, who drilled for four years at Greystar's Angostura gold deposit.
About the Company
Galway Resources is a well capitalized company, primarily focused on the exploration of gold and coal in Colombia. The company recently reported that drilling has commenced at the GALCA coal project in Colombia. The initial 19 hole drill program will be managed and funded by Prodeco, the Colombian subsidiary of Xstrata. For more details see the press release dated November 17, 2009.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this 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 possibility of coal deposits, future exploration, development and production activities, future expenditures and forecast Colombian coal production. 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, without limitation, the timing and success of contemplated transactions and exploration, development and production activities, the realization of coal deposits, the timing and amount of expenditures and actual realized Colombian Coal production. See the "risk factors" set out in Galway's management's discussion and analysis files on the SEDAR website.
SOURCE Galway Resources Ltd.
For further information: For further information: Galway Resources Ltd., Robert Hinchcliffe, President and Director, 1-800-475-2412, www.galwayresources.com