Galway announces strategic financing



    /NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE
    SERVICES/

    ELKO, NV, March 22 /CNW/ - Galway Resources Ltd. (GWY: TSX-V) announces
that it intends to complete a non-brokered private placement of up to
6,117,000 units at a price of $0.85 per unit for gross proceeds of up to
$5,199,450, subject to regulatory approval. Substantially all of the financing
($5,000,000) will be subscribed for by a company controlled by Sprott Asset
Management Inc. Each unit will be comprised of one common share and one-half
of one common share purchase warrant. Each whole warrant is exercisable for
one additional common share at a price of $1.30 per share for a period of
24 months from the date of closing.
    The warrants will be subject to acceleration in the event the closing
trading price of the common shares of Galway on the TSX Venture Exchange is
$1.75 per share or higher over a period of 20 consecutive trading days, such
period beginning on or after the date that is four months and one day after
the date of issuance of the warrants.
    Galway intends to pay a 7% cash finder's fee to Fort House Inc. in
connection with the private placement.
    Galway intends to use the balance of proceeds of the private placement
for the ongoing development of its three U.S. based projects and for general
corporate purposes and working capital.

    About the Company

    Galway is focused on developing three U.S. based mining projects
(Victorio, Indian Springs and Lone Mountain) that are favorably located with
respect to infrastructure and have over 300,000 feet of historical drilling.
We have established a solid technical team that has compiled all the
historical data and is now advancing these projects in an aggressive but cost
effective manner. Management believes that its strategic portfolio of
properties offers investors a significant exposure to a unique blend of
commodities including molybdenum, tungsten, zinc and copper.

    ON BEHALF OF THE BOARD OF DIRECTORS

    Rob Hinchcliffe
    President and Director

    
        The TSX Venture Exchange does not accept responsibility for the
                    adequacy or accuracy of this release.
    

    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 financings and, the use of proceeds. 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, among others, the ability to complete contemplated
financings and the use of proceeds.





For further information:

For further information: Galway Resources Ltd., Robert Hinchcliffe,
President and Director, 1-800-475-2412

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Galway Resources Ltd.

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