TORONTO, Oct. 9 /CNW/ - Galway Resources Ltd. (GWY: TSX-V) is pleased to announce that it has awarded an aggregate of 3.7 million incentive stock options to directors, officers, consultants and employees of the Company. The options are exercisable at $0.84 expiring on October 9, 2014. The grant of options is in compliance with the terms of the Company's Stock Option Plan and remains subject to the acceptance of the TSX Venture Exchange.
About the Company
Galway Resources is a mining company with several sizeable assets in different stages of exploration and development. The Company holds a significant land package in California's Colombia Gold Trend. The properties are located 1.5 kilometers south-west of Ventana's La Bodega project, and 3.0 kilometers from Greystar's Angostura project, and are along strike. Xstrata (the Colombian subsidiary of Prodeco) signed an agreement with Galway whereby they will fund the all drilling at the GALCA coal project. Drilling is expected to begin in October 2009. Galway has engaged John Tumazos of Very Independent Opinion to commercialize the Victorio molybdenum-tungsten project located in south-western New Mexico, USA.
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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