TORONTO, April 28 /CNW/ - Galway Resources Ltd. (GWY: TSX-V) is pleased to report that it is the Company's opinion that reform of the existing Mining Code, Law 1382, which requires that mining and exploration activity be excluded from the Paramo ecosystem, does not affect its California properties located adjacent to and along strike Ventana's La Mascota property. Galway's California concessions are below the 3,200 meter elevation in which the Paramo ecosystem exist and the Company's exploration efforts are taking place in areas no higher than 2,500 meters above sea level. Galway is operating its three projects in Colombia under approved environmental management plans.
"We look forward to continuing to comply with local and international standards in the advancement of our projects. From a policy standpoint, we do not see any issues that will impede the progress of moving our mining projects forward, most specifically our gold projects in the California and Vetas gold districts of Colombia," cites Robert Hinchcliffe, President and CEO of Galway Resources.
Vetas Gold Project
The company is currently carrying out exploration on its Vetas properties which are located 8 kilometers SE of Galway's California gold project. The principle focus for the exploration program is on the El Volcan mine, which has been in production for over 400 years. The El Volcan mine, which is above 3,200 meters of elevation, is currently operating and producing gold under an exploitation license that is valid for 26 years, and as such we do not believe it will be impacted by reform of the mining code.
GALCA Coal Project
The Company has an exploration and joint venture agreement with Prodeco, the third largest coal producer in Colombia, to manage and fund a 19 hole drill program at its GALCA coal project. The drilling program is focused on two areas, the northern flank and the southeastern portion, which appear to have the highest prospects for the discovery of significant quantities of near surface coal. Ten holes have been completed and a coal bearing formation has been found in the northern flank. The entire land package has altitudes in the range of 400 to 700 meters.
About the Company
Galway Resources is a well capitalized company, primarily focused on the exploration of gold and coal in Colombia. The core focus of the Company at the moment is gold exploration in Colombia with a drilling program occurring at the California gold project and extensive underground channel and surface sampling taking place at the nearby Vetas gold project. The Company has also reported that drilling is underway at the GALCA coal project in Colombia, which is being managed and funded by Prodeco, the Colombian subsidiary of Xstrata.
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:
Forward-Looking Statements: Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian Securities Regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
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