ELKO, NV, Dec. 18 /CNW/ - Galway Resources Ltd. (GWY: TSX-V) is pleased
to announce the establishment of an exploration initiative in Colombia. For
the past two years the Company has undertaken a measured and methodical
assessment of a number of new exploration opportunities within Colombia. The
country has notable reserves of coal (largest exporter in Latin America),
nickel, and gold.
"We are able to introduce an exploration component that will be managed
by a quality management and technical team. We will take advantage of the vast
natural resource potential of Colombia to build shareholder value," states
Robert Hinchcliffe, President & CEO of Galway Resources. "Our focus has been
on coal because of the abundant high quality potential in Colombia and the
availability of areas that are still sub-explored. We continue to assess other
opportunities for both precious and base metals in Colombia, and also remained
focused on advancing our projects in the U.S., most notably our flagship
Victorio molybdenum-tungsten project."
The initial scope of our exploration effort has been to identify open
pittable coal prospects due to the fact that this type of exploration can be
done in a cost effective and timely manner. The Company has received three
thermal coal exploration concessions, two that are directly adjacent to a 2
billion ton open pit coal deposit that is currently under development. The
other concession is located near 2 producing open pit coal mines. Using our
in-house capabilities coupled with technical guidance provided by well
recognized international coal experts, management continues to put together a
comprehensive exploration campaign. To see the location and associated
infrastructure of Galway's coal concessions in Colombia, please click here.
Colombian Exploration Initiative - Senior Personnel:
General Manager, Antonio Rivera: A Colombian native and geologist, Mr.
Rivera has over 25 years holding senior positions in Central and South
America, working with various mining companies (Goldfields, BHP Billiton,
Jordex Resources, Southwestern Gold etc...). Mr. Rivera is fluent in English
and Spanish, and holds a Masters in Economic Geology from Stanford University.
Director of Administrative & Community Affairs, Alfonso Gomez: Mr. Gomez
has over 25 years working in the natural resource sector in Colombia. Mr.
Gomez was Vice President of Community Affairs & Logistics for both Prodeco and
the Cerrejon coal mine, the latter the largest coal mine in Latin America,
largely owned by Xstrata. More recently, Mr. Gomez was the Coordinator of the
United Nations Program for Colombia Coal Industry. Mr. Gomez is fluent in
English, Spanish, and Italian, and performed graduate studies in Economics at
the University of Milan, Italy.
New Project Development, Jose Oro: Mr. Oro, a Cuban native, is both a
geologist and an engineer. Mr. Oro has over 25 years working in several
different continents across the metal and mineral spectrum. Mr. Oro is the
former Director of the Mining and Geology Department of Cuba. In addition to
working with junior and senior mining companies, Mr. Oro worked in the Latin
American Resource Sector for Coopers and Lybrand LLC. Mr. Oro received post
graduate degrees in Remote Sensing and Geological Exploration in the
Netherlands and Russia. Besides Spanish, Mr. Oro is fluent in English,
Russian, and Portuguese.
Chief Geologist, Hernando Lozano: Mr. Lozano has over 35 years working as
an exploration geologist primarily focused on Colombia. Earlier on in his
career Mr. Lozano was the Project Manager for a United Nations uranium
exploration initiative. Subsequently, for over 10 years Mr. Lozano held senior
positions with the Mining Ministry of Colombia (Ingeominas) including several
years as the National Vice-Director of Ingeominas. Mr. Lozano has vast
experience in the exploration and discovery of gold and coal. Mr. Lozano is
fluent in Spanish and English, and received his Masters in Economic Geology
from the University of North Carolina.
GIS Coordinator, Jairo Naranjo: Mr. Naranjo has over 15 years working as
a geologist in both the minerals and oil sector of Colombia. His career
started in underground coal mining, then he worked in regional exploration in
Colombia, Guyana and Kyrgyzstan. His skills on GIS have been acquired through
the last six years working for exploration firms in Colombia, with an
orientation towards coal and precious metals exploration. Mr. Naranjo will be
in charge of the exploration initiative associated with their metallurgical
On November 22, 2007 the Company announced the appointment of Mr. Pablo
Orsolani as the Chief Financial Officer and also as a new member of the Board
of Directors. Mr. Orsolani has 28 years experience in international business.
Mr. Orsolani started his career as a management consultant with Arthur D.
Little, Inc. U.S.A., later taking positions in finance and general management
in several industries, including aluminum, nickel and oil and other industries
as well. Mr. Orsolani holds a Mechanical Engineering degree from Universidad
Simon Bolivar, Caracas, Venezuela; he also holds two masters' degrees from
Massachusetts Institute of Technology (MIT), an MBA from the Sloan School and
also a Master of Science in Mechanical Engineering. Mr. Orsolani is fluent in
English and Spanish.
Colombia has notable reserves of coal (the largest exporter in Latin
America), nickel and gold. During 2006, foreign direct investment in the
mining industry reached a record $1.6 billion. The country is the largest
exporter of coal to the United States with coal exports reaching 70 million
metric tons annually, up more than 300% in the last decade. There are over 700
multinational companies operating in Colombia, with foreign direct investment
surpassing $6 billion in 2006. There are a host of major foreign companies
operating in the oil sector, and in the mining sector companies such as BHP
Billiton, RTZ, Xstrata, Anglogold Ashanti, Drummond and Glencore (to cite a
few companies) have also established a presence in Colombia to capitalize on
the country's vast mineral potential.
About the Company
The Company is well capitalized with over $11 million in the treasury.
Management primary focus has been on developing three U.S. based exploration
projects that are favorably located and have over 300,000 feet of historical
drilling. We have established a solid technical team that is advancing these
projects in an aggressive but cost effective manner. Management believes that
introducing the new Colombian initiative enables investors in the Company to
gain an even broader exposure to a unique blend of commodities.
The TSX Venture Exchange has in no way passed upon the merits of the
proposed transaction and has neither approved nor disapproved the
contents of this news 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 timing and amount of payments and share
issuances, the completion of financings, the use of proceeds, future
exploration, development and production activities and future expenditures.
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 transactions, payments, share issuances and financings, the use
of proceeds, the time and success of future exploration, development and
production activities and the timing and amount of expenditures.
For further information:
For further information: Galway Resources Ltd., Robert Hinchcliffe,
President and Director, 1-800-475-2412