Galway Resources files new N.I. 43-101 report with new resource estimate for the Indian Springs tungsten project



    www.galwayresources.com

    ELKO, NV, June 18 /CNW/ - Galway Resources Ltd. (GWY: TSX-V) ("Galway or
the "Company") is pleased to announce that it has filed a National Instrument
Resource Technical Report and resource estimate (NI 43-101) for the Indian
Springs project, prepared by SRK Consulting (U.S.) Inc., an independent
consulting firm. The Indian Springs property is located in the northeastern
corner of Nevada, approximately 25 miles north of Montello.
    The resource estimate was calculated using 62,000 feet of drill data
(299 holes) and approximately 2,500 trench samples. The resource estimate also
included 8,218 feet of drill data (24 holes) from Galway's recent drilling
program. The highlights of the new resource estimate which were announced on
May 1, 2007 include:

    
    -  The deposit contains 37 million pounds of tungsten (WO3) in the
       Indicated Category and 25 million pounds of tungsten (WO3) in the
       Inferred Category.

    -  Approximately 60% of the stated resources fall in the Indicated
       category with the balance in the Inferred category. A 7,000 foot core
       drilling program commenced in early June, the focus of which will be
       to continue to upgrade and expand the resources and collect material
       for metallurgical testing.

    -  The open-pittable deposit has exploration potential as the deposit
       remains open along strike to the northeast and southwest.

    -  The current price for tungsten (WO3) is US$13.25 per pound.
    

    "We believe we have made a lot of progress advancing the Indian Springs
Project in a short period of time. The current drilling program will provide
us with necessary material for metallurgical test work. The resource estimate
and implied metal value for this deposit demonstrates its vast potential,"
states Robert Hinchcliffe, President of Galway Resources.

    
    Table 1: Indian Springs NI 43-101 Resource Estimate(*)
    -------------------------------------------------------------------------
    Category       Tons (millions)      WO3 (%) Grade     Pounds of Tungsten
    -------------------------------------------------------------------------
    Indicated      10.8                 0.171             37,000,000
    -------------------------------------------------------------------------
    Inferred        8.2                 0.167             25,000,000
    -------------------------------------------------------------------------
    (*) A cut-off grade of 0.10% WO3 was used for this resource estimate.
    

    SRK completed an independent resource estimation according to CIM
resource categories in compliance with NI 43-101 guidelines, and has also
completed the NI 43-101 Technical Report for the Indian Springs project. This
report details all data verification and the procedures followed in arriving
at their resource estimate. Bart Stryhas and Allan Moran of SRK Consulting,
are "Qualified Persons" as defined by NI 43-101, and are the Qualified Persons
responsible for the resource estimations contained in this news release.
    SRK's resource estimation was generated using an inverse distance
weighting to the 2nd power estimation technique. The model required a minimum
of 3 and maximum of 8 composites to assign grade to each 15-foot cube. The WO3
estimates were limited by a hard boundary grade shell defined by a 0.07% WO3
cutoff. The indicated resource category required that the block was estimated
by at least two drill holes with the closest composite being within 50 feet.
The inferred resource category required a minimum of one drill hole with the
closest composite greater than 50 feet away but less than 150 feet. Data used
in the resource calculation included 11,046 drill samples plus 2,499 trench
samples.

    Current Tungsten Pricing

    During the eighties and nineties tungsten pricing remained depressed,
with prices trading between US$2.50 to $3.00 per pound (or US$45 - $75 per
short ton unit as reported by Metal Bulletin and the United States Geological
Service). A significant decrease in exports from China served as the impetus
for prices to rise sharply at the end of 2004. Since October of 2005, tungsten
prices have remained above US$12.50 per pound (US$250 per short ton unit),
with current prices at US$13.25 per pound. Note, one short ton unit is equal
to 20 pounds of tungsten (WO3).

    Infrastructure & Access

    The project has very favorable infrastructure advantages including but
not limited to road access and nearby rail lines. From Montello, access is
north by graded county gravel roads and a two-track dirt road that are
relatively flat. Access is available year round to the two track road junction
6.0 miles east of the property, and access to the property during winter
months is dependent upon total snow accumulations; but year round access is
not foreseen as a problem.

    About the Company

    Galway is focused on developing three U.S. based exploration projects
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 are now advancing these
projects in an aggressive but cost effective manner. Management believes that
its strategic portfolio of properties offers investors an interesting exposure
to a unique blend of commodities (molybdenum, tungsten, copper and zinc).

    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, www.galwayresources.com

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