Galway Resources reports positive drilling results at the Indian Springs open-pittable project



    ELKO, NV, Feb. 20 /CNW/ - Galway Resources Ltd. (GWY: TSX-V) is pleased
to announce results from its 15-hole 7,000 foot drilling program which was
completed in December, 2007 to upgrade the resource estimate and for
metallurgical testing. In total, Galway has drilled 16,000 feet to compliment
the 62,000 feet of historical drilling at the Indian Springs property (Elko
County, Nevada).
    "I am quite pleased with the results of the 2007 drilling program. Our
work continues to verify the professional work done by others in the past and
it's quite exciting to see the high-grade intercepts we've encountered. The
program has been successful in collecting more than adequate material for the
on-going metallurgical test work," states Marshall Himes, COO of Galway
Resources.

    Highlights of the three drill results include:

    
    -   Thick Intercepts: Hole ISC07-136 had several notable intercepts, more
        specifically 55 feet of 0.21% of tungsten (WO(3)), and hole ISC07-129
        encountered 56 feet of 0.18% WO(3).

    -   High Grade: Hole ISC07-138 intercepted 48 feet of mineralization with
        an average grade of 0.35% WO(3), while hole ISC07-136 had two
        separate 6 foot intervals grading 0.87% WO(3), and 0.68% WO(3), in
        addition to other high grade zones outlined in the table below.

    -------------------------------------------------------------------------
                              From           To        Intercept     Tungsten
    Hole ID (core)           (feet)        (feet)        (feet)      (WO(3)%)
    -------------------------------------------------------------------------
    ISC07-136                   24          37.5          13.5          0.17
    -------------------------------------------------------------------------
                              74.0          99.0          25.0          0.20
    -------------------------------------------------------------------------
      including               87.0          99.0          12.0          0.29
    -------------------------------------------------------------------------
                             109.0         117.5           8.5          0.23
    -------------------------------------------------------------------------
                             156.0         175.0          19.0          0.31
    -------------------------------------------------------------------------
      including              156.0         168.7          12.7          0.41
    -------------------------------------------------------------------------
                             233.0         251.0          18.0          0.21
    -------------------------------------------------------------------------
      including              233.0         240.0           7.0          0.32
    -------------------------------------------------------------------------
                             335.5         374.0          38.5          0.16
    -------------------------------------------------------------------------
                             403.5         409.7           6.2          0.68
    -------------------------------------------------------------------------
                             481.0         536.3          55.3          0.21
    -------------------------------------------------------------------------
      including              481.0         493.0          12.0          0.35
    -------------------------------------------------------------------------
                             550.0         556.0           6.0          0.87
    -------------------------------------------------------------------------
    ISC07-129                333.0         355.0          22.0          0.18
    -------------------------------------------------------------------------
                             384.0         400.0          16.0          0.20
    -------------------------------------------------------------------------
                             407.0         463.0          56.0          0.18
    -------------------------------------------------------------------------
    ISC07-138                116.0         164.0          48.0          0.35
    -------------------------------------------------------------------------
    

    To see the plan map and cross section for these holes, please click on
    the following links:

    http://www.galwayresources.com/i/pdf/2008-02-19_IS_DHCS.pdf

    http://www.galwayresources.com/i/pdf/2008-02_ISCS66_LNE.pdf

    http://www.galwayresources.com/i/pdf/2008-02_ISCS69_LNE.pdf

    Galway announced on May 1, 2007 the first NI 43-101 resource estimate for
the Indian Springs project prepared by SRK Consulting (U.S.) Inc. The resource
estimate was based on 62,000 feet of drill data (299) holes and approximately
2,500 trench samples carried out by Utah International (which was later
acquired by BHP Billiton). The new resource estimate also included the results
from Galway's 2006 drilling program which consisted of 20 holes (8,000 feet)
of reverse circulation drilling and 3 core holes (1,000 feet).

    
    -------------------------------------------------------------------------
    Category       Tons (millions) %WO(3)(Tungsten) 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% WO(3) was used for this resource estimate.
    

    Current Tungsten Pricing

    During the eighties and nineties tungsten pricing remained depressed,
with prices trading between US$2.50 to $3.00 per pound. A significant decrease
in exports from China, coupled with consistent strong global demand for
tungsten, has 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, and the current price is $12.50 per pound.
    "With tungsten pricing remaining around $12.50 per pound due to solid
market fundamentals for the global tungsten market, the implied metal value
for this deposit demonstrates its vast potential as an open pit deposit,"
states Robert Hinchcliffe, President of Galway Resources.

    QA/QC Statement

    The Company has implemented a quality assurance and quality control
(QA/QC) program to ensure collection and analysis of all drill samples is
conducted in accordance with the best possible practices. Samples are stored
in a secured area in Montello prior to transfer to lab personnel for shipping
to the Chemex sample preparation facility in Elko, Nevada. Other QA/QC
procedures include the insertion of blanks and control samples every 100 feet,
and re-assaying duplicate pulps of 5% of all samples and 10% of samples
assaying greater than 0.1% WO(3). All duplicate samples are re-assayed at both
Chemex and at a certified independent laboratory (SGS). WO(3) is assayed at
both ALS Chemex and SGS laboratory by lithium borate fusion with an XRF
finish.
    The results of the Company's current drilling program have been reviewed,
verified (including sampling, analytical and test data) and compiled by the
Company's geological staff. Andy Johnson, Project Manager, responsible for
activities at Indian Springs, and Peter Hahn, Galway's Qualified Person have
reviewed the technical content of this news release in accordance with
National Instrument 43-101 Standards of Disclosure for Mineral Projects, of
the Canadian Securities Administrators. Galway is following the "Best
Practices Guidelines" in documenting, reporting, and conducting exploration
activities at Indian Springs.

    About the Company

    The company is well capitalized with $9 million in the treasury and is
focused on developing two U.S. based exploration projects that are favorably
located and have over 250,000 feet of historical drilling. More recently, a
Colombian Exploration initiative focused on coal and gold exploration, that
has been developing over the past two years, was announced. Management
believes that its strategic portfolio of properties offers investors an
interesting exposure to a unique blend of commodities (molybdenum, tungsten,
metallurgical and thermal coal, and gold).

    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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