TORONTO, July 29 /CNW/ - Galway Resources Ltd. (GWY: TSX-V): is pleased to announce that Mr. Michael Sutton has agreed to join its Board of Directors. Mr. Sutton has worked in some of the largest gold camps in the world, including Witwatersrand, Timmins and Kirkland Lake, serving in various capacities related entirely to the exploration and mining of gold. Mr. Sutton was awarded the Prospector of the Year for Ontario for the discovery of the South Mine Complex while he was Chief Geologist and Assistant Manager at Kirkland Lake Gold. Most recently, he guided Vault Minerals as Vice President of Exploration to a takeover by Queenston Mining Inc.
Mr. Sutton is Galway Resources' Qualified Person and serves on its gold advisory board. He is also a member of the Association of Professional Geoscientists of Ontario and has been a member of the PDAC since 1982. Mr. Sutton graduated in 1984 from the University of Toronto, with a Bachelor of Science Degree with Honors in Geology. The Company welcomes Mr. Sutton's strong skill set to its Board of Directors.
The Company also reports that Mr. Jose Oro has resigned as a member of the Board of Directors. The Company would like to thank Mr. Oro for his contribution as a Director, and wishes him well in all his future endeavors.
Granting of Incentive Stock Options
Galway also reports that it has awarded an aggregate of 1.6 million incentive stock options to directors, officers, consultants and employees of the Company. The options are exercisable at $0.75 and expire on July 29, 2015. The grant of options is in compliance with terms of the Company's Stock Option Plan and remains subject to acceptance by the TSX Venture Exchange.
About the Company
Galway Resources is a well capitalized company, primarily focused on the exploration for gold in Colombia, and also has exposure to coal through a joint venture with Glencore's Colombian coal subsidiary, Prodeco. The gold initiative is focused in northeast Colombia, in the state of Santander, in the California and Vetas gold districts.
In California, the Company has amassed a strategic gold-bearing land package, and is currently engaged in an active drill program. There are currently two diamond drill rigs operating, with a third scheduled to arrive at the project site within the next two weeks. Galway's California project is adjacent to, and along strike with Ventana's La Mascota gold discovery, and is 3.0 kilometers to the southwest of, and along strike with Greystar Resources' 9.7 million ounces of measured and indicated resources contained in the Angostura gold deposit.
The Vetas gold project, which includes the Reina de Oro gold mine, is 8 kilometers southeast of the California gold district. Reina de Oro has been in production for 500 years and is the largest operating gold mine in the area. Extensive underground channel sampling has been completed, data compilation and permitting for the drill program is currently underway and the Company plans to commence drilling when all permits are received.
Actions are underway to re-commence the drilling program at its GALCA coal project. This drilling program, which commenced in the fourth quarter of 2009, is being managed and funded by Prodeco, the Colombian subsidiary of Glencore. Efforts are underway to secure access from GALCA property owners to move the drill rig to the next set of planned drill holes.
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 for accuracy of this 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 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