TORONTO, Feb. 11 /CNW/ - Galway Resources Ltd. (GWY: TSX-V): is pleased to announce the Company has awarded 2.9 million incentive
stock options exercisable at $1.05 per common share to officers,
directors, employees and consultants of the Company and expiring on
February 11, 2016. This grant of options is in compliance with the
terms of the Company's Stock Option Plan and remains subject to the
acceptance by the TSX Venture Exchange.
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
is gold exploration in northeast Colombia, with a drill program
occurring at the California gold project and a geophysical program
occurring at the Vetas gold project, which will be followed by a drill
program later in the first quarter. The Company has also reported that
drilling occurred in 2010 at the GALCA coal project, which 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 or 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
SOURCE Galway Resources Ltd.
For further information:
Galway Resources Ltd.
President and Director