Conway Resources announces the closing of a $658,750 private placement with a
Mining Fund

QUEBEC CITY, Oct. 4 /CNW Telbec/ - Conway Resources Inc. ("Conway" or the "Company") (TSX-V: CWY) is pleased to announce the closing of a non-brokered private placement of common and flow-through common shares of $658,750 (the "Private Placement") with a Mining Fund.

The private placement of flow-through common shares consists of 9,625,000 units for proceeds of $577,500. Each unit consists of one common share of Conway at a price of $0.06 per share and one share purchase warrant. Each warrant will entitle its holder to subscribe for one additional common share of the Company at a price of $0.10 for a 12-month period following the closing date of the Private Placement.

The private placement of common shares consists of 1,625,000 units for proceeds of $81,250. Each unit consists of one common share of Conway at a price of $0.05 per share and one share purchase warrant. Each warrant will entitle its holder to subscribe for one additional common share of the Company at a price of $0.10 for a 12-month period following the closing date of the Private Placement.

"We are very pleased to be entering into this relationship with this Mining Fund," said Laurent Beaudoin, President and CEO of Conway Resources. "This is an important milestone in the growth of Conway and we look forward to working with them as we develop our holdings in the Belleterre region."

The Private Placement will be the object of a finder's fee for an amount corresponding to 10% of the total Private Placement. The net proceeds from this Private Placement will be used for working capital purposes. The shares issued and the underlying shares to be issued pursuant to the exercise of the warrants under the Private Placement are subject to a restricted period on resale of four months and one day.

This Private Placement is subject to regulatory approval.

Conway is also pleased to announce the appointment of Mrs. Sylvie Pigeon as Director and Corporate Secretary of the Company. Mrs. Pigeon has a law degree from the Université Laval, and has also been a member of the Québec Bar since 2005. She has worked with major law firms, and specializes in corporate and securities law. The appointment of Mrs. Pigeon is subject to the approval of the TSX Venture Exchange.

About Conway Resources Inc.

Conway is a mining exploration company with four gold properties and one rare metals property in Quebec. Its main asset is the Belleterre Mine property. The property is the site of the old Belleterre mine, which produced 350 tonnes per day from four shafts between 1936 and 1959. A total of 2.18 million tonnes of ore at an average grade of 10.73 g/t Au were extracted from the mine, primarily from vein 12 (95% of production). Earlier reports indicate the presence of at least 21 veins on the property.

More information can be found on Conway's website at www.ressources-conway.com.

Forward-Looking Statements

This press release contains certain forward-looking statements that might involve uncertainty, time frames, and/or known and unknown risks beyond the Company's control. The Company's actual results, performance and achievements may differ materially from the results, performance and achievements implied by such forward-looking statements. Factors that could cause actual results to differ from those implied by forward-looking statements include, in particular, changes in the market gold price, the value of the Canadian dollar or the grade of the ore mined and unanticipated difficulties in mining activities that could have an impact on operating revenues and costs, as well as uncertainty regarding government regulations.

Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.

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For further information: Conway Resources Inc., Laurent Beaudoin, President and Chief Executive Officer, [phone], [email protected]; www.ressources-conway.com; François Kalos, Director, [phone], [email protected]