Galway receives gold concession in Surata, Colombia, near its
California-Vetas gold properties
The property package covers an area of geologic interest along several NE trending fault zones, where small-scale local mining has occurred, and is bordered by properties owned by Greystar, Caerus and others. The concessions are located north of the town of Surata in the municipality of the same name.
As Figure 2(http://www.galwayresources.com/i/pdf/2010-02-01_NRFig2.pdf) shows, Galway's Surata property package is located about 10 kilometers from its properties in the California Gold District, and a further 8 kilometers from its recently acquired Vetas properties (refer to Galway's
Unlike Galway's California and Vetas land packages, the Company's Surata concessions are grassroots in nature. They cover an area of hydrothermal alteration along, and on both sides of a major NE-trending fault where younger dioritic stocks and cupolas have intruded Paleozoic gneisses and dioritic dikes in hydrothermally altered Cretaceous sedimentary rocks that could indicate the presence of concealed younger intrusives. Several veins are known to outcrop in the altered area. Another target in this area is the potential for disseminated gold that would be impossible for small local miners to find.
The Company is planning to initiate an early-stage exploration program at Surata in the near term, consisting of surface and underground chip/channel sampling, plus soil sampling. This compares with its more aggressive exploration campaigns in the California and Vetas districts. In addition to the drilling currently underway at the Pie de Gallo open pit on its California concessions, Galway issued a press release on
Revised Third-Quarter 2009 MD&A
As a result of a review by the British Columbia Securities Commission, we are including in this press release the following to clarify our disclosure. The Company has re-filed its management's discussion & analysis ("MD&A") for the period ended
Review by Qualified Person, Quality Control and Reports
The content of this news release has been reviewed by
About the Company
Galway Resources is a well-capitalized company, primarily focused on the exploration of gold and coal in
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 SEDAR website.
For further information: Galway Resources Ltd., Robert Hinchcliffe, President and Director, 1-800-475-2412, www.galwayresources.com
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