two intersects over 77 g/t in hole 21; expansion continues in all directions

cnw


TORONTO, Feb. 15, 2012 /CNW/ - Galway Resources Ltd. (GWY: TSX-V) is pleased to announce assay results from nine diamond drill holes at
its Vetas gold-silver project, host of the El Volcan gold-silver mine
that has been in operation for over 400 years and is the largest mine
in the Vetas-California-Surata gold region of Colombia. The focus of
Galway's exploration efforts at Vetas is to test for a continuation of
mineralization below the El Volcan mine, strike and lateral extensions
to the mine as well as to test the 6 surface anomalies that have been
identified. There are currently 2 drills operating underground and an
additional rig operating on surface that is targeting the stockwork
intrusive located west of the mine. Key highlights of drill results
received are as follows:



Very high grade results continue to be received as noted by Hole 21,
which intersected 1,082.6 g/t Au and 718.0 g/t Ag over 1.2 meters, 95.6
g/t Au and 16.9 g/t Ag over 1.3 meters, 77.1 g/t Au and 51.3 g/t Ag
over 1.1 meters and 17.8 g/t Au and 77.7 g/t Ag over 2.3 meters.






Strike lengths of veins continue to be extended as noted by Hole 22B,
which intersected 25.4 g/t Au and 24.0 g/t Ag over 1.4 meters, 120
meters to the south of existing mine workings along the Corteros vein,
which now measures 510 meters in length.






Mineralization at depth continues to be extended as noted by Hole 24,
which intersected 6.5 g/t Au and 20 g/t Ag over 1.3 meters, 310 meters
vertically below the Reina de Oro level. This represents a 60 meter, or
25% increase compared with the deepest mineralized intersect previously
reported.






The new vein discovery, located 35 meters beyond the previously known
western limit of the mine, which was originally reported on November 22, 2011 and contained 104.3 g/t Au and 16.0 g/t Ag over 1.2 meters in Hole 15,
was confirmed by Hole 17, which intersected 9.3 g/t Au over 1.1 meters,
100 meters to the northeast.



"Not only are we continuing to receive multiple intersects of high grade
gold and silver in virtually all of the holes drilled below the El
Volcan mine, we are also continuing to expand the known boundaries of
the mine laterally, along strike and to depth. The success rate that we
are having on this drill program continues to exceed our expectations.
Improved drill productivity should expedite our exploration program and
bodes well for robust news flow," cites Robert Hinchcliffe, President
and CEO of Galway Resources.


Vetas Underground Drill Results Summary

On June 22, 2011, Galway released the first set of drill results from its Vetas project,
which began in April 2011. To date, 22 of the 24 holes that have been
reported on host at least one assay in excess of 10 g/t Au (the average
is 3.1 per hole, or 75 times in total), and all holes contain multiple
mineralized intersects. In fact, in the first 24 holes drilled, Galway
has intersected 5 g/t Au or more 119 times, 20 g/t Au or more 42 times,
30 g/t Au or more 27 times and 100 g/t Au or more seven times. The
Company has reported on the first 24 holes, with results pending for an
additional 8 holes, comprising over 14,000 meters drilled to date.
Partial results for holes GWY-V017 and GWY-V018 have already been
reported. The full set of results from GWY-V013 and GWY-V17-24 are
provided below.


GWY-V013



8.8 grams per tonne gold (g/t Au) and 20.4 g/t silver (Ag) over 4.38
meters (m), including 20.7 g/t Au and 50.8 g/t Ag over 1.46 m


21.4 g/t Au over 1.43 m


14.4 g/t Au and 76.2 g/t Ag over 0.52 m


4.3 g/t Au and 16.4 g/t Ag over 2.90 m



GWY-V017



10.5 g/t Au and 30.6 g/t Ag over 1.05 m


9.3 g/t Au over 1.06 m


4.4 g/t Au over 2.70 m (*previously reported as 5.8 g/t Au over 1.30 m)


*8.7 g/t Au and 38.0 g/t Ag over 12.90 m, including 42.0 g/t Au and
306.0 g/t Ag over 1.33 m and 31.8 g/t Au and 18.0 g/t Ag over 1.18 m


*21.6 g/t Au over 1.37 m


*9.6 g/t Au over 1.20 m


*28.3 g/t Au over 4.07 m, including 61.7 g/t Au over 1.45 m



GWY-V018



15.8 g/t Au over 1.20 m


10.6 g/t Au and 87.0 g/t Ag over 1.45 m


*92.2 g/t Au and 18.0 g/t Ag over 0.98 m


*10.8 g/t Au over 1.15 m



GWY-V019



7.8 g/t Au over 1.18 m


5.5 g/t Au and 32.4 g/t Ag over 1.31 m


4.8 g/t Au and 37.9 g/t Ag over 1.25 m



GWY-V020



22.7 g/t Au over 1.02 m


21.9 g/t Au and 7.9 g/t Ag over 1.14 m


4.7 g/t Au over 4.41 m, including 10.2 g/t Au and 18.0 g/t Ag over 1.38
m


12.5 g/t Au and 8.1 g/t Ag over 1.43 m


7.8 g/t Au and 44.2 g/t Ag over 1.25 m


4.3 g/t Au and 7.0 g/t Ag over 2.22 m


5.5 g/t Au over 1.41 m



GWY-V021



77.1 g/t Au and 51.3 Ag over 1.13 m


1,082.6 g/t Au and 718.0 g/t Ag over 1.21 m


95.6 g/t Au and 16.9 Ag over 1.26 m


17.8 g/t Au and 77.7 g/t Ag over 2.34 m



GWY-V022 & GWY-V022B (GWY-V022B extended GWY-V022 after GWY-V022 deviated from its target
along a fault)



25.4 g/t Au and 24.0 g/t Ag over 1.37 m


6.9 g/t Au and 8.0 g/t Ag over 0.99 m



GWY-V023



15.5 g/t Au and 15.0 g/t Ag over 0.97 m


4.9 g/t Au and 6.0 g/t Ag over 2.11 m, including 7.8 g/t Au and 7.0 Ag
over 1.00 m


5.0 g/t Au over 1.87 m, including 8.3 g/t Au over 0.80 m



GWY-V024



4.8 g/t Au and 157.0 g/t Ag over 1.00 m


6.5 g/t Au and 20.0 g/t Ag over 1.30 m



*previously reported


Notes: a 2.0 g/t lower cutoff grade was applied; no upper cutoff grade
was applied.


Pictures of visible gold from Galway's Vetas and California projects can
be viewed in the photo gallery. Maps, cross sections and a detailed table of assay results can be
viewed on the Company's website . A preliminary NI 43-101 technical report on Galway's Vetas property,
which was prepared by Roscoe Postle Associates, was filed on SEDAR on
August 24, 2011.


Vetas Surface Drilling Program

The Company also is pleased to announce that drilling has commenced with
a surface rig which is targeting extensions on Galway's side of the
common border to CB Gold's discovery of 7.57 g/t Au over 114.98 meters
in what appears to be the same stockwork zone that Galway initially
discovered through extensive sampling and geophysical exploration
programs in late 2010 and early 2011. The CB Gold intersection includes
17.17 g/t Au over 40.89 meters (which includes 316.67 g/t Au over 2.09
meters), and 5.36 g/t Au over 30.35 meters. This surface program is
drilling the anomaly #6 area (the stockwork zone) along the western
border as shown in Figure 1. Anomalies #4 and #5, which are also to be drilled, are characterized
by high Au-Ag MMI ratio responses with high chargeability targets 40 to
60 meters down, and may be related to strong argillic alteration that
is part of the porphyry system. Overall, there are a total of 6 surface
anomalies that will be explored.


Mineralization

For the surface geology along the western border of the Reina de Oro
concession, mineralization is hosted by veins and stockwork zones in
gneiss and a quartz diorite with potassic alteration (secondary biotite
and K feldspar). The mineralization also includes zones of high-grade
gold-silver veins (Piedra Colorada and El Coco).


Ore at the El Volcan mine contains favorable steeply-dipping quartz
veins in competent host rocks that could be successfully mined using
modern bulk-tonnage longhole mining methods. The known vein system
comprises nine different epithermal veins and numerous subordinate
splay veins trending NNE and dipping sub-vertically to the NW. The main
quartz veins, together with splay veins, are spatially associated with
shear zones hosted in porphyry and metamorphic gneiss, much like the
California gold district. Visible gold in the sampling almost
invariably indicates higher gold and silver assay grades. Galway's
geologists are impressed and surprised by the widths of mineralization
attained in the first tier of drill holes relative to the narrower
veining seen in the mine workings above, and by the classic low
sulfidation vein textures seen. Grey chalcedonic quartz, colloform
banded texture, vuggs and drussy quartz, with fine pyrite crystals are
typical. The mineralization has been intersected up to 310 meters below
the bottom level, and the bottom level is up to 300 meters below
surface. True widths for assays reported in this release are 52% - 91%
of down-hole widths.


Rapid development of resources is possible using channel sampling from
the 2,000 meters of accessible underground workings, and from drill
results. Existing multiple vein structures that are in close proximity
to one another and open in all directions provide an excellent
opportunity to build a robust gold resource. A total of 7,345 meters of
drifts were mapped and 3,769 chip and channel samples were taken from
vein, wall rock and stockwork mineralization between vein sets. The
mine covers an area of 500 meters x 300 meters with a vertical extent
of 300 meters. Drilling is testing multiple veins at 25-50 meter
centers.


Supervision, Qualified Person and Quality Control

The Vetas Project is under the supervision of Project Manager Alex Cruz,
of Quito Ecuador. In compliance with National Instrument 43-101, Mr.
Mike Sutton, P.Geo. and Mr. Dale Schultz, P.Geo. (Manitoba and
Saskatchewan) of Buscore Consulting Limited are the Qualified Persons responsible for the accuracy of this news
release. Samples from the Vetas Project are sent to the Acme Labs
preparation facility in Medellin, Colombia, for processing and are
analyzed at Acme Labs laboratory in Vancouver, Canada. Surface rock
samples are analyzed for Au by a 30g fire assay and AAS finish method
(code G601) plus a multi-element suite with an aqua regia digestion and
ICP-MS finish (code 1F04). Underground samples are analyzed by G601 and
1F04 methods and over limits of Ag >100ppm and Cu-Pb-Zn >1% by an ore
grade determination with an aqua regia digestion and analysis by ICP-ES
(Code 7AR2). If strong mineralization or visible gold is observed, then
a screen metallic assay for Au (code G615) is used. Acme Labs is an ISO
9001:2008 qualified assayer that performs and makes available internal
assaying controls. Quality control protocols by Galway that are in
place consist of the insertion of one blank at least every 20 samples,
a reject duplicate every 20 samples, and one of three different
certified reference standard material for every 20 rock samples. Core
recovery in the mineralized zones has averaged over 90%. Quarter coring
of some select samples will take place. Assays reported in this press
release may have screen, and quarter core assays pending and will be
updated in the table on the website as needed.


MMI soil samples were sent to SGS Group (ISO 19011 certified)
preparation facility in Medellin, Colombia, for processing and are
analyzed in SGS's laboratory in Lima, Peru.


About The Company

Galway Resources is a well-capitalized company, primarily focused on the
exploration of gold and silver in Colombia. The Company has two drill
programs underway at the California and Vetas gold-silver projects,
located in northeastern Colombia. The Company also has the Victorio
tungsten-molybdenum project, with excellent infrastructure, in
southwestern New Mexico. A positive scoping study was completed by SRK
in 2008. The sustained surge in tungsten pricing, coupled with a steady
molybdenum price, has prompted management to reassess strategic
alternatives to advance the Victorio project.


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:


Forward-Looking Statements: Statements in this release that are
forward-looking statements are subject to various risks and
uncertainties concerning the specific factors disclosed under the
heading "Risk Factors" and elsewhere in the Company's periodic filings
with Canadian Securities Regulators. Such information contained herein
represents management's best judgment as of the date hereof based on
information currently available. The Company does not assume the
obligation to update any forward-looking statement.




For further information:

Galway Resources Ltd. Robert Hinchcliffe 1-800-475-2412 http://www.galwayresources.com/">www.galwayresources.com