Wednesday, August 29, 2012
Galway Resources Receives Titles For California Concessions

Toronto, Ontario: August 29, 2012 - Galway Resources Ltd. ("Galway") (GWY: TSX-V) is pleased to announce that it has successfully negotiated to obtain title to nine mining concessions located in the municipality of California in Santander, Colombia, where the vast majority of drilling has taken place to date. Galway has received confirmation from the Colombian Mining Ministry that mining titles for 100% of six concessions were successfully transferred and registered to Galway Resources, including the "fractions" that appear to be directly within AUX's La Mascota mineralized structure. The three remaining mining titles are anticipated to be transferred in the next several weeks.

Pursuant to the terms of the various agreements, Galway has made payments of approximately US$6.6 million in cash, which includes an advance payment on estimated gold resources, and $7.8 million in share payments will be made upon approval by the TSX Venture Exchange. Pro rata payments will be made on additional NI 43-101 compliant measured and indicated gold resources established until June 15, 2013, payable in both cash and shares. The initial gold resource estimate on Galway's California concessions is anticipated to be released in early September.

After assessing drill results of our geological targets, Galway did not renew the option on the Tronadora concession 0204-68, which is located 2.5 km southwest of Galway's main California concessions, as well as concession 107-68.

Maps can be viewed on the Company's website at www.galwayresources.com.

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

For further information contact:

Galway Resources Ltd.
Investor Relations
1-800-475-2412
www.galwayresources.com

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.

You can also view this News Release on our website at:
http://www.galwayresources.com/s/NewsReleases.asp?ReportID=544703

Galway Resources

	EXPLORATION STAGE
	CODE : GWY.V

Follow and Invest

Add Alert	Add to Watchlists	Add to Portfolio	Add Note

Profile Market
Indicators VALUE :
Projects & res.Press
releases Annual
report RISK :
Asset profile Contact Cpy

Galway is a molybdenum and tungsten exploration company based in United states of america.

Galway holds various exploration projects in Colombia.

Its main exploration properties are CALIFORNIA, SURATA GOLD, VETAS GOLD and VICTORIO in Colombia.

Galway is listed in Canada. Its market capitalisation is CA$ 303.7 millions as of today (US$ 307.6 millions, € 233.0 millions).

Its stock quote reached its lowest recent point on February 06, 2009 at CA$ 0.04, and its highest recent level on December 21, 2012 at CA$ 2.38.

Galway has 132 028 000 shares outstanding.

Legends
	Production
	Mine development
	Discovery
	Exploration
	Past producer
On Google Earth, click on the button, to show property information, and access to project page or company page.