CALGARY, Jan. 18, 2013 /CNW/ - Galway Gold Inc. (TSX-V: GLW) ("Galway Gold") is pleased to announce that effective January 21, 2013, Galway Gold's common shares will become listed and commence trading on the TSX Venture Exchange (the "TSX-V") under the symbol "GLW".
As previously disclosed on December 20, 2012, Galway Gold received conditional approval to list its common shares on the TSX-V in connection with a plan of arrangement (the "Arrangement") among formerly listed Galway Resources Ltd.("Galway Resources"), AUX Acquisition 2 S.àr.l, AUX Canada Acquisition 2 Inc., Galway Metals Inc. and Galway Gold that closed on December 20, 2012. Galway Gold is well capitalized with US$18 million of cash and holds an option to acquire a
100% interest in the Vetas gold project in Colombia formerly held by Galway Resources (the "Vetas Project").
The Vetas Project contains the high-grade El Volcan gold-silver mine, the largest gold mine in the Vetas and California gold districts, which has been in production for over 400 years. Galway Resources began drilling the Vetas Project in April, 2011, with the focus to test for a continuation of mineralization below the El Volcan mine, strike and lateral extensions to the mine, as well as to evaluate 6 surface geochemical/geophysical anomalies that have been identified. Core hole results from 68 diamond drill holes have been released, 52 of which were drilled from underground, targeting the El Volcan structure, while the balance were surface holes targeting the intrusive exhibiting stockwork veining along its western border with CB Gold Inc.
Galway Gold currently has two drills operating underground below the lowest operating mine level and one operating on surface. The underground rigs are continuing to target the expansion of mineralization at depth, along strike and laterally to the El Volcan mine. In its early exploration program Galway Resources more than doubled the depth at which gold mineralization was identified below the Reina de Oro level to nearly 700 meters, or 860 meters below surface. Galway Gold will continue to expand the mineralized footprint such that it expects to be in position to issue a gold and silver mineral resource estimate for Vetas' El Volcan structures in the second half of 2013.
Toward this end, and as recommended in the Technical Report (as defined below), Galway Gold has budgeted US$2.6 million to complete 15,000 meters of drilling from both the El Volcan underground and on surface. Based on interpretation of existing data and from results achieved in the 15,000 meters, Galway Gold is planning a follow-up 20,000 meter drill program at an additional cost of US$3.6 million. Galway Gold has the necessary funds available for this work program and expects to be able to complete the combined 35,000 meters of drilling in 2013.
Surface drilling continues to target the stockwork intrusive located west of the mine, in the vicinity of CB Gold's significant discoveries, among other gold-rich anomalies.
SOURCE Galway Gold Inc