May 19, 2011 / 1:05 PM / in 7 years

Galway outlines drill results from Colombian gold project

TORONTO, May 19 (Reuters) - Gold exploration company Galway Resources GWY.V said on Thursday the latest drill results from its California property in Colombia were very promising.

The Toronto-listed company said data from six additional drill holes came back with positive results, including a fairly long intercept that returned 8.3 grams per tonne of gold. [For complete drill results: link.reuters.com/vuh69r]

“The California property is really shaping up as drill results continue to show improved grades and thicknesses,” said Chief Executive Robert Hinchcliffe in a release. “These strong results will aid Galway’s goal of establishing a robust resource.”

Galway’s California project is located beside Ventana’s La Bodega gold property in Colombia. Earlier this year, Brazilian billionaire Eike Batista acquired Ventana for about C$1.5 billion.

Galway also noted that its project is located at a lower altitude than Greystar’s GSL.TO nearby Angostura gold and silver project.

The California project is hence not subject to development restrictions associated with Paramo legislation that have impacted the Angostura project, Galway said. [ID:nN23284269]

Shares of Galway, which have risen more than 6 percent this year, closed Wednesday at C$1.18 on the TSX Venture Exchange. (Reporting by Euan Rocha)

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