Galway has secured a 100% interest in the Reina de Oro and Coloro properties in the center of the historic Vetas Gold Mining District in Colombia. The properties are mostly contiguous and collectively comprise 542 hectares (1,339 acres). The Reina de Oro property's main asset at present, the El Volcan Mine, has been the site of gold mining since the 1590's and is the largest min in the historic California-Vetas gold mining district, despite having never benefitted from modern exploration and has never previously been drilled. Galway began drilling at the El Volcan Mine in April 2011, with 2 rigs currently operating and a third scheduled to arrive the third week of November. New veins have been identified in the first 6 drill holes and visible gold has been seen in 15 of 18. The town of Vetas is located approximately 8 kilometers southeast of California, the sight of the Company's on-going gold exploration program, on strike with Ventana's and Greystar's major gold discoveries. A preliminary NI 43-101 technical report on Galway's Vetas property has been filed on SEDAR.

Highlights from Galway's drilling program in the El Volcan Mine include:

• 13.4 g/t Au and 28.2 g/t silver (Ag) over 1.0 m
• 6.1 g/t Au and 6.6 g/t Ag over 4.9 m

• 9.7 g/t Au and 37.4 g/t Ag over 9.4 m, including 15.5 g/t Au and 25.6 g/t Ag over 4.6 m
• 9.2 g/t Au and 31.1 g/t Ag over 2.6 m, including 49.8 g/t Au and 113.0 g/t Ag over 0.3 m
• 8.6 g/t Au and 13.5 g/t Ag over 2.3 m
• 12.5 g/t Au and 17.1 g/t Ag over 0.6 m

• 82.5 g/t Au and 39.1 g/t Ag over 2.7 m, including 202.0 g/t Au and 53.5 g/t Ag over 1.1 m
• 21.9 g/t Au and 63.0 g/t Ag over 6.7 m, including 69.1 g/t Au and 81.6 g/t Ag over 1.5 m
• 7.5 g/t Au and 4.8 g/t Ag over 7.6 m, including 25.1 g/t Au over 1.5 m
• 9.7 g/t Au and 12.9 g/t Ag over 1.2 m

• 30.7 g/t Au and 17.1 g/t Ag over 0.7 m
• 8.6 g/t Au and 36.9 g/t Ag over 1.3 m

• 26.8 g/t Au and 132.8 g/t Ag over 1.9 m, including 50.3 g/t Au and 251.0 g/t Ag over 1.0 m

• 138.0 g/t Au and 21.3 g/t Ag over 1.1 m
• 44.7 g/t Au and 1,120.0 g/t Ag over 1.2 m
• 64.4 g/t Au and 110.0 g/t Ag over 0.7 m
• 12.7 g/t Au and 16.1 g/t Ag over 1.1 m

• 10.5 g/t Au and 26.5 g/t Ag over 1.7 m

• 17.7 g/t Au and 16.7 g/t Ag over 1.3 m
• 10.9 g/t Au and 65.9 g/t Ag over 1.5 m
• 14.5 g/t Au and 12.3 g/t Ag over 0.7 m
• 12.2 g/t Au over 0.6 m

• 11.7 g/t Au and 11.8 g/t Ag over 2.7 m
• 21.5 g/t Au and 82.2 g/t Ag over 0.9 m

• 46.0 g/t Au and 375.9 g/t Ag over 2.3 m, including 89.3 g/t Au over 1.0 m
• 25.2 g/t Au and 29.0 g/t Ag over 1.0 m
• 16.1 g/t Au over 1.2 m

• 42.0 g/t Au over 1.5 m
• 39.9 g/t Au and 39.3 g/t Ag over 1.4 m
• 19.3 g/t Au and 57.0 g/t Ag over 1.0 m

• 15.3 g/t Au 11.44 m, including 112.3 g/t Au and 34.2 g/t Ag over 0.92 m, and including 16.8 g/t Au and 20.5 g/t Ag over 1.33 m
• 12.8 g/t Au over 7.2 m, including 67.2 g/t Au and 34.4 g/t Ag over 1.12 m

• 17.9 g/t Au over 5.46 m, including 33.6 g/t Au and 10.9 g/t Ag over 1.21 m and 46.8 g/t Au and 22.5 g/t Ag over 1.20 m
• 33.1 g/t Au and 17.4 g/t Ag over 1.10 m
• 106.8 g/t Au and >100 g/t Ag over 1.00 m
• 12.7 g/t Au and 29.0 g/t Ag over 1.14 meters

• 40.4 g/t Au over 3.47 m, including 84.8 g/t Au and 12.0 g/t Ag over 1.26 m
• 6.6 g/t Au over 9.44 m, including 41.9 g/t Au over 1.04 m
• 14.7 g/t Au and 13.0 g/t Ag over 1.28 m
• 13.8 g/t Au and 62.0 g/t Ag over 1.02 m
• 104.3 g/t Au and 16.0 g/t Ag over 1.2 m

• 26.2 g/t Au over 0.85 m
• 78.2 g/t Au and 12.6 g/t Ag over 3.16 m, including 248.3 g/t Au and 38.0 g/t Ag over 0.96 m
• 23.6 g/t Au and 13.0 g/t Ag over 0.55 m
• 16.2 g/t Au and 16.0 g/t Ag over 1.15 m

• 8.7 g/t Au and 38.0 g/t Ag over 12.9 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
• 28.3 g/t Au over 4.07 m, including 61.7 g/t Au 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

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 200 meters below the bottom level. True widths for assays reported in this release are 81%-91%, except 72% for hole GWY-V012, 64% for hole GWY-V018, 57% for hole GWY-V014 and 51% for hole GWY-V016 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. To date, Galway has received results from 7,065 meters of drilling at Vetas. 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 below the lowest level of the mine.

The town of Vetas is located approximately 8 kilometers southeast of California, the site of the Company's on-going gold exploration program, on strike with Ventana's and Greystar's major gold discoveries. The El Volcan mine has been the site of gold mining since the 1590's and is the largest mine in the California-Vetas-Surata gold mining districts. The focus of Galway's exploration efforts at Vetas is within, below, and extensions both along strike and laterally from the El Volcan mine. This mine is contained within the Reina de Oro concession, which is not subject to development restrictions associated with Páramo legislation.

The U.S. Geological Survey in collaboration with the Colombian Geological Survey (INGEOMINAS) sampled the Reina de Oro property in 1969. Forty-two underground samples were taken from several veins. The samples ranged from no gold to 87.5 grams/tonne. Approximately 31% (13) of the samples were less than 0.5 g/t, 7% (3) from 0.5-1 g/t, 19% (8) from 1-3 g/t, 7% (3) from 3-5 g/t, and 36% (15) were greater than 5 g/t Au (gold). Looked at another way, 62% of the samples taken contained 1 g/t Au or more. This provides another indication to Galway's management that the Company's Reina de Oro property contains unusually high levels of anomalous gold. In fact, grades as high as 76.0 g/t Au over 1.2 meters and 76.65 g/t Au over 0.9 meters were returned. In addition, sampling work done on the tailings by the USGS during the late 1960's found the tailings to contain about 90,000 tonnes of 18 g/t Au and 38 g/t Ag (silver) in the sand fraction, and 26 g/t Au and 44 g/t Ag in the silt fraction. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources, the issuer is not treating the historical estimate as current mineral resource and the historical estimate should not be relied upon.