Mr. Robert Hinchcliffe reports

GALWAY PROVIDES REVIEW OF DRILL RESULTS FROM ITS ONGOING GOLD-SILVER EXPLORATION INITIATIVE IN COLOMBIA

Galway Resources Ltd. has provided a review of its recent drill results at the California and Vetas projects in northeastern Colombia. There are currently three drill rigs operating at the California property, with a fourth rig to begin drilling in early November. This project is located both adjacent to and along strike with the La Bodega/La Mascota deposit (acquired for $1.5-billion in cash by AUX Canada). Galway also owns a 360-metre-long fractional land position that appears to be directly within the La Mascota mineralized structure. Drilling at Vetas began in the second quarter, with two rigs operating at the high-grade El Volcan gold-silver mine, which is located eight kilometres southeast of California and is the largest gold producer in the entire region. Discussions are under way to bring a third drill rig to Vetas, which will focus on exploring extensions of known mineralization under the El Volcan mine, which remains open in all directions, and to also explore other areas of known mineralization at Vetas.

"We are extremely pleased with the progress being made at both projects, as can be seen in the following headlines from our most recent press releases on drill results from the California and Vetas gold-silver projects. Strong results from both projects have led us to increase the number of drill rigs at each, which will only accelerate our exploration efforts. We expect to have NI 43-101 resource estimates on California in the first quarter of 2012, and near mid-year 2012 for Vetas," states Robert Hinchcliffe, president and chief executive officer of Galway Resources.

Recent news release titles for the California gold silver project:

• Galway intersects 16.0 metres of 29.4 grams per tonne gold and 16.0 metres of 10.6 grams per tonne gold (Sept. 28, 2011);
• Galway intersects 14.0 metres of 21.6 grams per tonne gold and 475.7 grams per tonne silver and eight metres of 43.4 grams per tonne gold, bridging the gap from Pie de Gallo to San Celestino (Sept. 16, 2011);
• Galway's best gold intersect yet: 26 metres of 129 grams per tonne and 21.5 metres of 8.5 grams per tonne in one hole, and 92.5 metres of 2.9 grams per tonne and 114 metres of 1.1 grams per tonne in another (July 21, 2011).

Recent news release titles for the Vetas gold silver project:

• Galway drills 46.0 grams per tonne gold and 375.9 grams per tonne silver over 2.3 metres, with 21 intersects greater than five grams per tonne gold in five new holes at Vetas (Oct. 6, 2011);
• Galway intersects 138 grams per tonne gold over 1.1 metres, 44.7 grams per tonne gold and 1,120 grams per tonne silver over 1.2 metres, 26.8 grams per tonne gold over 1.9 metres and 7.5 grams per tonne gold over 7.6 metres at Vetas (Aug. 22, 2011);
• Galway intersects 21.9 grams per tonne gold over 6.7 metres, 82.4 grams per tonne gold over 2.7 metres and 9.7 grams per tonne gold over 9.4 metres at Vetas project in Colombia (June 22, 2011).

California and Vetas statistical drill results summary

Now that Galway has reported on 131 holes at California (154 holes drilled to date with results pending) and 11 at Vetas (18 holes drilled to date with results pending), company management felt it would be helpful to provide insight into the successes achieved at both projects. At California, it is well known that Galway has intersected many thick intervals of disseminated gold mineralization, but what is less well known is that within these wide intervals are narrower, but much higher-grade veins, many of which should be conducive to bulk underground mining methods. At Vetas, the 11 holes reported to date, which were drilled below the El Volcan mine, intersected mainly the high-grade veins and not the lower-grade intervals of disseminated mineralization. Thus far, results confirm that mineralization extends at least 200 metres below current workings. A statistical summary of individual drill samples with varying cut-offs can be seen below.

California results in 131 drill holes:

• Five grams per tonne gold or more: 285 times;
• 30 grams per tonne gold or more: 51 times;
• 10 grams per tonne gold or more: 145 times;
• 50 grams per tonne gold or more: 36 times;
• 20 grams per tonne gold or more: 84 times;
• 100 grams per tonne gold or more: 18 times;
• 25 grams per tonne gold or more: 74 times;
• 150 grams per tonne gold or more: 10 times.

Vetas results in 11 drill holes:

• Five grams per tonne gold or more: 45 times;
• 30 grams per tonne gold or more: 10 times;
• 10 grams per tonne gold or more: 31 times;
• 50 grams per tonne gold or more: six times;
• 20 grams per tonne gold or more: 15 times;
• 100 grams per tonne gold or more: twice;
• 25 grams per tonne gold or more: 13 times;
• 150 grams per tonne gold or more: once.

New Orleans investment conference

Galway Resources is pleased to be exhibiting at the New Orleans investment conference on Oct. 26 to 29. The company invites everyone who is attending the conference to stop by its booth and learn more about the company.

Review by qualified person, quality control and reports

In compliance with National Instrument 43-101, Mike Sutton, PGeo, is the qualified person responsible for the accuracy of this news release. All samples from the California project are assayed by ALS Chemex in Lima, Peru, after preparation at the Chemex facility in Bogota, Colombia. All core is under watch from the drill site to the core processing facility. Samples are fire assayed with an AA with gravimetric finish. Samples returning in excess of 10.0 grams per tonne gold are sent for metallic screens. Samples from the Vetas project are sent to the ALS Chemex preparation facility in Bogota, Colombia, for processing and are analyzed in the ALS Chemex laboratory in Lima, Peru (ISO 9001:2000 certified). Surface rock samples were analyzed by methods Au-AA25 and ME ICP41. Underground samples were analyzed by methods Au-AA25 and ME-MS41. If a value of greater than 100 grams per tonne silver is returned for ME-MS41, then an over limit method of Ag-AA46 is used. If strong mineralization or visible gold is observed, then a screen metallic (Au-SCR 21) is used. The company's QA/QC program includes the regular insertion of blanks and standards into the sample shipments, as well as instructions for duplication. Standards, blanks and duplicates are inserted at one per 20 samples.

We seek Safe Harbor.