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Thursday, May 19, 2011

Galway outlines drill results from Colombian gold project, (GWY), (TSE: GSL)

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. "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.

Greystar Resources Ltd. (Greystar) is a Canada-based, development-stage company. Shares of GSL remained unchanged at $5.59. In the past year, the shares have traded as low as $2.03 and as high as $7.75. On average, 143471 shares of GSL exchange hands on a given day and today's volume is recorded at 0.