"Last week one of my favorite stocks Galway Resources announced the results from two
additional holes on its Victorio project. One hole GR -86 intersected higher grade
tungsten and molybdenum. This is significant for the project. Please recall that Galway
has a resource (indicated and inferred) at $25 per ton of 206 million pounds of moly and
210 million pounds of tungsten. Moly sells for $33 per pound and tungsten for $13 per
pound. The in situ value of this resource is therefore $9.58 billion. Applying a 5%
valuation per pound to this resource, implies a value on Victorio of $476 million or $7.06
for each of the 67.341 million company shares, fully diluted. Even discounting this by 50% leaves a per share valuation on Victorio of $3.53. Not too bad for a stock selling at $.53.

“We are very pleased with these results as we better define the high grade zone and expand the overall resource for this large molybdenum tungsten system. While there is potential to expand the deposit, the defined area of mineralization, the geometry, and implied metal value, and excellent infrastructure advantages, are reasons why we believe this project has vast potential,” cites Robert Hinchcliffe, President and CEO of Galway Resources.”

Two points worth noting. The company recently hired John Tumazos a well known Wall Street mining power to affect a commercialization strategy for the company. Galway also has a significant tungsten resource at Indian Springs. This is a project that COO Marshall Himes cut his teeth on many years ago. Both Indian Springs and Victorio also may have significant additional mineral potential and more exploration is warranted in the surrounding lands in both cases. But most important that company is transitioning into Colombia in search of value creation from coal and gold resources. Don’t be surprised if the company, under CEO Rob Hinchcliffe, replicates its value creation successes from New Mexico and Nevada in its new Colombian properties." (6/23/08)
    -   Morning Notes, Michael A. Berry

"Colombia is fast becoming a hot-bed for coal, gold, and uranium exploration by companies such as Galway Resources as well as many others." (6/4/08)
    -   Morning Notes, Michael A. Berry

"Galway has released results of a preliminary scoping study for its Victorio moly-tungsten project in New Mexico...It's a very nice, large moly project with opportunities to improve the economics. That's exactly what Galway plans to do next, as well as to look for a partner to move Victorio forward." (5/08)
    -   Gold Newsletter

"One that I follow is a very cheap stock called Galway Resources. Galway just acquired major low-sulfur coal deposits in Colombia, South America along the Magdalena River. They also have tungsten and molybdenum deposits in the U.S., and the stock has traded down to about 57 cents. So, again, it's a little bit out of favor, a little bit behind the curve and a stock that people should at least be looking at in terms of coal exposure." (4/24/08)
    -   The Energy Report Interview with Dr. Michael Berry

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