Galway Initial California Resource Estimate: 93-99% Metallurgical Recoveries

Highlights:

• Indicated resources of 424,000 ounces gold in 2.39M tonnes at 5.53 g/t using a 2.0 g/t cut-off
• Plus Inferred resources of 666,000 ounces gold in 3.85M tonnes at 5.38 g/t using a 2.0 g/t cut-off
• Galway’s average gold grade is 40% higher than AUX’s gold grade of 3.90 g/t as originally reported by Ventana Gold
• Additional drilling at depth and along strike, coupled with additional drilling in the newly discovered Machuca and Catalina zones, and the potential value associated with the Company’s fractional land position could provide additional upside (refer to Figures 1 and 2)
• Resources do not include the newly-discovered Catalina zones with recently-released intersections of 13.5 meters (m) grading 3.7 g/t Au and 59.5 g/t Ag (hole GWY-244), and 7.0 m grading 2.1 g/t Au (hole GWY-238); these zones are open in all directions
• Resources do not include recently released intersections such as 6.2 m grading 6.5 g/t Au (hole GWY-247) in the new Machuca zones, which suggests a material amount of potential due to results obtained to date, and the area is open in all directions (e.g. west of and below 19.0 m grading 11.6 g/t Au in hole GWY-231)
• Gold recoveries range from 93-99%. The first round of sampling demonstrated that the mineralization is amenable to conventional sulfide flotation
• Silver recoveries range from 86%-97%. Management believes that the flotation circuit would also recover copper and zinc as by-product credits
• Galway has successfully negotiated to obtain title to nine mining concessions in California and has received confirmation from the National Geological Service of Colombia that mining titles for 100% of six concessions were successfully transferred and registered to Galway Resources, including the “fractions” that appear to be directly within AUX’s La Mascota mineralized structure

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