Galloway Energy Inc. (GWGI) Reviews Mineral Samples & Historic Information-Company Now Expects to Initiate Extensive Exploration Programadmin
Galloway Energy Inc., an emerging growth company focused on property exploration and acquisitions in the energy and precious metals sectors, announced today that it has reviewed news releases including assay result of samples taken by other mining companies located near the Company’s recently acquired FraserBend Claim properties located in the Quesnel Trough, in the Cariboo Mining District of British Columbia. The company stated that it was “encouraged and excited at the potential” the samples indicated for its properties. Galloway also said that it is now in the process of putting together an extensive exploration program and expects to announce the details of the program to its shareholders in the near future.
In today’s announcement, Galloway explained that its FraserBend properties are located in the middle of the great Cariboo Gold Rush area, on the Quesnel Trough, which saw one of the largest recoveries of gold on the continent of North America during the late 1800s. Historic gold production in the Cariboo area was approximately 3.8 million ounces, with 2 million ounces recovered from placer operations and 1.8 million ounces recovered from lode deposits. These totals are an estimate only, as prior to 1874 production was not recorded. In addition, the placer operations at Likely (a well-known mine also in the Quesnel Trough) produced 175,000 ounces of gold and 1,600 ounces of platinum. Gold and platinum were reported to have been recovered in placers claims in the Frank Creek area in similar proportions.
Galloway Energy officials explained other important gold and copper-gold deposits occur near Likely, in the south western part of the region. The Company stated that the recent increase in gold, platinum and copper prices has caused mining activity in the area to ramp up once again and that this is what led the company to make the decision to acquire its strategically located FraserBend properties. Galloway noted that a new open-pit copper-gold deposit on Mount Polley, located 9 km southeast of Likely is expected to be put into production by another mining company soon. Measured reserves at that location are 49 million tonnes grading 0.38% copper and .054 g/t gold. Inferred reserves in this new open pit mine are 230 million tonnes grading 0.25% copper and 0.34 g/t gold.
Galloway Energy Inc. CEO Shane Lowry stated, “Today, armed with new technologies, both major and junior mining companies are starting to band together with one common phrase, ‘The New Cariboo Gold Rush’, evidenced by the very large area recently staked. With most of past riches found using a mere gold pan, today’s modern and much more efficient miners are now in search of the origin of this previous wealth.”
Lowry added, “We have taken steps to insure through geological research and past production records that we are now in a strategic position to take full advantage of the new discoveries and mineral potential this region offers. Gold above 800 dollars per ounce and platinum above 2000 dollars per ounce makes heightened exploration in the region a foregone conclusion. We now feel we are right in the mix of things in an area that offers tremendous opportunity. After reviewing the initial samples taken from our properties, we couldn’t be more encouraged or excited.”
Safe Harbor: This letter contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including without limitation, the ability of the Company to successfully implement its turnaround strategy, changes in costs of raw materials, labor, and employee benefits, as well as general market conditions, competition and pricing. Although the Company believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this letter will prove to be accurate. In light of the significant uncertainties inherent in the forward- looking statements included herein, the inclusion of such information should not be regarded as representation by the Company or any other person that the objectives and plans of the Company will be achieved. In assessing forward- looking statements included herein, readers are urged to carefully read those statements. When used in the Annual Report on Form 10-K, the words ‘estimate,’ ‘anticipate,’ ‘expect,’ ‘believe,’ and similar expressions are intended to be forward-looking statements.
Galloway Energy Inc.
Shane Lowry, President
Contacts: Galloway Energy Inc. Investor Relations (206) 973-2483
Source: Galloway Energy Inc.