Galway Metals Announces Second Royalty Buy Back at Its Clarence Stream Property
GALWAY METALS ANNOUNCES SECOND ROYALTY BUY BACK AT ITS CLARENCE
STREAM PROPERTY
Toronto, ON – July 28, 2020 – Galway Metals Inc. (TSXV: GWM) (“Galway Metals” or the "Company")
is pleased to announce that it has entered into an agreement dated July 27, 2020 (the “Agreement ”) with
an arm’s length third party royalty holder to buy back a one percent (1.0%) net smelter returns royalty (the
“Royalty”) covering certain mineral claims at the Company’s Clarence Stream property in southwest New
Brunswick (the “Property”). This is a separate royalty and is in addition to the royalty purchase announced
on July 21, 2020. The mineral claims subject to the Royalty cover the Jubilee Zone, parts of the Richard
Zone, the recently reported new discovery of 186.5 g/t Au over 0.6m located 950m SW of the Jubilee Zone
and other prospective properties.
The original agreement allowed only for buyback of one-half percent (0.5%) of the royalty for $500,000.
Galway was able to negotiate with the royalty holder to purchase the royalty in its entirety. Under terms of
the Agreement, Galway Metals will pay a total purchase price of $580,000 comprised of a cash payment of
$100,000 and 400,000 common shares in the capital of the Company at a deemed price of $480,000 ($1.20
per Share).
The transaction is subject to receipt of all necessary approvals, including the approval of the TSX Venture
Exchange.
Robert Hinchcliffe, President, Chief Executive Officer & Director , commented , “We are pleased to
complete a second royalty acquisition at the Clarence Stream Project , and, just as with our first royalty
buyback, will contribute meaningfully to further unlocking value of the Clarence Stream land package
beyond what we have already accomplished. The royalty holder’s willingness to receive the majority of
payment as shares in Galway demonstrates belief in the property and in the Company’s future.”
Review by Qualified Person, Quality Control and Reports
Michael Sutton, P.Geo., Director and VP of Exploration for Galway Metals, is the Qualified Person who
supervised the preparation of the scientific and technical disclosure in this news release on behalf of Galway
Metals Inc. All core, chip/boulder samples, and soil samples are assayed by Activation Laboratories, 41
Bittern Street, Ancaster, Ontario, Canada, who have ISO/IEC 17025 accreditation. All core is under watch
from the drill site to the core processing facility. All samples are assayed for gold by Fire Assay, with
gravimetric finish, and other elements assayed using ICP. 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. Approximately five percent (5%) of
the pulps and rejects are sent for check assaying at a second lab with the results averaged and intersections
updated when received. Core recovery in the mineralized zones has averaged 99%.
About Galway Metals Inc.
Galway Metals is focused on two gold projects in Canada, Clarence Stream, an emerging gold district in
New Brunswick, and Estrades, the former producing, high-grade VMS mine in Quebec. The Company
began trading on January 4, 2013, after the successful spinout to existing shareholders from Galway
Resources Ltd. following the completion of the US$340 million sale of that company. With substantially
the same management team and Board of Directors, Galway Metals is keenly intent on creating similar
value as it had with Galway Resources Ltd.
2
For further information, please visit www.galwaymetalsinc.com or contact:
Robert Hinchcliffe
President, Chief Executive Officer & Director
Telephone: 1 (800) 771-0680
Cautionary Statement
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this news
release.
This News Release includes certain "forward -looking statements" which are not com prised of historical
facts. Forward -looking statements include estimates and statements that describe the Company’s future
plans, objectives or goals, including words to the effect that the Company or management expects a stated
condition or result to occur. Forward -looking statements may be identified by such terms as “believes”,
“anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking
statements are based on assumptions and address future events and conditio ns, by their very nature they
involve inherent risks and uncertainties. Although these statements are based on information currently
available to the Company, the Company provides no assurance that actual results will meet management’s
expectations. Risks, uncertainties and other factors involved with forward-looking information could cause
actual events, results, performance, prospects and opportunities to differ materially from those expressed
or implied by such forward-looking information. Forward looking information in this news release includes,
but is not limited to, completion of the Royalty buy back, objectives, goals or future plans. Factors that
could cause actual results to differ materially from such forward -looking information include, but are not
limited to the risks involved in the mineral exploration and development industry, and those risks set out in
the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions
and factors used in preparing the forward-loo king information in this news release are reasonable, undue
reliance should not be placed on such information, which only applies as of the date of this news release,
and no assurance can be given that such events will occur in the disclosed time frames or at all. The
Company disclaims any intention or obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise, other than as required by law.