Transmitted by CNW Group on : December 15, 2010 12:22

GALWAY INTERCEPTS 24.0 METERS OF 8.4 G/T GOLD AND 96.0 METERS OF 1.6 G/T GOLD, AND REITERATES ITS FRACTIONAL LAND POSITION

TORONTO, Dec. 15 /CNW/ - Galway Resources Ltd. (GWY: TSX-V) is pleased to announce assay results from nine additional drill holes from its diamond drill exploration program on the Company's California property in Colombia. Six of the holes were drilled in the Pie de Gallo Zone, with the remaining three in the Northeast Zone. All holes contained significant intervals of gold mineralization. Moreover, all significant intervals are within 222 meters of surface (244.5 meters downhole), with the vast majority located at significantly shallower depths. A complete summary of drill hole assay results is provided in

Fractional Land
On May 25, 2010, Galway reported that it had increased its land position in the California district of Colombia by 67%. Included were fractional concessions within Ventana Gold's land package. As reported previously, one of these fractional lands is 360 meters long and located within the main La Mascota structure. As Mr. Eike Batista, Galway has chosen to reiterate its ownership interest in this land.

Mineralization
Intercepts reported above and in previously reported drill holes are hosted by silicified zones, breccias, fracture zones and stockwork, typical of the district, which includes Greystar Resources' National Instrument 43-101 compliant resource, Angostura, and Ventana Gold's National Instrument 43-101 documented project, La Bodega. The principal geologic control in the California-Angostura District is a linear structural corridor that trends northeast-southwest and dips steeply to the north. Segments of this zone host the resources reported by both Greystar and Ventana, and Galway is exploring another segment along the same structural corridor. The mineralized Zone identified on Galway's properties is approximately 150-200 meters wide and 1,000 meters long, characterized by hydrothermal alteration and mineralization within various phases of pervasively altered intrusive porphyries. Precambrian gneiss is a less important host rock but well mineralized in places, especially near contacts with the intrusive bodies. Mineralization remains open along strike where untested, at depth along the entire Zone, and across the width of the structure in most places. Veins parallel to the main structure, hosted by gneiss, have also been encountered in drill core. Galway believes potential for high grade gold occurrences as well as lower grade bulk resources has been demonstrated by the first 63 core drill holes reported to date.

San Celestino
It has come to Galway's attention that a private company, Calvista Gold, has procured a 50 meter horizontal concession within a portion of a 10.1 hectare property located west of the San Celestino mine, the southwestern-most zone on its contiguous 1.2-km California property. This horizontal concession is the only one of its kind in Santander, according to Ingeominas, the Mining Ministry of Santander. Galway controls all mineralization above 2,460 meters and all mineralization below 2,410 meters.

Review by Qualified Person, Quality Control and Reports
In compliance with National Instrument 43-101, Mr. Mike Sutton, P.Geo. is the Qualified Person responsible for the accuracy of this news release. All samples are assayed by ALS Chemex in Lima, Peru, after preparation at the Chemex facility in Bogota, Colombia. All core is under watch from the drill site to the core processing facility. Samples are fire assayed with an AA with gravimetric finish. Samples returning in excess of 3.0 g/t are sent for metallic screens. 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 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. True widths are unknown at this time, except for those shown. Core recovery in the mineralized zones has averaged over 92%.

About the Company
Galway Resources is a well capitalized company, primarily focused on the exploration of gold and coal in Colombia. The core focus of the Company is gold exploration in northeast Colombia with a drilling program occurring at the California gold project and extensive underground channel and surface sampling taking place at the nearby Vetas gold project. The Company has also reported that drilling has occurred at the GALCA coal project in Colombia, which is being managed and funded by Prodeco, the Colombian subsidiary of Glencore. Efforts are underway to secure access from the GALCA property owners to move the drill rig to the next set of planned drill holes.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements: