Elko, Nevada: October 25, 2007 - Galway Resources Ltd. (GWY: TSX-V) is pleased to announce for the Victorio molybdenum/tungsten project (located in Deming, New Mexico) a significantly enhanced N.I. 43-101-compliant resource completed by SRK Consulting (U.S.) Inc. The new resource estimate (derived from 175,000 feet of drilling) uses a $15.00 per pound molybdenum long term price which is in line with industry consensus.

"The new range of resource estimates has dramatically improved the scale and viability of the project. As part of the ongoing Scoping Study, we are evaluating suitability of the different lower cost underground bulk mining methods and the implication on the project's economics. With more robust numbers and potential, along with its' great infrastructure Victorio remains our flagship property," cites Robert Hinchcliffe, CEO of Galway Resources.

The highlights of the new resource estimate include:

• Potential for significantly larger mineable resource: The size range now lies between 30 million and 100 million tons, each scenario is enhanced by a 21 million ton high grade core. The deposit remains open in certain directions to add additional tonnage.
• Larger Resulting Tonnages: Previous resources were calculated using a $40 cut off, based on a US$14/lb molybdenum price. Using the same cutoff but a US$15/lb molybdenum price the tonnage for the new resource estimate has increased by over 33% increase and a 48% increase in tonnage for Inferred Category.
• Quality of resource (using a $40/ton cutoff) remains intact with 67% being in the Indicated Category, and the continuity of the mineralization remains intact.
• The current molybdenum price remains strong at $32 per pound.