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Article: Galway announces acquisition of Lone Mountain Copper-Zinc Project.
- Article from:
- PR Newswire
- Article date:
- September 14, 2006
CopyrightCOPYRIGHT 2006 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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VANCOUVER, Sept. 14 /PRNewswire-FirstCall/ -- Galway Resources Ltd. (GWY: TSX-V) is pleased to announce that it has entered into an option agreement to purchase a 100% interest in the Lone Mountain Copper-Zinc Project, Grant County, New Mexico. Galway can gain full ownership in the property by paying US$1.15 million and by issuing 1.38 million shares over the next three years and by incurring US$7 million in property expenditures over the next five years. Any future production from the deposit is subject to a 2% NSR (Net Smelter Royalty) on the New Mexico state mineral leases and 3% on the federally-administered claims.
"This acquisition represents a significant ...