03:43 PM EST - Galway Resources Ltd. : said it has entered into an exploration and joint venture agreement with Prodeco for Galway's GALCA coal project in Colombia. As per the terms of the joint venture deal, Prodeco will fund the first 19 drill holes, and in consideration for agreeing to fund the feasibility drilling program, thereafter will earn 60% of the project. Prodeco will then earn the remaining 40% in the project by paying Galway an already agreed value per tonne of economically mineable open-cut reserves determined in accordance with the JORC Code. However, the feasibility costs that are not associated with drilling will be spent based on a pro rata basis. Galway Resources Ltd.
shares V.GWY are trading up $0.04 at $0.09.
