Galway Vetas NI 43 101 - 2013 11 06

GALWAY GOLD INC.
TECHNICAL REPORT ON THE

VETAS GOLD PROJECT,
DEPARTMENT OF SANTANDER,
COLOMBIA
NI 43-101 Report
Qualified Persons:
James G. Lavigne, M.Sc., P.Geo.
Pierre Landry, P.Geo.
November 6, 2013
RPA Inc. 55 University Ave. Suite 501 I Toronto, ON, Canada M5J 2H7 I T + 1 (416) 947 0907
www.rpacan.com
Report Control Form

Document Title
Technical Report on the Vetas Gold Project, Department of

Santander, Colombia
Client Name & Address
Galway Gold Inc.

36 Toronto Street
Suite 1000
Toronto, ON
Canada M5C 2C5
Document Reference
Project #2209
FINAL
Version
Status &
Issue No.
Issue Date
November 6, 2013
Lead Author
Pierre Landry
(Signed)
Peer Reviewer
Wayne W. Valliant
(Signed)
Project Manager Approval
Deborah A. McCombe
(Signed)
Project Director Approval
Wayne W. Valliant
(Signed)
Name
Report Distribution
No. of Copies
Client
RPA Filing
1 (project box)
Roscoe Postle Associates Inc.
55 University Avenue, Suite 501
Toronto, Ontario M5J 2H7
Canada
Tel: +1 416 947 0907
Fax: +1 416 947 0395
mining@rpacan.com
www.rpacan.com
TABLE OF CONTENTS
PAGE
1 SUMMARY ........................................................................................................................ 1-1
Executive Summary ........................................................................................................ 1-1
Technical Summary ........................................................................................................ 1-6
2 INTRODUCTION ............................................................................................................... 2-1
3 RELIANCE ON OTHER EXPERTS ................................................................................... 3-1
4 PROPERTY DESCRIPTION AND LOCATION ................................................................. 4-1
5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND
PHYSIOGRAPHY ................................................................................................................. 5-1
Access and Physiography .............................................................................................. 5-1
Climate............................................................................................................................ 5-1
Local Resources and Infrastructure ................................................................................ 5-2
6 HISTORY ........................................................................................................................... 6-1
Regional History ............................................................................................................. 6-1
Property History .............................................................................................................. 6-3
7 GEOLOGICAL SETTING AND MINERALIZATION ........................................................... 7-1
Regional Geology ........................................................................................................... 7-1
Local Geology ................................................................................................................. 7-4
Property Geology ............................................................................................................ 7-4
Mineralization.................................................................................................................. 7-4
8 DEPOSIT TYPES .............................................................................................................. 8-1
9 EXPLORATION ................................................................................................................. 9-1
Underground Sampling and Mapping Program .............................................................. 9-1
Surface Sampling and Mapping Program ....................................................................... 9-2
Soil Geochemistry Survey .............................................................................................. 9-2
Induced Polarization and Magnetic Surveys ................................................................... 9-5
Mill feed Samples ........................................................................................................... 9-5
Tailings Sampling ........................................................................................................... 9-7
Summary of Exploration Results..................................................................................... 9-7
10 DRILLING ...................................................................................................................... 10-1
Underground Drilling ..................................................................................................... 10-1
11 SAMPLE PREPARATION, ANALYSES AND SECURITY ............................................. 11-1
12 DATA VERIFICATION ................................................................................................... 12-1
Site Visit ........................................................................................................................ 12-1
Quality Assurance and Quality Control ......................................................................... 12-2
13 MINERAL PROCESSING AND METALLURGICAL TESTING ...................................... 13-1
14 MINERAL RESOURCE ESTIMATE .............................................................................. 14-1
Galway Gold Inc. Vetas Gold Project, Project #2023
Technical Report NI 43-101 November 6, 2013
Page i
www.rpacan.com
Summary ...................................................................................................................... 14-1
Geological and Structural Models ................................................................................. 14-1
Database General Description ................................................................................... 14-8
Polygonal Grade Estimation Procedures .................................................................... 14-13
Cut-off Grade .............................................................................................................. 14-17
Classification............................................................................................................... 14-17
Mineral Resource Reporting ....................................................................................... 14-17
15 MINERAL RESERVE ESTIMATE.................................................................................. 15-1
16 MINING METHODS ....................................................................................................... 16-1
17 RECOVERY METHODS................................................................................................ 17-1
18 PROJECT INFRASTRUCTURE .................................................................................... 18-1
19 MARKET STUDIES AND CONTRACTS ....................................................................... 19-1
20 ENVIRONMENTAL STUDIES, PERMITTING, AND SOCIAL OR COMMUNITY IMPACT
............................................................................................................................................ 20-1
21 CAPITAL AND OPERATING COSTS ............................................................................ 21-1
22 ECONOMIC ANALYSIS ................................................................................................ 22-1
23 ADJACENT PROPERTIES............................................................................................ 23-1
24 OTHER RELEVANT DATA AND INFORMATION ......................................................... 24-1
25 INTERPRETATION AND CONCLUSIONS ................................................................... 25-1
26 RECOMMENDATIONS ................................................................................................. 26-1
27 REFERENCES .............................................................................................................. 27-1
28 DATE AND SIGNATURE PAGE.................................................................................... 28-1
29 CERTIFICATE OF QUALIFIED PERSON ..................................................................... 29-1
30 APPENDIX 1 ................................................................................................................. 30-1
Polygonal Resource Estimate Summary Tables........................................................... 30-1
31 APPENDIX 2 ................................................................................................................. 31-1
Polygonal Resource Estimate Inclined Longitudinal Sections and Classification ......... 31-1
LIST OF TABLES
PAGE
Table 1-1 Mineral Resource Estimate Summary November 6, 2013............................... 1-1
Table 1-2 Phase 1 Program Budget ................................................................................... 1-5
Table 1-3 Phase 2 Program Budget ................................................................................... 1-6
Table 4-1 Vetas Property Concessions .............................................................................. 4-4
Table 4-2 Vetas Option Agreements .................................................................................. 4-7
Table 9-1 Summary of the El Volcn Mine Belt Sampling .................................................. 9-5
Table 10-1 Underground Diamond Drilling Summary ....................................................... 10-2
Page ii
www.rpacan.com
Table 10-2
Table 10-3
Table 12-1
Table 12-2
Table 12-3
Table 12-4
Table 12-5
Table 12-6
Table 14-1
Table 14-2
Table 14-3
Table 14-4
Table 14-5
Table 14-6
Table 14-7
Table 26-1
Table 26-2
Surface Drilling ............................................................................................... 10-6

Surface Drilling ............................................................................................... 10-7
QA/QC Summary............................................................................................ 12-2
Blank Summary Results ................................................................................. 12-3
Summary Statistics for Gold Duplicates (30g FA-AA) .................................... 12-7
Summary Statistics for Gold Duplicates (Screen Metallic) ............................. 12-8
Expected Values and Ranges of CRMs ......................................................... 12-9
Summary of CRM Results for Gold ................................................................ 12-9
Mineral Resource Estimate Summary November 6, 2013........................... 14-1
Database Validation Error Summary .............................................................. 14-9
Assay Statistics by Vein ............................................................................... 14-10
Capped Assay Statistics by Vein Zone ......................................................... 14-11
Composite Statistics by Vein Zone ............................................................... 14-12
Cut-Off Grade Calculation Factors ............................................................... 14-17
Mineral Resource Estimate November 6, 2013 ......................................... 14-18
Phase 1 Program Budget ............................................................................... 26-2
Phase 2 Program Budget .............................................................................. 26-3
LIST OF FIGURES
PAGE
Figure 4-1 Location Map ..................................................................................................... 4-5
Figure 4-2 Concession Map................................................................................................ 4-6
Figure 5-1 Vetas Property Location and Access ................................................................ 5-3
Figure 7-1 General Geology of Colombia ........................................................................... 7-2
Figure 7-2 Geology of the Eastern Andes .......................................................................... 7-3
Figure 8-1 Conceptual Model for Styles of Magmatic Arc Epithermal Au-Ag and Porphyry
Cu-Mo Mineralization ............................................................................................................ 8-2
Figure 9-1 Geology of the Vetas Gold Property and Contoured MMI Au Response .......... 9-4
Figure 9-2 Mill Feed Sampling ............................................................................................ 9-6
Figure 9-3 Tailings Sampling .............................................................................................. 9-7
Figure 9-4 Exploration Targets ........................................................................................... 9-9
Figure 10-1 Diamond Drill Hole Locations Plan View .................................................... 10-4
Figure 12-1 Blanks Gold Results ................................................................................... 12-4
Figure 12-2 Blanks Silver Results.................................................................................. 12-4
Figure 12-3 Reject Duplicates Gold Scatter Plot .............................................................. 12-6
Figure 12-4 Reject Duplicates Gold Q-Q Plot ................................................................... 12-7
Figure 12-5 Precision Curves for Gold Duplicates ............................................................ 12-8
Figure 12-6 CRM CDN-GS-10D Gold .......................................................................... 12-11
Figure 12-7 CRM CDN-GS-6A Gold ............................................................................ 12-12
Figure 12-8 CRM CDN-GS-P2A Gold ......................................................................... 12-13
Figure 14-1 Vetas Mineralized Wireframes ...................................................................... 14-4
Figure 14-2 Longitudinal Projection Showing Workings and Vein Zones ......................... 14-5
Figure 14-3 Plan View of Vein Zones and Intersection Composites (3420 RL to 3370 RL) ....
............................................................................................................................................ 14-6
Figure 14-4 Vertical Section of Vein Zones and Intersection Composites (12.5m View
Corridor) ............................................................................................................................. 14-7
Page iii
www.rpacan.com
Figure 14-5
Figure 14-6
Figure 14-7
Figure 23-1
Significant Geological Structures ................................................................ 14-15

Manzanilla Longitudinal Section .................................................................. 14-16
Typical Classification Longitudinal Section ................................................. 14-19
Map of Concessions - California-Vetas District ............................................. 23-4
APPENDIX TABLES AND FIGURES

Table 30-1 Measured Resource Chip Blocks (Polygons) ................................................. 30-2
Table 30-2 Indicated Resource Polygons ......................................................................... 30-3
Table 30-3 Inferred Resource Polygons ........................................................................... 30-8
Figure 31-1 Burro 105 Polygon Grades ............................................................................ 31-2
Figure 31-2 Burro 105 Polygon Classification .................................................................. 31-3
Figure 31-3 Burro 106 Polygon Grades ............................................................................ 31-4
Figure 31-4 Burro 106 Polygon Classification .................................................................. 31-5
Figure 31-5 Corteros 110 Polygon Grades ....................................................................... 31-6
Figure 31-6 Corteros 110 Polygon Classification ............................................................. 31-7
Figure 31-7 Corteros 111 Polygon Grades ....................................................................... 31-8
Figure 31-8 Corteros 111 Polygon Classification ............................................................. 31-9
Figure 31-9 Corteros 112 Polygon Grades ..................................................................... 31-10
Figure 31-10 Corteros 112 Polygon Classification ......................................................... 31-11
Figure 31-11 Corteros 113 Polygon Grades ................................................................... 31-12
Figure 31-12 Corteros 113 Polygon Classification ......................................................... 31-13
Figure 31-13 Green 115 Polygon Grades ....................................................................... 31-14
Figure 31-14 Green 115 Polygon Classification ............................................................. 31-15
Figure 31-15 Loscas 120 Polygon Grades ..................................................................... 31-16
Figure 31-16 Loscas 120 Polygon Classification ............................................................ 31-17
Figure 31-17 Loscas FTW 125 Polygon Grades ............................................................ 31-18
Figure 31-18 Loscas FTW 125 Polygon Classification ................................................... 31-19
Figure 31-19 Manzanilla 130 Polygon Grades ............................................................... 31-20
Figure 31-20 Manzanilla 130 Polygon Classification ...................................................... 31-21
Figure 31-21 Tajo 135 Polygon Grades.......................................................................... 31-22
Figure 31-22 Tajo 135 Polygon Classification ................................................................ 31-23
Figure 31-23 La Virgen 140 Polygon Grades ................................................................. 31-24
Figure 31-24 La Virgen 140 Polygon Classification ........................................................ 31-25
Figure 31-25 La Virgen1 141 Polygon Grades ............................................................... 31-26
Figure 31-26 La Virgen1 141 Polygon Classification ...................................................... 31-27

Page iv
www.rpacan.com
1 SUMMARY
EXECUTIVE SUMMARY
Roscoe Postle Associates Inc. (RPA) was retained by Galway Gold Inc. (Galway) to prepare
an initial Mineral Resource estimate and a supporting independent Technical Report on the
Vetas Gold Project (the Project) located in the Vetas Mining District, Department of
Santander, Colombia. The purpose of this report is to document the initial Mineral Resource
estimate on the Project based on drilling and channel/chip sampling completed to date. This
Technical Report conforms to NI 43-101 Standards of Disclosure for Mineral Projects. RPA
visited the property on April 4 to 6, 2011 and again on November 11 and 12, 2012.
The Project is located within the California-Vetas Mining District, which has a long history of
small scale mining and it is considered to be the largest mine in the Vetas-California-Surata
region of Colombia. More recently, the California-Vetas Mining District has been the subject
of modern day exploration and resource delineation projects that have resulted in three multimillion ounce resource estimates.
The Mineral Resource estimate for the Vetas Gold Project dated November 6, 2013, is
summarized in Table 1-1.
TABLE 1-1 MINERAL RESOURCE ESTIMATE SUMMARY NOVEMBER 6, 2013

Galway Gold Inc. - Vetas Project
Category
Measured
Indicated
Measured & Indicated
Inferred
Notes:
1.
2.
3.
4.
5.
Tonnes
23,900
641,000
664,900
1,146,000
Grade
(g/t Au)
(g/t Ag)
7.79
12.4
10.62
14.9
10.52
14.8
10.3
15.3
Contained Ounces
(oz Au)
(oz Ag)
6,100
9,400
218,800
307,700
224,900
317,100
377,000
563,000
CIM definitions were followed for classification of Mineral Resources.

Mineral Resources are estimated at a gold cut-off grade of 3.00 g/t Au.
Resources are estimated using a gold price of US$1,500 per ounce.
High grade assay values are capped at 50 g/t Au.
3
Tonnage factor applied to estimate tonnage is 2.74 g/cm .

Page 1-1
www.rpacan.com
CONCLUSIONS
Based on the site visit and subsequent review of available data including diamond drilling
data and results to date, RPA offers the following interpretations and conclusions:
Epithermal gold-silver mineralization is the dominant deposit type in the CaliforniaVetas Mining District and application of the epithermal gold-silver and related
porphyry mineralization model is appropriate.
The occurrence of porphyry style veinlets underground at the El Volcn Mine and the
results from surface drilling suggest that a porphyry style of mineralization may be
present on the Vetas property. However, the exploration and development of targets
for porphyry type mineralization, in the district and on the Vetas Gold Project, is still at
an early stage.
The Vetas Gold Project comprises one concession totalling 124 ha. The El Volcn
Mine is the primary target for exploration and resource delineation, however, the
Project also holds potential for early stage exploration and discovery of new targets.
The procedures for diamond drilling used at the Project are consistent with industry
best practices and RPA is not aware of any factors that could materially impact the
accuracy and reliability of the results. The results and interpretation of drilling
completed can support the planning of continued drilling programs.
The exploration program has been completed in an industry standard manner.
In RPAs opinion, sample preparation, security, and analytical procedures for the
diamond drilling and exploration programs are adequate.
The quality assurance/quality control (QA/QC) program implemented by Galway and

the results, evaluated by RPA, are acceptable.
In the opinion of RPA, the database provided to RPA is acceptable for the purposes
of resource estimation.
Diamond drilling has intersected the major vein structures historically developed at
the El Volcn Mine. In addition, drilling has intersected a number of veins and
structures at positions between, and adjacent to, the interpreted projections of the
major veins. The distribution of vein/structure intersections, including grade and
thickness considerations, suggests that El Volcn Mine mineralization may occur in
an environment of main structures with branching, anastomosing, and linking
structures.
The vein zones defined by diamond drilling in this Mineral Resource estimate are still
open along strike to the southwest and northeast as well as down dip, indicating that
there may be potential to discover and delineate additional resources.
Continued drilling within the domain of the El Volcn Mine as well as below and along
strike is warranted to further explore for and delineate resources.

Page 1-2
www.rpacan.com
Interpretation of the vein zones defined within this estimate, integrated with the
mapping and sampling of the El Volcn drifts, will form the basis for a drill program
focused on resource expansion.
The results of surface drilling on exploration targets are positive and indicate that the
continued development and evaluation of early stage exploration targets on the
property is warranted.
RECOMMENDATIONS
Based on the site visits and review of the available documentation, RPA recommends that
the Vetas Gold Project continue to be evaluated.
A two stage exploration program is
proposed that includes continued evaluation of the El Volcn Mine, to support a Mineral
Resource estimate, as well additional exploration on potential targets.
RPA has evaluated the interpretation completed to date and concurs with the approach taken
by Galway. In RPAs opinion, Galway should focus on assessing the spatial distribution of
gold grade and thickness of the individual vein structures. In addition, RPA recommends that
Galway:
Create standardized, well-defined notations for each method, as well as adding

separate method fields for both gold and silver to help with QA/QC management and
data validation.
Select reject samples after receiving the initial assay results in order to ensure that
duplicates are tested using matching analytical methods and that a variety of grade
ranges are covered.
Introduce certified reference materials (CRM) for silver into the QA/QC process,
covering the expected range of concentrations of the deposit, if Galway believes that
silver may potentially represent a payable metal.
Replace the standard reference material CRM CDN-GS-P2A or send it to additional

laboratories as a form of independent round-robin testing, due to the poor
performance of this CRM.
Continue improvement of the QA/QC process to provide accurate sample insertion

and numbering of the duplicates and CRMs, as 21 (1.3%) cases of mislabelling were
detected in the provided databases.
Carry out regular and timely QA/QC monitoring.
Compare the statistics of assays from future diamond drill campaigns with the chipchannel samples if an inverse distance or kriging estimation method is used to
estimate resources.

Page 1-3
www.rpacan.com
Complete additional density measurements for all veins prior to future resource
estimate updates or economic studies.
Galway has proposed the following work plan and budget. RPA has reviewed the plan and
considers the proposed program and budget to be reasonable.
RPA understands that
Galway will proceed with the plan contingent on favorable market conditions.
PHASE 1 PROGRAM $2.36 M:
Undertake additional underground diamond drilling at the 50 m centre drill spacing

used to date and designed to provide further coverage of 500 m vertically below the
Reina de Oro level and 500 m along strike. The drill coverage will follow existing
mineralized plunges to add Indicated plus Inferred Resources, and fill in some gaps
between Inferred blocks to upgrade to the Indicated category. Approximately 10,000
m is proposed for this phase of drilling (20 holes at 500 m average depth). Some of
this drilling would target new veins above the bottom mine level elevation (where no
mining has occurred).
Complete a comprehensive interpretation of the El Volcn Mine that includes the

results of the diamond drilling and underground mapping and sampling carried out to
date.
Undertake a concerted effort to channel/chip sample and survey all old workings
above the bottom level of the mine, in a safe manner. It is recommended hiring local
miners to re-install ladders, etc. RPA believes that a Mineral Resource estimate can
be prepared based on the sampling of mine areas without the need to drill, which is
much more cost effective.
Complete preliminary metallurgical test work on El Volcn Mine mineralization.
Implement/improve the following procedures related to the QA/QC process:

o Undertake referee sampling at a second laboratory.
A budget of approximately $2.36 million is proposed for Phase 1 (Table 1-2).

Page 1-4
www.rpacan.com
TABLE 1-2 PHASE 1 PROGRAM BUDGET
Galway Gold Inc. Vetas Gold Project
10,000 m Diamond Drilling Program Underground
Geological Interpretation and 3D Modelling
Description
Underground Drilling Costs (all-in)
Metallurgical/refereeing
Resource Estimation and Reporting
Contingency (10%)
Total
Cost ($)
1,990,000
100,000
50,000
215,000
2,355,000
Phase 1 would be undertaken by two underground drills single shifted and would take two
years to complete (438 days straight time plus holidays).
Following Phase 1 drilling and data compilation (particularly the sampling of mined areas),
and contingent on the success of Phase 1, RPA recommends proceeding to the Phase 2
program.
Based on the interpretation of the current data, approximately 7,500 m of

underground and surface diamond drilling is proposed. This program includes:
o Drilling of all areas that have been mined above the bottom level where
sampling was not possible due to lack of access/safety concerns.
o Evaluation of along strike potential underground at Reina de Oro.
Of the total, approximately 3,750 m of surface exploration drilling to test the workings
above the Reina de Oro level (nominal 3,398 m elevation) and for exploration in the
area around the Alaska workings.

Page 1-5
www.rpacan.com
and Surface
Description
Drilling Costs (all in)
Resource Update
Contingency (10%)
Total
Cost ($)
1,490,000
35,000
152,000
1,677,000
TECHNICAL SUMMARY
PROPERTY DESCRIPTION AND LOCATION
The Vetas Gold Project is located in the Department of Santander, in northeastern Colombia,
approximately 400 km north of Bogota and 41 km northeast of Bucaramanga. The property
is located at 7 20 North Latitude and 72 52 West Longitude within the historic CaliforniaVetas Mining District in the Santander Massif of the Eastern Cordillera of the Andes
Mountains.
LAND TENURE
The Vetas Gold Project consists of the Reina de Oro concession, which is approximately 124
ha. The Reina de Oro concession includes the El Volcn Mine. The El Volcn Mine is
currently owned and operated by Empresa Minera Reina de Oro Ltda. (Empresa), a private
company.
On January 26, 2010, Galway announced that it had entered into a binding agreement to
acquire a 100% interest in the Reina de Oro and the partially contiguous Coloro property and
could explore within the mine and on the two concessions.
On July 19, 2013, Galway
announced that it had terminated the option agreement pertaining to the Coloro concession.
Galway had conducted extensive surface sampling and geophysical surveys and a drill
program, which did not identify any significant results on the Coloro concession.
The Vetas Gold Project is governed by the 2001 Colombian Mining Code. As of the date of
this report, the Project is not located within the protected Pramo zone and will not be
affected by the currently proposed San Turbn Natural Park.
The San Turbn Park
boundaries are expected to be finalized in late 2013 or early 2014.

Page 1-6
www.rpacan.com
SITE INFRASTRUCTURE
The El Volcn Mine has been producing gold intermittently for over 400 years, and
continuously for approximately 60 years and is currently producing at a reported rate of
approximately 10,000 tonnes per year. With this mining history, the Vetas District, including
the El Volcn Mine, has attracted an experienced work force. The area is serviced by the
national power grid, land telephone lines, and cellular telephone service. Basic supplies are
available in Vetas; otherwise all supplies and equipment are transported from Bucaramanga.
HISTORY
The Vetas District has a long history of mining dating back to Pre-Colombian time. The El
Volcn Mine has been in continuous production for approximately 60 years and has
produced an estimated 190,000 ounces of gold. Current mining at the El Volcn Mine is
typical of the labour intensive mining methods with development primarily in mineralization.
Prior to the current activities of Galway, no diamond drilling was completed on the Reina de
Oro concession including the El Volcn Mine. RPA is not aware of any historical resource
estimates for the El Volcn Mine. The exploration work completed by Galway is the first
modern day exploration carried out on the property. Galway initiated the first diamond drilling
program on the property on April 4, 2011.
GEOLOGY AND MINERALIZATION
The Vetas Gold Project is located within the Santander Massif of the eastern Cordillera of the
Andes Mountains, which includes rocks that range in age from the Precambrian Guyana
Shield to the Tertiary intrusive porphyry. In the California-Vetas District, a fault bounded
domain of dominantly Jurassic aged intrusive rocks, intruding Precambrian metamorphic
rocks is bounded to the west and east by dominant Precambrian metamorphic rocks and
Cretaceous aged sedimentary rocks, respectively. The property is underlain dominantly by
grey to black amphibolitic gneiss. Three intrusive rock types are recognized on the property
intruding the gneiss: micro granite, quartz diorite, and dacite porphyry.
The former two
intrusive rocks are interpreted to be part of the Jurassic intrusive complex and the dacite
porphyritic rock is interpreted to be part of the younger, possibly Tertiary aged, intrusive
event. The gold-silver mineral deposits of the California-Vetas District belong to the class of
epithermal gold-silver deposits. At the El Volcn Mine, mineralization occurs within a swarm
of northeast striking, vertical to steeply north-dipping tabular, sub-parallel, and occasionally
intersecting or sigmoidal quartz veins. The western portion of the Reina de Oro concession
is structurally complex and marks the intersection of east-west trending structures and

Page 1-7
www.rpacan.com
northeast-southwest trending structures. The veins occur within a zone 250 m wide by 550
m long and extend beyond these limits of the mine to the northeast and southwest. The
known vertical extent of the veins is 600 m below the current mine working; however, the
lower limit of the mineralization has not been defined. The veins are hosted dominantly by
gneiss and occur also at the gneiss-intrusive rock contacts. The alteration envelopes or
selvages are a few centimetres up to several metres in width and consist of pervasively
phyllic and argillic altered gneiss often accompanied by disseminated sulphides and/or
quartz veinlets.
The veins are irregular in width, with occasional vugs, and often have
colloform or crustiform texture. They consist generally of grey to off-white finely crystalline
quartz or microcrystalline chalcedony interbanded with darker grey adularia and
accompanied by minor sulphides consisting of pyrite, sphalerite, and galena.
EXPLORATION
Galway initiated exploration on the Vetas Gold Project in January 2010.
Exploration
activities completed include:

1.
2.
3.
4.
Underground sampling and mapping in the El Volcn Mine.

Surface sampling and mapping.
A Mobile Metal Ion (MMI) soil geochemistry survey.
An Induced Polarization (IP) and ground magnetic (MAG) survey.
In addition, Galway has completed a sampling program of ore feed into the El Volcn gold
recovery plant and has sampled tailings at the end of the gold recovery circuit and prior to
disposal.
DRILLING
No drilling has historically been completed on the Vetas property. The first drilling on the
property was initiated underground at the El Volcn Mine by Galway on April 4, 2011.
To date, two phases of underground drilling have been completed at Vetas.
The
underground drilling tested the down dip and along strike extension of the mineralization
below the current mining level (~3420 RL) and to the southwest and northwest of the El
Volcn Mine. This resulted in the discovery of the La Virgen vein zone and sub-zones.
Two phases of surface drilling have also been completed.
The surface drilling tested
anomalies along the western limits of the Reina de Oro concession. A small number of
surface holes were also drilled by Galway on the Coloro concession but, as mentioned
earlier, no significant results were encountered and the exploration permit was terminated.
Page 1-8
www.rpacan.com
Galway has completed 68 holes for a total of 33,238 m of HQ, reduced to NQ, diamond
drilling in the underground program. This includes 34 holes drilled from Drill Station 1 in a
generally easterly direction and 26 holes drilled from Drill Station 2 in a generally westerly
direction, and eight holes drilled from Drill Station 3 in an easterly direction.
The surface program at the Project includes 23 HQ, reduced to NQ, diamond drill holes for a
total of 13,737 m. Except for two drill holes at Coloro, the surface drilling has been focused
on a stockwork zone of mineralization located near the western property boundary and
adjacent to the area where CB Gold Inc. has reported positive drilling results. In addition, in
the same area, two secondary targets defined by coincident MMI and IP chargeability
anomalies have been tested on their western flank.
The procedures for diamond drilling used at the Project, both underground at the El Volcn
Mine and on surface, are consistent with industry best practices. They include surveying the
location and orientation of the drill set-ups, downhole surveying at regular intervals,
documentation of core recovery, and conventional and industry standard logging and
sampling procedures. Core recovery is reported to average over 90% in the mineralized
zones. RPA has reviewed the results of the QA/QC program implemented by Galway and
considers them to be acceptable for Mineral Resource estimation. RPA is not aware of any
factors that could materially impact the accuracy and reliability of the results.
MINERAL RESOURCE ESTIMATE
RPA has carried out an initial Mineral Resource estimate for the unmined area below the
bottom level of the El Volcn Mine using the polygonal method. The estimate is based
primarily on information from underground diamond drilling and development chip sampling.
Thirteen wireframes representing eight vein zones were constructed based on drill hole
intercepts provided by Galway, assay grades, and the position of those assay grades relative
to existing mine workings.
The RPA estimate is summarized in Table 1-1.
The effective date of the estimate is
November 6, 2013.

Page 1-9
www.rpacan.com
EMPRESA OPERATION
The El Volcn Mine, which has been in continuous operation since the 1950s, is owned and
operated by Empresa using small scale tracked/manual methods with current production of
approximately 40 tpd with an average grade of 9.5 g/t Au.
The minesite includes a small gold processing metallurgical facility that is reported to
produce an average of 500 oz of gold per year over the past five years. Ore is sent to a
crushing circuit and the product is forwarded to a grinding circuit. The initial gold separation
step occurs after grinding using gravity techniques (jigs). The coarse concentrate from the
jigs is panned and free gold is recovered. The non-gold fraction of the pan material and the
middlings are sent to a regrind circuit for further grinding. The finer fraction is sent to a heap
leach where a cyanide solution is percolated through the heap. The ensuing gold bearing
solution is sent to a Merrill Crowe zinc precipitation step, which provides for feed to a
precious metals refining step. Gold dor bars result from this refining step.

Page 1-10
www.rpacan.com
2 INTRODUCTION
Roscoe Postle Associates Inc. (RPA) was retained by Galway Gold Inc. (Galway) to prepare
an initial Mineral Resource estimate and a supporting independent Technical Report on the
Vetas Gold Project (the Project) located in the Vetas Mining District, Department of
Santander, Colombia. The purpose of this report is to document the initial Mineral Resource
estimate on the Project based on drilling and channel/chip sampling completed to date. This
Technical Report conforms to NI 43-101 Standards of Disclosure for Mineral Projects. RPA
visited the property on April 4 to 6, 2011 and again on November 11 and 12, 2012.
The Project covers an area of 124 ha in the Vetas Mining District, part of the California-Vetas
Mining District, in the Department of Santander, Northern Colombia. The California-Vetas
District has a long history of small scale mining. More recently, the California-Vetas District
has been the subject of modern day exploration and resource delineation projects that have
resulted in three multi-million ounce resource estimates.
Galway is a Canadian mineral exploration company, which, through its wholly owned
Colombian subsidiary, holds an option to acquire a 100% interest in the Reina de Oro gold
concession in the Vetas District of Colombia. The primary asset on the property is the El
Volcn Mine, which has been in continuous production for more than 60 years and is
currently owned and operated by Empresa Minera Reina de Oro Ltda. Mining is by small
scale tracked/manual methods. Current production rates are reported to be approximately
40 tpd at an average grade of 9.5 g/t Au.
RPA has prepared previous NI 43-101 Technical Reports on the Project (Lavigne, 2011;
Lavigne and McMonnies, 2012).
PRAMO
Pramo is a neotropical ecosystem which in general terms is located above the forest line
and below the permanent snow line, approximately 3,000 MASL to 5,000 MASL. Pramo is
characterized by the occurrence of unique vegetation and in Colombia is protected, with
certain activities being prohibited.
The permitting of Eco Oro Minerals Ltd.s Angostura
Project in the California District has been suspended due to its location being partly in the
Pramo (discussed in Section 23).
Page 2-1
www.rpacan.com
Galway indicates that the Reina de Oro concession is not subject to development restrictions
associated with Pramo legislation. This is based on a letter from the regional environmental
authority Corporacin Autnoma Regional para la Defensa de la Meseta de Bucaramanga
(CDMB) dated December 13, 2010 (Gomez, 2010), which states:
Reference: Natural Regional Park Paramo de San Turbn.
I hereby want to inform that the information provided by Ingeominas of Mining Title
number 14833 [Reina de Oro] was revised, and it is NOT located within the limits of the
current proposal of Natural Regional Park Paramo de San Turbn.
On the other hand, we want to inform you that according to the companys data, there is
a date in the Environmental Guide (GA-0005-2009) that is being followed-up by the
Environmental Authority. For your reference this information is within the process of
Socialization of the Natural Regional Park Pramo de San Turbn project.
RPA has not independently researched or commissioned research on Pramo or the

distribution of Pramo and expresses no opinion on the status of Pramo legislation on the
Vetas Gold Project concessions.
SOURCES OF INFORMATION
Site visits were carried out by James G. Lavigne, Associate Consulting Geologist, RPA, on
April 4 to 6, 2011 and again on November 11 and 12, 2012. While on site, discussions were
held with personnel from Galway including:
Mr. Dale Schultz, Senior Consulting Geologist, Galway Gold Inc. Vetas Gold Project
Mr. Alex Cruz, Manager Vetas Project, Colombia, Galway Gold Inc.
Mr. Schultz and Mr. Cruz both facilitated the examination of the property, including the
underground development at the El Volcn Mine, and provided various maps, reports, and
data on the exploration work completed on the Vetas Property. Mr. Cruz provided data and
information on the drilling program completed since the RPA April 2012 Galway Technical
Report (Lavigne and McMonnies, 2012).
Additional information has been supplied by:
Mr. Michael Sutton, Director, Galway Gold Inc.

Page 2-2
www.rpacan.com
Mr. Alfonso Gomez, Country Manager, Colombia, Galway Gold Inc.

Ms. Mari Trowbridge, Vice President of Administration, Galway Gold Inc.
Mr. Landry is responsible for the overall preparation of this report. James G. Lavigne, M.Sc.,
P.Geo., Associate Principal Geologist, RPA, has reviewed the data from the Vetas Gold
Project drilling program and is jointly responsible for Sections 7 to 12 with Mr. Landry.
The documentation reviewed, and other sources of information, are listed at the end of this
report in Section 27, References.

Page 2-3
www.rpacan.com
LIST OF ABBREVIATIONS
Units of measurement used in this report conform to the SI (metric) system. All currency in
this report is US dollars (US$) unless otherwise noted.
C
F
g
A
a
bbl
Btu
C$
cal
cfm
cm
cm2
d
dia.
dmt
dwt
ft
ft/s
ft2
ft3
g
G
Gal
g/L
g/t
gpm
gr/ft3
gr/m3
hr
ha
hp
in
in2
J
k
kcal
kg
km
km/h
km2
micron
degree Celsius
degree Fahrenheit
microgram
ampere
annum
barrels
British thermal units
Canadian dollars
calorie
cubic feet per minute
centimetre
square centimetre
day
diameter
dry metric tonne
dead-weight ton
foot
foot per second
square foot
cubic foot
gram
giga (billion)
Imperial gallon
gram per litre
gram per tonne
Imperial gallons per minute
grain per cubic foot
grain per cubic metre
hour
hectare
horsepower
inch
square inch
joule
kilo (thousand)
kilocalorie
kilogram
kilometre
kilometre per hour
square kilometre
kPa
kVA
kW
kWh
L
L/s
m
M
m2
m3
min
MASL
mm
mph
MVA
MW
MWh
m3/h
opt, oz/st
oz
oz/dmt
ppm
psia
psig
RL
s
st
stpa
stpd
t
tpa
tpd
US$
USg
USgpm
V
W
wmt
yd3
yr

kilopascal
kilovolt-amperes
kilowatt
kilowatt-hour
litre
litres per second
metre
mega (million)
square metre
cubic metre
minute
metres above sea level
millimetre
miles per hour
megavolt-amperes
megawatt
megawatt-hour
cubic metres per hour
ounce per short ton
Troy ounce (31.1035g)
ounce per dry metric tonne
part per million
pound per square inch absolute
pound per square inch gauge
relative elevation
second
short ton
short ton per year
short ton per day
metric tonne
metric tonne per year
metric tonne per day
United States dollar
United States gallon
US gallon per minute
volt
watt
wet metric tonne
cubic yard
year
Page 2-4
www.rpacan.com
3 RELIANCE ON OTHER EXPERTS

This report has been prepared by RPA for Galway. The information, conclusions, opinions,
and estimates contained herein are based on:
Information available to RPA at the time of preparation of this report,
Assumptions, conditions, and qualifications as set forth in this report, and
Data, reports, and other information supplied by Galway and other third party
sources.
For the purpose of this report, RPA has relied on ownership information provided by Galway.
Galway has relied on opinions by Nancy Moreno Guerrero (Guerrero, 2012), a Lawyer in
Bucaramanga, Colombia, dated October 18, 2012 and Ricardo Convers (Convers, 2012), a
lawyer in Bogota, Colombia dated October 30 and November 7, 2012. These opinions are
relied on in Section 1, Summary and Section 4, Property Description and Location of this
report. RPA has not researched property title or mineral rights for the Vetas Gold Project
and expresses no opinion as to the ownership status of the property.
Except for the purposes legislated under provincial securities laws, any use of this report by
any third party is at that partys sole risk.

Page 3-1
www.rpacan.com
4 PROPERTY DESCRIPTION AND LOCATION

The Vetas Gold Project is located in the Department of Santander, in northeastern Colombia,
approximately 400 km north of Bogota and 41 km northeast of Bucaramanga (Figure 4-1).
The property is located at 7 20 North Latitude and 72 52 West Longitude within the
historic California-Vetas Mining District in the Santander Massif of the Eastern Cordillera of
the Andes Mountains. The town of Vetas is located to the southwest of the Vetas property
concessions and is at an elevation of 3,200 MASL.
COLOMBIAN MINING CODE

The following description of the Colombian Mining Code was provided by Galway.
Mineral rights in Colombia are reserved to the federal government and governed by the
Colombian Mining Code (Law 685 of 2001).
The government entities which have an
important role in the mining industry are as follows: (i) the Ministry of Mines and Energy
(MME), responsible for adopting the Colombian Governments policies on: the exploration,
transportation, processing, exploitation and distribution of minerals; and the development of
the mining and energy sectors; (ii) the Servicio Geologico Colombiano (formerly
INGEOMINAS), an administrative body which is currently in charge of managing Colombian
mining resources, however, upon the recent creation of the National Mining Agency (ANM),
the Servicio Geologico Colombiano will become an entity in charge of performing scientific
research of the subsoil resources and will manage the geological information regarding the
mineral resources; and (iii) the recently created ANM, created by means of Decree 4134 of
2011, whose main purpose is to promote the exploration and development of the country's
mineral resources and the granting of areas for the exploration and exploitation of mineral
resources. Additionally, the ANM will be in charge of ensuring that all mining companies
fulfill their obligations under the concession contracts and to act as the mining authority in
relation to royalties, surveillance of health and safety measures, promotion of the mining
industry and management of the mining cadaster.
According to article 474 of the Colombian Commercial Code, obtaining a concession from
the Colombian government or obtaining a concession through an assignment is considered a
permanent activity, thus foreign companies have to establish a branch within the Colombian

Page 4-1
www.rpacan.com
territory in order to apply and hold mining title. Surface rights are not governed by the Mining
Code and must be acquired directly from the surface rights holders.
Decree 2655 of 1988 (the former Mining Code) establishes by means of article 17 four types
of mining title: exploration licenses, exploitation licenses, contratos de aporte, and
concession contracts. An exploration license grants the holder the exclusive right to perform,
in a prescribed area, work directed to identifying commercially exploitable mineral deposits
and reserves. There are three types of exploration licenses: small (up to 100 ha), medium
(100 top 1,000 ha), and large (>1,000 ha) mining activity licenses. The type of exploration
license is determined by the anticipated volume or tonnage of materials to be extracted from
the mine to be developed on the property. During the term of the exploration license, reports
on work performed on the property must be filed with the MME. The MME subsequently
makes a definitive project classification based on the information field. The MME has the
right to reclassify the project every five years during the exploration phase. There is a
maximum size area for each type of exploration license which also determines the term of an
exploration license: small (one year term with possibility of a one year extension), medium
(two year term with possibility of two year extension) and large (five year term with no
extensions).
On the expiry of an exploration license for a small mining activity and any extensions thereof,
the license can be converted, subject to its compliance with prescribed conditions, into any
exploitation license. An exploitation license has a term of ten years which may be extended
for one time for the same term of ten years. On its expiry, the holder can apply for a ten year
extension or conversion of the license into a concession contract.
On expiry of an
exploration license for medium and large mining activities and any extensions thereof, the
license is required to be converted to a mining concession on compliance with prescribed
conditions. There are two types of mining contracts: concession contracts issued by the
MME and the contratos de aporte whereby the MME grants to its related entities the
exclusive and temporary right to explore and exploit minerals in a determined area.
concession contract gives the holder the exclusive right to extract certain minerals and
conduct the activities necessary for exploitation, transport and shipment of the same.
Concession contracts have a term of 30 years.
There are various government fees and royalties payable by mining titleholders. Holders of
exploration licenses for large mining activities must pay a fee equal to the prescribed
Page 4-2
www.rpacan.com
minimum daily wage multiplied by the number of hectares covered by the license. The fee is
payable annually until the commencement of commercial production from the property. As of
2002, on commencement of production, a royalty is payable at an effective rate of 4% of the
London gold price on the ounces produced. For underground mines, the royalty is payable
when annual production exceeds 8,000 tonnes and, for open-pit mines, when annual
production exceeds 250,000 cubic metres.
In June of 2001, a new Mining Code (Law 685 of 2001) was enacted that somewhat
simplifies and streamlines procedures for concessions. The separation of concessions into
three different levels for small, medium and large mining no longer exists. There is now only
a concession contract which, once issued, has a duration of 30 years as from the date of the
registration in the National Mining Registry and may be renewed for a term of 20 additional
years if the title holder is in compliance of all obligations. However, concession agreements
entered into before the entry into force of Law 1382 of 2010 are granted for 30 years as from
the date of the registration in the National Mining Registry and may be renewed for a term of
up to 30 years.
Provisions of the Mining Code were amended by Law 1382 of 2010,
however on May, 2011 this law was declared unconstitutional by the Constitutional Court.
Notwithstanding, the Court considered that the regulations of Law 1382 will remain in force
for two years in order to give time to the Congress to enact a new replacement law. Within
the first 30 year period, there is an exploration phase of three years with a further two year
extension. This is followed by a construction phase of three years with a further one year
extension. Despite these time limits, mining can start any time within this phase. To obtain
the requisite permits to explore the mine the necessary environmental plans and report
studies need to be presented and approved. According to article 349 of Mining Code, titles
holders of mining titles granted under Decree 2655 of 1988 were allowed to request the
conversion of those mining titles into mining titles granted by a concession contract ruled by
Law 685 of 2001.
LAND TENURE
The Vetas Gold Project is governed by the 2001 Mining Code (Convers, 2012). For the
Vetas Gold Project, Galway entered into an Option Contract for the Reina de Oro
concession, which comprises approximately 124 ha (Table 4-1).

Page 4-3
www.rpacan.com
TABLE 4-1 VETAS PROPERTY CONCESSIONS
Concession
Owner:
Area (Hectares):
Title Number:
File Number:
Expiration Date:
Options %:
Reina de Oro
Empresa Minera Reina de Oro Ltda. (Rodolfo Contreras Moreno)
123.77
14833
FGJM-02
28/03/2031
100
The primary asset on the Reina de Oro concession (Figure 4-2) is the El Volcn Mine, a
small scale mining and processing operation which is currently owned and operated by
Empresa Minera Reina de Oro Ltda. (Empresa). The figure also shows the preliminary
boundaries of the Pramo discussed in Section 2.
The Empresa operation is briefly
described later in this section. The exercising of the option entitles Galway to the mining
rights (exploration and exploitation) of the Reina de Oro concession. The option does not
entitle Galway to the mill or any surface facilities. According to Galway personnel, a verbal
arrangement exists with Empresa to have an independent appraisal of the value of the
surface assets as the basis for a purchase and sale agreement.
RPA has not conducted or commissioned an independent title search with respect to the
Vetas property concessions and expresses no opinion as to the ownership status of the
property.

Page 4-4
www.rpacan.com
80
76
Legend:
12
72
68
Puerto
Bolivar
Caribbean Sea
Oranjestad
Willemstad
Aruba
(Neth.)
International Boundaries
Santa Marta
Barranquilla
National Capital
Coro
Department Capital
Maracaibo
Valledupar
Cartagena
Major Cities
Railroad
Panama
Panama
Rio
Guanare
Merida
Turbo
Golfo
De
Panama
San Cristobal
Careoa
uc
Ca
San
Fernando
ure
Ap
len
da
Arauca
Pacific
Ocean
Puerto Carreno
San Fernando
de Atabapo
ag
oM
Villavicencio
Tulua
oc
rin
Barrancomina
oO
Colombia
Cali
Puerto
Inirida
Neiva
Rio Guaviare
San Jose del

Guaviare
Tumaco
Ce
Rio Guainia
San Vicente
del Caguan
Ri
Popayan
siq
ui
ar
e
Buenaventura
Bogota
Ibaque
Morganito
Santa Rita
ta
Me
Rio
Ri
Rio
Cau
ca
Puerto Ayacucho
Tunja
Yopal
Pereira
Armenia
Rio Me
Ri
Manizales
Or
Puerto
ta Paez
Santander
Puerto
Salgar
co
ino
o
Ri
Paz de Rio
Quibdo
Cabruta
El Amparo
Bucaramanga
o
Ri
rato
At
Rio
Medellin
Rio
a
auc
VETAS GOLD
ArPROJECT
Rio
Barrancabermeja
Puerto
Berrio
Venezuela
Barinas
Cucuta
Yaviza
San
Carlos
Trujillo
Monteria
Maracay
Valencia
San Juan de
Los Morros
Barqulsimeto
a
Sincelejo gdale
n
Caracas
Puerto
Cabello
San
Felipe
Lago de
Maracaibo
Covenas
Road
12
Netherlands Antilles
(Neth.)
Golfo de
Venezuela
Riohacha
Department Boundaries
Colon
Bonaire
Curacao
Calamar
Florencia
Quito
San Miguel
Rio
Larandia
Santa Ana
Puerto Asis
Vau
p
es
Cucui
Mitu
Tres Esquinas
Iauarete
Rio
Ua
upe
Nueva Loja
La Tagua
Puerto Leguizamo
Puerto
Santander
Pantoja
Rio
Rio
Caq
ay
Flor de
Agosto
Rio Ica
azo
Am
azo
Am
Figure 4-1
Leticia
ri
Rio Java
76
South
America
pura
Rio Ja
po
Iquitos
80
Vila Bittencourt
El Encanto
Peru
La Pedrera
Na
Vidal
COLOMBIA
72
Tabatinga
Galway Gold Inc.

68
Vetas Gold Project

0
0
200 Kilometers
100
Brazil
uet
Pu
tum
Rio
Rio Negro
Sao Gabriel
da Cachoeira
ua
Ecuador
Mocoa
Rio
Esmeraldes
Pasto
Ipiales
Tulcan
Jur
San Lorezo
200 Miles
100
November 2013
4-5
Department of Santander, Colombia
Location Map
1,130,000 mE
1,132,500 mE
1,135,000 mE
1,302,500 mN
1,302,500 mN
1,127,500 mE
FGJM-02 (Lic. 14833)

Empresa Minera Reina de Oro Ltda.
Legend:
Galway Drill Collar Locations
Reina de Oro Tunnel
Tajo Abierto Tunnel
Galway Tenements
CB Gold Tenements
Other Tenements
1,130,000 mN
1,130,000 mN
AUX Tenements
Eco Oro Tenements
Santurban Park Area
4-6
1,297,500 mN
1,297,500 mN
1,127,500 mE
1,130,000 mE
1,132,500 mE
1,135,000 mE
Figure 4-2
0.5
1.0
1.5
2.0
2.5
Kilometres
Vetas Gold Project

Concession Map
November 2013
Source: Galway Gold Inc., 2013.
www.rpacan.com
Galway Gold Inc.
www.rpacan.com
GALWAY OPTION AGREEMENTS
The following information was provided by Galway:
Pursuant to the Reina de Oro Option Contract to maintain its rights to exercise the option,
Galway is required to pay to Empresa Minera Reina Oro Ltda. (the Reina de Oro Grantor)
the following amounts in cash and Galway Shares: (i) U.S.$100,000 and 400,000 Galway
Shares payable on December 21, 2009; (ii) U.S.$100,000 and 50,000 Galway Shares
payable December 21, 2010; and (iii) U.S.$100,000 and 50,000 Galway Shares payable
after December 21, 2011. All amounts have been paid and shares granted under this option
agreement.
Galway can acquire the mining rights for the Reina de Oro License concession (license
14833) by exercising its right under the Reina de Oro Option Contract. If Galway choose to
positively exercise the option, Galway is required to pay to the Reina de Oro Grantor: (i) an
amount equal to: 1.5% of the spot price of one ounce of gold on average over the last thirty
market days for every ounce of gold equivalent in measured and indicated resources; and (ii)
60% of the payment in Colombian peso and the balance of 40% in Galway Shares or in cash
(Galways choice), paid on the completion of exploration.
Galways outstanding counterparty obligations in respect of concessions included in the

Vetas Project are set forth in Table 4-2.
TABLE 4-2 VETAS OPTION AGREEMENTS

Contract
Reina de
Oro Option
Contract
Concession
Licence
Number
Licence
14833
Cost
$300,000 and
500,000 Galway
Shares
Initial
Payment
Payment Per
Ounce
Cash Paid
to Date
Galway
Shares Paid
to Date
Cash
Due
Galway
Shares
Due
$100,000
and
400,000 shares
1.50%
$300,000
500,000
Nil.
Nil.
PERMITS
Galway has completed underground exploration activities on the Vetas Gold Project
concessions including diamond drilling (described in Sections 9 and 10) and is currently
planning another drill program focused on further delineating and expanding the mineralized
envelope beyond defined limits.

Page 4-7
www.rpacan.com
Galway has advised RPA that El Volcn operates under a mining concession contract
(Expediente 14833 RMN FGJM-02 Contrato de Concesion D2655) covered under the
Colombian Mining Code.
The Reina de Oro mining concession contract covers both
exploitation and environmental permits and expires in 2031.
ENVIRONMENTAL LIABILITIES
RPA is unaware of any environmental liabilities related to the Vetas Project. The Galway
Exploration Team is cognizant of environmental issues related to diamond drilling including:
Handling of drilling muds as hazardous waste.
Zero harm to the water resource with regard to potential pollution from the drilling
operations.
Noise monitoring.
No native plant species are cut down without a restoration plan and environmental
compensation.
Vegetation is monitored to ensure that there are no effects from drilling water.
Recovery and restoration of vegetation disturbed by the development of drill roads

and drill platforms.
Surface drill platforms are re-contoured to a natural contour.
Waste underground drilling water is treated with lime to reduce acidity.
Waste rock from the development of the underground drill stations is stockpiled on
surface in designated dump areas.
PROPERTY ACCESS, TITLE, OR WORK PROGRAM RISKS

Significant factors/risks that may affect Galways exploration access, title, or work programs
include:
Landowner authorization and required permits for access for exploration activities.
Non-compliance with environmental laws, procedures, and permits.
Water related issues including required water use permit, pollution of water resource,
and periodic studies of water quality.
Proper disposal of hazardous wastes.
Noise issues.

Page 4-8
www.rpacan.com
Community complaints related to issues noted above.
EMPRESA OPERATION
El Volcn Mine, located within Galways Reina de Oro property, is being operated by
Empresa using small scale tracked/manual methods with current production of approximately
40 tpd with an average grade of 9.5 g/t Au. El Volcn operates under a mining concession
contract with the Colombian government (Expediente 14833 RMN FGJM-02 Contrato de
Concesion D2655). The mine consists of two main levels, the Reina de Oro and Tajo Abierto
levels, with eight mineralized quartz veins currently being mined with a small workforce. El
Volcn veins have been, and currently are being mined from surface to approximately 250 m
below surface. Within this area, and over a 570 m vein length, only approximately 30% of
the area has been mined out (according to the mine supervisor).
Generally, mining has been carried out by mining a two metre high cut at an angle of 20 to
30 up from both sides of a steep raise, leaving a six metre pillar, and then mining another
two metre cut. The mine supervisor reports that approximately 20% to 30% of the area
between surface and the bottom level are mined in this way.
Development has been done by drifting on two levels, and several sublevels, plus in the
Alaska tunnels. The approximate amount of drifting and silling completed in the past is
difficult to ascertain due to loss of access to some areas, however, it is estimated that some
7,000 m are open out of an approximate total of 10,000 m. Some of the approximately 3,000
m of underground workings that are not open are currently inaccessible due to safety
concerns. Virtually no inter-level mining has been surveyed.
Galways channel sampling program is focused on the approximately 7,000 m of accessible

underground workings.
Galway believes that the steep vein orientations and highly
competent wall rocks may allow for efficient bulk mining operations in future.
The minesite includes a small gold processing metallurgical facility that is reported to have
produced an average of 500 oz of gold per year over the past five years. Ore is sent to a
crushing circuit and the product is forwarded to a grinding circuit. The initial gold separation
step occurs after grinding using gravity techniques (jigs). The coarse concentrate from the
jigs is panned and free gold is recovered. The non-gold fraction of the pan material and the
middlings are sent to a regrind circuit for further grinding. The finer fraction is sent to a heap
Page 4-9
www.rpacan.com
leach where a cyanide solution is percolated through the heap. The ensuing gold bearing
solution is sent to a Merrill Crowe zinc precipitation step, which provides for feed to a
precious metals refining step. Gold dor bars result from this refining step.
The middlings that were sent to the regrind step are sent to a gravity gold recovery operation
consisting of shaking tables (Wilfley) on a batch basis. The concentrate from the tables are
panned and free gold is recovered. The non-gold material from the panning operation, the
middlings, and fines from the tables are sent to an agitated cyanide leach step. The resulting
gold bearing solution is sent to the Merrill Crowe zinc precipitation step and the gold bearing
material is sent to refining for conversion into gold dor bars.
The solids from the agitated leach step are sent to a washing step where cyanide bearing
solution is removed and treated with hydrogen peroxide (to remove cyanide), prior to being
sent to the near river for disposal. The washed sands are transported to the river as well.
The El Volcn Mine is reported to have annual gold sales of $850,000 to $1,000,000 per
year. Under the option agreement, Galway does not benefit from any revenue produced or
from any production activities at the El Volcn Mine.

Page 4-10
www.rpacan.com
5 ACCESSIBILITY, CLIMATE, LOCAL

RESOURCES, INFRASTRUCTURE AND
PHYSIOGRAPHY
ACCESS AND PHYSIOGRAPHY
The Vetas Gold Project is located in northeastern Colombia in the Department of Santander.
The town of Vetas is in part located to the southwest of the Reina de Oro concession, at 7
20 North Latitude and 72 52 West Longitude. Access to Vetas from Bucaramanga is via
85 km of paved highway to the town of Berlin, located near the border between the
Departments of Santander and Norte de Santander, and then via 16 km of dirt road to the
town of Vetas.
There is an alternate route through the towns of Matanza, Surata, and
California that requires transit of 55 km of partially paved road to the town of California from
which a 16 km dirt road connects to Vetas (Figure 5-1).
The property is located in steep, mountainous, and relatively rugged terrain at elevations
ranging from approximately 3,100 MASL to 3,800 MASL. The town of Vetas is located at an
elevation of 3,200 MASL. The slopes are generally greater than 30 and in some areas are
near-vertical cliffs. The area has long been deforested, and the slopes are covered with
scrub brush and grasses. The indigenous tree species were oaks and along the streams
some relict oaks are found. Reforestation programs have introduced several varieties of
pine.
CLIMATE
The climate of the Project area is cool to cold and is humid.
o
The average annual
temperature ranges from 4 C to 10 C, varying with elevation. The rainy seasons generally
occur in October-November and April-May. Snow is infrequent but occasionally occurs at
higher elevations. Average annual precipitation is about 750 mm. Exploration work can be
conducted year round.

Page 5-1
www.rpacan.com
LOCAL RESOURCES AND INFRASTRUCTURE

The town of Vetas has a population of approximately 500 to 600, with more than 2,000
people living in the municipality. With a long history of small scale mining up to the present
time, the area provides a local work force well experienced in mining. Although the principal
economic activity in the area is the small-scale exploitation of gold and silver, many of the
inhabitants are also involved in agriculture.
Cattle ranching is the dominant agricultural
activity in the region and there is significant production of milk and varieties of home-made
cheese. In addition to cattle, the local farmers raise pigs, chickens, and goats. Horses are
raised for both transportation and work. Potatoes and onions are staple crops in the area.
Blackberries, tree tomatoes, curuba, and lulo are also grown.
Water for both domestic consumption and for industrial uses is drawn from nearby perennial
streams.
The area is served by the national electrical power grid. Land telephone lines are restricted
to the town of Vetas and cellular telephone reception is generally available except in the
deeper canyons.
Basic supplies are available in Vetas; otherwise all supplies and equipment must be
transported from Bucaramanga.
Electrical power is supplied to the El Volcn Mine by the local power company via an 11,400
V line. An emergency generator, two pneumatic compressors, and an internal rail network
are also present at the minesite.

Page 5-2
1,090,000 mE
1,100,000 mE
1,110,000 mE
1,120,000 mE
1,130,000 mE
1,140,000 mE
1,150,000 mE
1,160,000 mE
El Playon
1,332,000 mN
1,332,000 mN
Cucutilia
Cachiri
NORTE DE SANTANDER
Santa Cruz
Pamplor
Surata
VETAS PROJECT
Matanza
1,300,000 mN
Vetas
Mutiscua
SANTANDER
Charta
Silos
BUCARAMANGA
Figure 5-1
0
Giron
1,100,000 mE
1,110,000 mE
10
Kilometres
November 2013
Vetas Gold Project

Location and Access to

Vetas Property
1,120,000 mE
1,130,000 mE
1,270,000 mN
Floridablanca
www.rpacan.com
Galway Gold Inc.
Lebrija
1,090,000 mE
Chitaga
1,280,000 mN
1,280,000 mN
Berlin
Tona
1,290,000 mN
1,290,000 mN
Rionegro
1,270,000 mN
5-3
1,300,000 mN
California
1,321,000 mN
1,321,000 mN
Pamp
www.rpacan.com
6 HISTORY
REGIONAL HISTORY
The California-Vetas region has a history of mining that dates back to Pre-Colombian time.
The following account of the history of mining and exploration in the California-Vetas District
is taken from OPrey (2008).
The California-Vetas District was discovered in the mid-1500s (some sources say 1530,
others say 1546) during a Spanish military action led by the German mercenary
Ambrosius Alfinger who was to subdue the natives and confiscate their gold. The
California-Vetas region had already been the site of mining by the indigenous Sura tribe
since Pre-Colombian times, and from this area came the gold that the Muisca tribe used
for their excellent artwork on display in the Gold Museum in Bogota. Alfinger was seeking
to duplicate the success of the Quesada expedition near Bogot, which had returned with
120 pounds of gold, but a poisoned arrow in the throat cut short his ambitions. His men
retreated downstream, dying or killing one another on the way until there werent enough
left to carry all the treasure they had confiscated. They buried it in the forest on the banks
of the Rio Catatumbo, where it supposedly remains. A single survivor of the expedition
reached Cartagena and never returned to claim the treasure.
In 1551 the Basques Ortn Velasco and Pedro De Orza brought settlers from the
provinces of Navarra and Vizcaya in Spain to settle the region. They founded nearby
Pamplona whose economic base was the gold mining area later known as Vetas. When
Velasco and his men arrived in the gold mining area the Suras caved and covered their
mines, some of them hiding inside until they died of starvation.
Spanish colonials engaged in two open-pit operations in the district near California and
one near Vetas. The latter, the Pozo del Rey, is on the ridge overlooking the El Volcn
Mine and lies within the concession boundaries. After those mines closed, small scale
production continued through the next four centuries.
Efforts at larger-scale mining were intermittent. In 1820, the Colombian Mining

Association, an English company directed by Robert Stephenson, the son of the inventor

Page 6-1
www.rpacan.com
of the locomotive, opened the Pie de Gallo Mine in that part of the district known as La
Baja. The Francia Gold and Silver Company Ltd., was organized in London in 1906 and
invested a million dollars in developing mines and building a mill and reduction plant at La
Tronadora just outside the town of California, but closed down because of the war in
Europe in 1914.
In 1947, the Anaconda Copper Mining Company took an option on a property that
encompassed the La Baja and La Alta areas near California and conducted gold
exploration via tunneling and a limited amount of core drilling. Core recoveries were
reportedly poor so that insufficient reliable information was available to justify an onerous
option payment and Anaconda released the property.
In 1969, the Colombian Geological Survey (INGEOMINAS), in collaboration with the

United States Geological Survey (U.S.G.S), performed a regional mineral inventory which
included underground mapping and sampling of over 550 tunnels and prospects
throughout the district. The U.S.G.S. followed up in 1977 with a preliminary geologic and
geochemical survey of the district, producing the first geologic map of the area and
analyzing rock, stream sediment and pan concentrate samples. INGEOMINAS produced
a further study in 1978 directed toward evaluating the copper porphyry potential in the
California area. Dr. Richard Sillitoe reviewed the district in 1978 on behalf of the United
Nations copper exploration program in Colombia at the time. Dr. Sillitoe reported that the
district presented only the uppermost portions of a copper porphyry system and that the
expense of deep drilling was not justified. He also observed that significant bulk-tonnage
gold potential was apparent and should be further evaluated.
Consolidated Pine Channel Resources Ltd. acquired an option in 1994 on licences in what is
termed the La Alta or Angostura area. It subsequently dealt the options to Churchill
Resources Ltd., which entered into a joint venture with Greystar Resources Ltd. (Greystar)
and was eventually merged into Greystar. Greystar has been exploring the property since
1995. In May 2009, Greystar filed a NI 43-101 Preliminary Feasibility Study based on an
open pit operation on the Angostura Gold Project. In April 2011, Greystar filed a NI 43-101
Preliminary Economic Assessment for underground mining at the Angostura Gold Project. In
August 2011, Greystar changed its name to Eco Oro Minerals Corp. In March 2012, Eco Oro
filed an updated Preliminary Economic Assessment for underground mining at Angostura.

Page 6-2
www.rpacan.com
In March 2011, AUX Canada Acquisition Inc. (AUX) acquired Ventana Gold Corp. (Ventana),
which owned the La Bodega Project located immediately to the southwest of the Angostura
Project.
Ventana had been exploring properties in the area and released a NI 43-101
Preliminary Economic Assessment of the La Bodega Project.
Galways Vetas Project was spun out of Galway Resources Ltd. (Galway Resources) into
Galway Gold Inc. after Galway Resources was acquired by AUX Acquisition 2 S..r.l on
December 20, 2012 for total consideration of approximately C$340 million in cash.
The Angostura and La Bodega properties are described in Section 23 of this report.
PROPERTY HISTORY
The primary focus of historical mining and exploration activity on the Vetas property has
been at the El Volcn Mine located in the Reina de Oro concession. The following account
of the history of the El Volcn Mine is from OPrey (2008).
The El Volcn Mine was started after the French left, by Vetas native Elias Moreno who in
1918 discovered rich gold veins in a topographic basin on the eastern flank of a long ridge
in the Vetas area known as Lomo Pozo del Rey, after the colonial open-pit gold mine
located on its crest. The Moreno family opened adits at several locations in the basin and
in two locations outside the basin, each adit topographically lower than its predecessor.
In the 1940s the Colombian government awarded a contract of exploitation for the mine
area to the American Benjamin Brewer, a retired boxer, who took over the workings and
put Alberto Ferreira in charge. It was Sr. Ferreira who worked the mine until the mid-60s,
when Mr Brewer returned with a group of associates to improve the plant. They installed
a California (stamp) mill to replace the arrastres (grinding stones) that had been in use
until then. They also installed a drip cyanidation circuit and drove the principal tunnel.
Among this group was the Texan geologist Richard Knapp, who supervised the tunneling.
In 1969, when the Colombian government introduced its first Mining Law, Mr Brewers
initial exploitation contract was converted to be in accordance with the new law.
Benjamin Brewer later sold part of the mineral rights to Arcenio Arias and Angel Rangel,
and leased the remaining mineral rights to Richard Knapp. Arcenio Arias and Angel
Page 6-3
www.rpacan.com
Rangel subsequently sold their rights to Elias Moreno, Angelo Moreno, Alonzo Rodriguez,
Didimo Arias and Rodolfo Contreras (Empresa Reina de Oro).
Upon the death of
Benjamin Brewer, Richard Knapp approached his widow to purchase her share of the
mineral rights only to find that the Colombians had already done so, as such full
ownership of the property has until the present day remained in the hands of this local
group.
In November 2007, a lease contract with option to purchase was signed between White Gold
Corporation (White Gold) and Empresa granting White Gold the right to purchase 100% of
the mineral rights to the property and 100% of the surface rights, with no retained royalties.
The only known historical exploration in the area was conducted by Oro Baracuda which
worked on the property for eight months in 2008. It is reported that only basic exploration
was conducted including soil and rock sampling.
On January 26, 2010, Galway announced that it had entered into a binding agreement to
acquire a 100% interest in the Reina de Oro property.
To RPAs knowledge, there have been no historical resource estimates for the El Volcn
Mine and the surrounding Reina de Oro property. This is likely due to the mining method
employed at the El Volcn Mine which has been historically applied in the California-Vetas
Mining District and the fact that, prior to Galways involvement, there had been no significant
exploration or delineation drilling on the property.
Production records from the El Volcn Mine were not available to RPA and to RPAs
knowledge are not in the possession of Galway. The status of any production records for the
mine is not known by RPA. According to OPrey (2008), current production in 2008 was 30
tpd to 40 tpd at an average grade of 9.5 g/t Au. Verbal communication from the current mine
manager to Galway personnel indicates a current annual production rate of 10,000 tonnes at
a grade of 9.5 g/t Au recovered. An annual production rate of 10,000 tonnes would be
consistent with a daily production rate of 35 tonnes based on a 285 work day year.
Assuming a 60 year production history and an annual production rate of 10,000 tonnes at an
average recovered grade of 10 g/t Au, the total production from the El Volcn Mine would be
approximately 190,000 ounces Au. RPA notes that this number is based on verbal and
unverified sources.
Page 6-4
www.rpacan.com
7 GEOLOGICAL SETTING AND

MINERALIZATION
REGIONAL GEOLOGY
The Vetas Gold Project is located within Santander Massif of the Eastern Cordillera of the
Andes Mountains, Colombia (Figures 7-1 and 7-2). The oldest rocks within the Santander
Massif are part of the Precambrian Guyana Shield and consist of generally amphibolite grade
gneisses, schists, quartzites, and migmatites of the Bucaramanga Formation. These rocks
are intruded by granitic rocks of the Santander Plutonic Complex which were emplaced
during a period of uplift in the Jurassic/Triassic. Both the Precambrian and Jurassic age
rocks have been intruded by stocks and dikes of Tertiary age porphyry.
Paleozoic
sedimentary rocks occur in the Eastern Cordillera of the Colombian Andes Mountains but not
in the immediate California-Vetas region.
Cretaceous marine sediments unconformably
overlie the older rocks in some areas.
The Eastern Andes of Santander are characterized by a series of major north-northeast

trending fault zones that both bound and transgress major litho-tectonic domains (Figure 72). Northwest to north-northwest structures are subordinate to the dominant north-northeast
trending structures. The geological history of the Eastern Andes includes (1) deformation of
the Precambrian basement and associated deposition of sedimentary rocks during the
Palaeozoic; (2) extrusion of felsic to andesitic volcanic rocks and intrusion of dioritic to
granitic rocks in a back-arc setting during the Mesozoic with associated deposition of
sedimentary rocks; (3) folding and thrusting resulting in basin inversion and uplift during the
Late Cretaceous to Paleocene/Eocene and associated intrusion of porphyritic stocks and
dykes and continued uplift and erosion into the Late Miocene; and (4) from the Late Miocene
to present continued uplift and erosion with increased strike slip faulting and accompanied by
intrusion.

Page 7-1
78
76
74
72
70
68
Legend:
12
CB GOLD VETAS PROPERTY

Western
Cordillera
Eastern
Cordillera
7-2
Tertiary Quaternary
Mesozoic
10
Paleozoic
Sedimentary Rocks
PreCambrian
Central
Cordillera
Igneous Rocks
Unconsolidated sediments
Clastic sedimentary rocks:

sandstone, conglomerate
Quartz diorite
Clastic sedimentary rocks:

sandstone, conglomerate
Granodiorite, quartz diorite
Continental sedimentary
rocks: sandstone, red and
grey shale
Granodiorite, quartz
monzonite, rhyolite
Mafic rocks
Diabase
Carbonate rocks
Metamorphic rocks:
schist, marble gneiss
Metamorphic rocks:
schist, marble gneiss,
migmatite
Gneiss diorite
Quartz-monzonite
Observed fault
Interpreted fault
November 2013
Source: INGEOMINAS, 1986.
Figure 7-1
2
100
200
300
Kilometres
400
500
Vetas Gold Project

General Geology of Colombia
www.rpacan.com
Galway Gold Inc.
www.rpacan.com
1,100,000 mE
1,125,000 mE
1,300,000 mN
1,300,000 mN
VETAS GOLD PROJECT
1,100,000 mE
1,125,000 mE
10
15
20
Kilometres
Figure 7-2
Legend:
1Ki
Los Santos Formation: siltstone, arenites, conglomerates
Galway Gold Inc.
Jcs
Quartz monzonite, coase grained to porphyric texture
Jgd
Quartz monzonite to alaskite intrusive complex
Pzs
Silgara Formation: greenschist facies metasediments
PCm
Bucaramanga Formation: amphibolite grade gneisses,

schists, migmatites
Geology of the Eastern Andes
November 2013
Vetas Gold Project
Source: Geology Map-INGEOMINAS, 1999.
7-3
www.rpacan.com
LOCAL GEOLOGY
In the area of the California-Vetas District, a fault bounded central domain of dominantly
Jurassic aged intrusive rocks is bordered to the east by a domain of dominantly Precambrian
metamorphic rocks and to the west by Precambrian metamorphic rocks and Cretaceous
sedimentary rocks. The fault contact to the west is referred to as the Falla Cucutilla and the
fault to the east is informally referred to as the Vetas Fault (Figure 7-2).
PROPERTY GEOLOGY
The Reina de Oro concession is located within the domain of dominantly Precambrian
metamorphic rocks east of the regional Vetas Fault (Figure 7-2). The property is underlain
dominantly by grey to black amphibolitic gneiss. Three intrusive rock types are recognized
on the property intruding the gneiss: micro granite, quartz diorite, and dacite porphyry. The
former two intrusive rocks are interpreted to be part of the Jurassic intrusive complex and the
dacite porphyritic rock is interpreted to be part of the younger, possibly Tertiary aged,
intrusive event. Further description and a map of the property geology are contained in
Section 9 of this report.
MINERALIZATION
The most significant zone of mineralization on the Vetas Project is the El Volcn Mine
located in the Reina de Oro concession. The gold-silver mineralization in the El Volcn Mine
occurs within a swarm of northeast striking, vertical to steeply north-dipping tabular subparallel and occasionally intersecting or sigmoidal quartz veins. The western portion of the
Reina de Oro concession is structurally complex and marks the intersection of east-west
trending structures and northeast-southwest trending structures. Below the current mine
workings, 3420 RL, the veins occur within a northeast-southwest trending zone measuring
250 m wide by 550m long. The known vertical extent of the veins is approximately 600 m
below the current mine workings, but the lower limit of the mineralization has not been
defined. The veins are hosted dominantly by gneiss and occur also at the gneiss-intrusive
rock contacts. The alteration envelopes or selvages are a few centimetres up to several
metres in width and consist of pervasively phyllic and argillic altered gneiss often
accompanied by disseminated sulphides and/or quartz veinlets. The veins are irregular in
width, with occasional vugs, and often have colloform or crustiform texture. They consist
Page 7-4
www.rpacan.com
generally of grey to off-white finely crystalline quartz or microcrystalline chalcedony
interbanded with darker grey adularia and accompanied by minor sulphides consisting of
pyrite, sphalerite, and galena.
The host rock intersected in the drilling is dominantly grey to dark grey amphibolitic gneiss.
Mineralization consists mainly of veins within variable sheared and altered gneiss. Veins
characterizing drill hole intercepts comprise laminated veins, vein stockworks, breccias veins,
and minor veinlets.
Vein and alteration associated sulphide minerals include pyrite,
marcasite, chalcopyrite, molybdenite, arsenopyrite, and locally cinnabar. Alteration consists

of silica, argillic (illite-kaolinite), chlorite, sericite, and carbonate (ankerite).
Three vein types are distinguished in the underground drilling and are interpreted in terms of
relative environment and timing of emplacement:
Vein type A: Stockwork veinlets characterized by quartz, molybdenite, pyrite, and

locally chalcopyrite and interpreted to be porphyry style mineralization.
Vein type B: Chalcedonic quartz and pyrite veins with local free coarse gold
interpreted to be related to a late epithermal event.
Vein type C: Vuggy and drussy quartz and chalcedonic, banded quartz with fine pyrite
and visible (locally coarse) gold, and locally galena and cinnabar interpreted to be an
epithermal style of mineralization distinct from vein type B.
Mineralization at the El Volcn Mine is structurally controlled by a series of northeast

trending, steep faults and shear zones consistent with the regional distribution of major
structures in the district. A locally defined structure with a west-northwest trend and termed
the Rio Vetas fault zone may also be an important structural control. The veins demonstrate
at least three phases of mineral deposition: local massive pyrite followed by massive and
sugary white quartz followed by dark grey to grey chalcedonic quartz and quartz veins with
vugs and druses. Visible gold is commonly observed in quartz and within vugs in quartz.
Sulphide minerals associated with the vein mineralization include pyrite, sphalerite, galena,
molybdenite, and chalcopyrite.

Page 7-5
www.rpacan.com
8 DEPOSIT TYPES
Based on a number of features that include tectonic setting, structural control on the
distribution and clustering of occurrences and deposits, apparent timing of mineralization and
association with porphyritic intrusive rocks, the general form of mineralization and
association with alteration, the gold-silver mineral deposits of the California-Vetas District
belong to the class of epithermal gold-silver deposits. Furthermore, variation in the details of
individual deposits that include vein vs. replacement styles, vein and wall rock replacement
textures, associated sulphide minerals and abundances, and associated alteration, indicates
that there is a spectrum of high sulphidation to low sulphidation types of epithermal
mineralization in the district. Figure 8-1 shows a general model for epithermal gold-silver
deposits in a porphyry environment, which includes copper molybdenum mineralization and
is applicable to exploration in the California-Vetas District.

Page 8-1
www.rpacan.com
HIGH SULFIDATION
LOW SULFIDATION
Pemeable
Horizon
Steam Heated
Alteration
Diatreme
Travertine
Tuff Ring
Dome
Silica
Maar
Acid Sulfate
Alteration
Diatreme
Silica
Sinter
EPITHERMAL
QUARTZ Au-Ag
BRECCIA
CONTROL
Eruption
Breccia
LITHOLOGICAL
CONTROL
S
STRUCTURAL
CONTROL
CARBONATE-BASE
METAL Au
SEDIMENT HOSTED J
REPLACEMENT Au
J
MASSIVE
SULFIDE VEIN
POLYMETALLIC Au-Ag
BARREN
SHOULDER
QUARTZ SULFIDE
AuCu
MINERALIZATION
Breccia Pipe
Tension vein
Banded vein
REPLACEMENT
S
FLUIDS
Bonanza vein
PORPHYRY
Cu Au
Oxidizing ground water
Breccia Infill /
structural control
Lithological control
CO2 - rich acid sulfate waters

Evolving gases
Intramineral
Intrusions
Meteoric recharge
Sheeted vein
Stockwork vein
PROXIMAL
SKARN
Breccia
Disseminated
Magmatic mineralized fluids
Jasper
Figure 8-1
Galway Gold Inc.

Vetas Gold Project
Conceptual Model for Styles of
Magmatic Arc Epithermal Au-Ag
and Porphyry Cu-Mo Mineralization
November 2013
Source: Corbett, 2002.
8-2
www.rpacan.com
9 EXPLORATION
Galway initiated exploration on the Vetas Gold Project in January 2010.
Exploration
activities completed include:

1.
2.
3.
4.
Underground sampling and mapping in the El Volcn Mine

Surface sampling and mapping
A Mobile Metal Ion (MMI) soil geochemistry survey
An Induced Polarization and ground magnetic (IP/MAG) survey
In addition, Galway completed a sampling program of ore feed into the El Volcn gold
recovery plant and has sampled tailings at the end of the gold recovery circuit and prior to
disposal.
Galway initiated a two phase diamond drilling program in April 2011, with the second phase
ending in early April 2013. The scope and results of this drilling is described in Section 10 of
this report.
UNDERGROUND SAMPLING AND MAPPING PROGRAM

The chip-channel sampling utilized a conventional manual approach of taking rock chips
using a hammer and chisel continuously or semi-continuously across the entire channel
length. The samples were taken mostly from the backs of the drifts and the chip-channel
samples were taken by pairs of samplers using a plastic sheet or sample bags to collect the
samples. Samples were oriented perpendicular to the strike of mineralization and therefore
represent as true a width as possible.
RPA is of the opinion that the chip-channel sampling at the Vetas Gold Project has been
completed consistent with best practices and industry standards. No bias has been
introduced through any site specific sampling practices and the results of the sampling can
be the basis of continued geological interpretation and exploration program design. The
relationship between drilling intersections and chip samples is briefly described in Section 14
of this report.
A total of 7,345 m of drifts were mapped and 3,769 chip channel samples were taken from
vein, wall rock, and stockwork mineralization between vein sets dominantly from the two

Page 9-1
www.rpacan.com
main development levels in the El Volcn Mine: the Reina de Oro level and the Tajo Abierto
level. Sampling was also completed on the intermediate level referred to as the Alaska level.
During mapping of the drifts, it was noted that sulphide mineralization (pyrite) was
significantly more prevalent on the deeper Reina de Oro level than on the Tajo Abierto level.
Surface mapping has shown the sulphide mineralization to be almost absent in the veining.
SURFACE SAMPLING AND MAPPING PROGRAM

A 40.3 line kilometre grid was established with 20 lines at 100 m intervals and 25 m stations.
Surface geological mapping was conducted using this grid as control. The main northeastsouthwest trend of the mine mineralization was located and mapped on surface. In addition,
a number of northwest-southeast perpendicular trends were identified.
The mapping
identified veins and structures that are correlated with veins and structures in the developed
underground and also determined new veins both inside and outside the area or the domain
of the El Volcn Mine. Numerous intrusive lithologies were mapped. The results of the
mapping are illustrated in Figure 9-1.
A total of 215 chip-channel samples of veins, vein stockwork zones, and mineralized rocks
were taken. Gold results range from 0.05 g/t Au to 25.3 g/t Au and silver results from 0.01 g/t
Ag to 109.0 g/t Ag. In addition to the gold and silver, surface sampling returned anomalous
results for base metals, with up to 0.13% Mo and up to 0.14 % Cu.
SOIL GEOCHEMISTRY SURVEY

An MMI soil geochemistry program was completed during September to December 2010. All
20 lines were sampled at the 25 m spaced stations resulting in the collection of 1,598
samples.
The samples were collected by Galway personnel, with analyses done at SGS. Galway
geologists have calculated MMI response ratios. The MMI response ratios over the mine
trend generates a northeast-southwest gold anomaly having a continuous strike length of
500 m that is coincident with the mineralized structures mapped on surface and within the
tunnels underground (Figures 9-1 and 9-4).
In addition, there are three strong gold
anomalies to the west, north, and northwest of the main mine. Low to moderate response
ratios are associated with a northwest-southeast direction that is parallel to a secondary
Page 9-2
www.rpacan.com
cross structural vein system.
Silver and gold MMI response ratios are strongly related.
Response ratios of approximately 10 for gold outlines the broader mineralized structures,
while a response ratio above 50 coincides with the high-grade tunnels mapped in the
underground. There are also a number of weaker gold anomalies defined throughout the
property that warrant further investigation. It should be noted that one strong anomaly to the
northeast is thought to be related to possible contamination from the Empresa mill.
The MMI geochemical survey also revealed a copper-molybdenum-silver anomaly to the

south of the mine workings and a number of high copper response ratios throughout the
property that are related to intrusive rocks mapped during the field season.

Page 9-3
1,133,500 mE
1,134,000 mE
1,134,500 mE
Galway Gold Property
Legend:
Galway Drillhole Locations

Planned Drillhole Locations
Planned Drillhole Projection to Surface
Surface Mapping
Quartz Diorite Outline
Quartz Diorite
Dacite Porphyry
Reina de Oro Veins
Reina de Oro Tunnel
PAD-SF-002-1
PAD-SF-002-2
MMI_SPOND_RATIO_Au_final
3,904.63
500
250
100
10
5
1,301,000 mN
1,301,000 mN
Trench/Channel Assays, Au g/t

>5
3 to 5
1 to 3
<1
PAD-SF-003-2
PAD-SF-003-1
9-4
PAD-SF-002-2
700m
PAD-SF-001-3
PAD-SF-001-2
PAD-SF-001-1
GWY-VS0032
GWY-VS0028
PAD-SF-003-2
550m
PAD-SF-003-1
350m
PAD-SF-002-1
500m
CBGold Property
GWY-V0031
GWY-V0036
PAD-SF-001-3
700m
1,300,500 mN
1,300,500 mN
GWY-V0029
Figure 9-1
Vetas Gold Project

Property Geology &

Contoured MMI Au Response
100
200
300
400
500
Metres
November 2013
Source: Galway Gold Inc., 2013.
www.rpacan.com
Galway Gold Inc.
www.rpacan.com
INDUCED POLARIZATION AND MAGNETIC SURVEYS

KTTM Geophysics of Medelln, Colombia, was retained by Galway in January 2011 to
complete an IP/MAG survey over the grid area. The survey was a pole-dipole IP/resistivity
survey with an electrode spacing of 25 m and 50 m completed on 100 m spaced grid lines for
a total of approximately 20 line kilometres.
The main mine trend has strong chargeability anomalies at moderate depths below surface
(starting at approximately 30 m). In addition, there are a number of other chargeability
anomalies that are also fairly deep on the IP profiles (30 m to 60 m) located outside the El
Volcn domain.
MILL FEED SAMPLES

Galway sampled mill feed from the El Volcn Mine in October 2010. A total of 28 samples
were taken over a five day period at a rate of five to six samples per day. The samples were
taken immediately after the jaw crusher in the El Volcn Mill as illustrated in Figure 9-2. The
sample weights averaged 4.64 kg. The average grade of the belt samples is 15.24 g/t Au
and the samples have a considerable range of values and a coefficient of variation of 2.27.
The summary statistics of the El Volcn belt sampling are shown in Table 9-1.
TABLE 9-1 SUMMARY OF THE EL VOLCN MINE BELT SAMPLING

Statistic
Value
n
Mean
Mean(w)
Max
Min
Q1
Q3
StdDev
Var
28
16.42
15.24
199.00
0.62
1.76
16.31
37.30
1,390.99
CV
2.27

Page 9-5
www.rpacan.com
FIGURE 9-2 MILL FEED SAMPLING

Page 9-6
www.rpacan.com
TAILINGS SAMPLING
Ten samples were taken from the tailings from the El Volcn gold recovery circuit after
cyanide treatment and recovery (Figure 9-3). The samples were taken and analyzed by
Galway in July 2010. The assay results are in a relatively tight range of 2.0 g/t Au to 4.5 g/t
Au, with an average of 3.1 g/t Au.
FIGURE 9-3 TAILINGS SAMPLING
SUMMARY OF EXPLORATION RESULTS

The geological mapping completed on surface and underground has resulted in the
interpretation of the style of mineralization including vein textures, sulphide minerals, and
associated alteration and has identified a potential vein and sulphide paragenesis.
underground sampling has
determined
vein/grade
widths and
along-strike
The
grade
distributions. The MMI survey has mapped the main mineralized horizon as defined by the
El Volcn Mine and may also be indicative of structural trends in metal response oriented to

Page 9-7
www.rpacan.com
northeast-southwest and northwest-southeast that are consistent with both structures
mapped on the property and with regional structural trends.
The MMI survey has also
resulted in coincident gold-silver anomalies away from the surface expression of the El
Volcn Mine and gold anomalies with copper molybdenum signatures.
A number of
chargeability anomalies associated with the El Volcn Mine are indicative of structures
mapped from a northeast-southwest trending corridor of generally higher chargeability. In
addition, chargeability anomalies outside the El Volcn trend appear to be coincident with
both mapped structures and MMI anomalies.
The multi-method exploration results are compiled and a number of discrete targets and
target areas have been interpreted as illustrated in Figure 9-4.

Page 9-8
1,133,000 mE
1,133,500 mE
1,134,000 mE
1,134,500 mE
1,302,000 mN
1,302,000 mN
www.rpacan.com
Legend:
1,301,500 mN
1,301,500 mN
Au Response
Ratios
SYMBOLOGY
Structures (Inferred)
500
1,301,000 mN
1,301,000 mN
Vein (Observed)
Fault (Observed)
Fracture
250
Azimuth/Dip direction
Claim Outline
100
10
1,300,500 mN
1,300,500 mN
LITHOLOGY
Gneiss
Quartz diorite
Micro granite
Dacite Porphyry
OTHER
1,300,000 mN
Au-Ag (Anomalies veins/hydrothermal breccias)

Mo-Cu-Au-Ag Anomaly (Porphyries)
Cu-Au-Ag Anomaly (Porphyries)
High Chargeability (IP)
1,133,000 mE
1,133,500 mE
1,134,000 mE
1,134,500 mE
Figure 9-4
0
100
200
300
400
Galway Gold Inc.
500
Metres
Vetas Gold Project

Exploration Targets
November 2013
Source: Galway Resources Ltd., 2011.
9-9
1,300,000 mN
Chip Sample (g/t Au)
www.rpacan.com
10 DRILLING
No drilling has historically been completed on the Vetas property. The first phase of drilling
on the property was initiated underground at the El Volcn Mine by Galway on April 4, 2011
and was completed on August 27, 2012. The second phase of drilling was completed in
early April 2013. Underground drilling has been completed from three drill stations located
on the Reina de Oro level: Drill Station 1 is at a nominal elevation of 3,411 m, Drill Station 2
is at a nominal elevation of 3,413 m, and Drill Station 3 is at nominal elevation of 3,401 m.
The first phase of surface drilling was initiated on January 18, 2012 and was completed on
July 21, 2012. The second phase of surface drilling was completed in early April 2013.
Surface drilling on the Coloro concession was conducted by Galway during the phase 1 drill
campaign, but no significant results were encountered and the concession has been
relinquished.
The procedures for diamond drilling used at the Project, both underground at the El Volcn
Mine and on surface, are consistent with industry best practices. This includes surveying the
location and orientation of the drill set-ups, downhole surveying using a Reflex Multishot at
regular intervals, documentation of core recovery, and conventional and industry standard
logging and sampling procedures.
The surveying, reported to Galway in UTM coordinates, is tied in to surveyed monuments

established on a national basis by the Colombian government. Drilling is conducted by
Matrix Drilling SAS staffed by Colombian and Peruvian drillers. Core recovery is reported to
average over 90% in the mineralized zones. RPA is not aware of any factors that could
materially impact the accuracy and reliability of the results.
UNDERGROUND DRILLING
Galway has completed 68 holes for a total of 33,238 m of HQ, reduced to NQ, diamond
drilling in the underground program (Table 10-1). This includes 34 holes drilled from Drill
Station 1 in a generally easterly direction and 26 holes drilled from Drill Station 2 in a
generally westerly direction, and eight holes drilled from Drill Station 3 in an easterly direction

Page 10-1
www.rpacan.com
(Figure 10-1). The data collected from these 68 holes were used for the Mineral Resource
estimate described in Section 14.
TABLE 10-1 UNDERGROUND DIAMOND DRILLING SUMMARY

Hole-ID
GWY-V0001
GWY-V0002
GWY-V0003
GWY-V0004
GWY-V0005
GWY-V0006
GWY-V0008
GWY-V0010
GWY-V0011
GWY-V0012
GWY-V0014
GWY-V0016
GWY-V0018
GWY-V0020
GWY-V0021
GWY-V0023
GWY-V0024
GWY-V0026
GWY-V0027
GWY-V0029
GWY-V0031
GWY-V0034
GWY-V0036
GWY-V0040
GWY-V0042
GWY-V0046
GWY-V0051
GWY-V0053
GWY-V0056
GWY-V0057
GWY-V0062
GWY-V0064
GWY-V0066
GWY-V0068
34 Holes
Easting
1,134,357
1,134,356
1,134,356
1,134,355
1,134,357
1,134,358
1,134,353
1,134,354
1,134,357
1,134,357
1,134,358
1,134,358
1,134,358
1,134,357
1,134,356
1,134,355
1,134,355
1,134,356
1,134,357
1,134,356
1,134,356
1,134,356
1,134,355
1,134,357
1,134,357
1,134,357
1,134,358
1,134,358
1,134,357
1,134,357
1,134,357
1,134,357
1,134,357
1,134,357
Northing
1,300,767
1,300,765
1,300,765
1,300,764
1,300,768
1,300,769
1,300,766
1,300,764
1,300,767
1,300,768
1,300,769
1,300,769
1,300,769
1,300,766
1,300,765
1,300,765
1,300,765
1,300,765
1,300,767
1,300,767
1,300,767
1,300,765
1,300,765
1,300,768
1,300,768
1,300,769
1,300,769
1,300,769
1,300,768
1,300,768
1,300,769
1,300,769
1,300,769
1,300,769
Elevation
3,411
3,412
3,412
3,411
3,411
3,412
3,412
3,411
3,411
3,411
3,411
3,411
3,411
3,411
3,411
3,411
3,411
3,411
3,412
3,412
3,412
3,411
3,412
3,411
3,411
3,411
3,411
3,411
3,411
3,411
3,411
3,411
3,411
3,411

Length
254
357
351
450
450
402
450
452
452
449
453
451
449
351
352
402
454
426
451
534
507
519
573
512
500
500
342
414
361
395
349
400
575
521
14,859 m
Station Number
PAD-1
PAD-1
PAD-1
PAD-1
PAD-1
PAD-1
PAD-1
PAD-1
PAD-1
PAD-1
PAD-1
PAD-1
PAD-1
PAD-1
PAD-1
PAD-1
PAD-1
PAD-1
PAD-1
PAD-1
PAD-1
PAD-1
PAD-1
PAD-1
PAD-1
PAD-1
PAD-1
PAD-1
PAD-1
PAD-1
PAD-1
PAD-1
PAD-1
PAD-1
Page 10-2
www.rpacan.com
Hole-ID
GWY-V0007
GWY-V0009
GWY-V0013
GWY-V0015
GWY-V0017
GWY-V0019
GWY-V0022
GWY-V0022B
GWY-V0025
GWY-V0025B
GWY-V0030
GWY-V0037
GWY-V0039
GWY-V0041
GWY-V0045
GWY-V0049
GWY-V0055
GWY-V0059
GWY-V0065
GWY-V0067
GWY-V0070
GWY-V0073
GWY-V0078
GWY-V0081
GWY-V0083
GWY-V0086
26 Holes
Easting
1,134,539
1,134,539
1,134,540
1,134,543
1,134,544
1,134,540
1,134,539
1,134,540
1,134,540
1,134,540
1,134,541
1,134,541
1,134,540
1,134,540
1,134,540
1,134,543
1,134,543
1,134,543
1,134,543
1,134,543
1,134,543
1,134,543
1,134,543
1,134,543
1,134,543
1,134,539
Northing
1,300,627
1,300,628
1,300,628
1,300,630
1,300,630
1,300,626
1,300,626
1,300,625
1,300,625
1,300,625
1,300,627
1,300,628
1,300,628
1,300,628
1,300,628
1,300,630
1,300,630
1,300,630
1,300,630
1,300,630
1,300,629
1,300,630
1,300,630
1,300,630
1,300,630
1,300,628
Elevation
3,414
3,414
3,414
3,414
3,414
3,414
3,414
3,414
3,414
3,414
3,413
3,413
3,413
3,413
3,414
3,414
3,414
3,414
3,414
3,414
3,413
3,414
3,414
3,414
3,414
3,413
Length
294
469
451
432
451
331
297
525
113
551
800
741
538
550
552
743
704
632
761
900
902
498
567
710
766
619
14,896 m
Station Number
PAD-2
PAD-2
PAD-2
PAD-2
PAD-2
PAD-2
PAD-2
PAD-2
PAD-2
PAD-2
PAD-2
PAD-2
PAD-2
PAD-2
PAD-2
PAD-2
PAD-2
PAD-2
PAD-2
PAD-2
PAD-2
PAD-2
PAD-2
PAD-2
PAD-2
PAD-2
GWY-V0071
GWY-V0074
GWY-V0076
GWY-V0079
GWY-V0082
GWY-V0085
GWY-V0088
GWY-V0089
8 Holes
68 Holes Total
1,134,444
1,134,444
1,134,444
1,134,444
1,134,444
1,134,445
1,134,444
1,134,444
1,301,070
1,301,070
1,301,070
1,301,070
1,301,070
1,301,067
1,301,070
1,301,070
3,401
3,401
3,401
3,401
3,401
3,401
3,401
3,401
602
368
466
415
454
527
327
324
3,483 m
33,238 m
PAD-3
PAD-3
PAD-3
PAD-3
PAD-3
PAD-3
PAD-3
PAD-3

Page 10-3
1135500 E
1135000 E
1134500 E
1134000 E
1133500 E
1133000 E
069
S0
Y-V
GW
3800
1301500 N
37
00
38
3700
63
S00
Y-V
GW
60
00
S
V
28VS0087
Y- VS00YGW
GW Y- GW
00
72
-VS
GW
Y
-V0
074
GW
Y
3
00
0018
36
00
GWY-V0
056
GWGYWY-V005
-V000 7
5
V
Y-
GWY-V
YV0
S00
43
GWY
-V
4
79
-V00
GWY
076
GWY-V0
6
02 1
V0 02
Y- -V0
GW Y
024GW
GWY-V0
3
0023
000
GWY-V
Y-V
GW
2
000
071
Y-V
GWY-V0
GW
GW
GWY-V0
012
G
W
GW
008
6
GW
Y-V
GG
WW
YY-V-VS0
0000594
6
03
V0
Y-
9
008
Y-V
8
GW
008
Y-V
GW
064
GW
82
0026
V006
Y-V0
GW
GWY014
GWY-V0
38
-V00
GWY
37
00
38
00
0
GWY-V001
004
GWY-V0008
GWY-V0
Y
GW
YGW
00
VS
85
-V00
GWY
066
S0035
30
GWY-V0
033
GWY-VS0
GWY-V
22
0058
GWY-VS
22
-V00
GWY
1300500 N
0
V0
5
02
V0
YGW
S003
2
00
Y-V
GW
019
GWY-V0
GWY
-V
0047
6
GWY-V001
046
GWY-V0
GWY
-VS
YW
8
-V006
GWY
GW
Y-V
G W S 004
Y-V 8
S0
050
GW GWY-VS0077
Y-V
S00
44
GWY-VS0
080
350
0
GWY-V007
GWY-V0
10-4
YV0
01
3
YV0
W
Y03
V0
7
03
9
0017
GW
GWY-VS0052
1
04
V0
YW
-V
GWY
GW
Y-V
003
GWY-V0007
1301000 N
YW
081
-V0
38
00707
0
V
V
Y-Y 3 5
WW
8
GG
00 V001
V
Y- YGWGW
Y
GW
5
04
V0
GW
GW Y-V
Y- 001
V0 1
05
1
YV0
05
3
GWY-VS0084
GW
0065
GWY-V
7
-V006
GWY
059
-V0
WY
02 GWY-V004
GG
9
2
GWWWYY
Y- V-V00
V0 202
7
00 0
1
GWY-V0
040
00
00
36
- VS
0070061
GWY-VS 5
36
055
GWY-V0
GW
Y
00
9
-V004
GWY
B
25
00
-V
Legend:
Figure 10-1
Surface Hole
Galway Gold Inc.

3900
Vetas Gold Project

1300000 N
100
200
300
400
Metres
November 2013
Contour Interval: 50 metres
500
Diamond Drill Hole Locations

Plan View
www.rpacan.com
Underground Hole
www.rpacan.com
To date, the drilling has tested dominantly down dip of the El Volcn Mine mineralization.
Some holes drilled from Station 2 intersected extensions of veins down dip and along strike
to the southwest of the mine, and some holes drilled from Station 3 intersected extensions of
veins down dip and along strike to the northeast of the mine. Drilling has successfully
intersected mineralization to a depth of approximately 600 m below the Reina de Oro level.
The drilling has successfully intersected the major vein structures historically developed at
the El Volcn Mine and gold and silver grades are generally consistent with the chip
sampling results. However, in some cases, the intersections of the predicted veins and
structures have not returned significant precious metal values. These missed intersections
commonly possess the same alteration, mineralization, and structures as the gold-bearing
intersections. RPA believes that Vetas likely hosts gold-bearing mineralized shoots similar
to many other narrow-vein gold deposits.
In addition, drilling has intersected a number of veins and structures previously not
developed or recognized underground, which occur at intermediate positions between the
developed veins.
These intermediate intersections may suggest that a more complex
environment of branching, anastomosing, and linking veins and structures may exist at El
Volcn.
SURFACE DRILLING
Twenty-three HQ, reduced to NQ, diamond drill holes, for a total of 13,737 m, have been
completed on the Vetas Project (Table 10-2). Except for two drill holes at Coloro, the surface
drilling has been focused on a stockwork zone of mineralization located near the western
property boundary and adjacent to the area where CB Gold Inc. has reported positive drilling
results (Figure 10-1). In addition, in the same area, two targets defined by coincident MMI
and IP chargeability anomalies have been tested on their western flank.

Page 10-5
www.rpacan.com
TABLE 10-2 SURFACE DRILLING
HoleID
Easting
Northing
GWY-VS0028
1,133,802
1,300,833
GWY-VS0032
1,133,801
1,300,831
GWY-VS0033
1,133,801
1,300,831
GWY-VS0035
1,133,803
1,300,836
GWY-VS0038
1,133,801
1,300,833
GWY-VS0043
1,133,806
1,300,833
GWY-VS0044
1,133,857
1,301,032
GWY-VS0047
1,133,801
1,300,831
GWY-VS0048
1,133,857
1,301,032
GWY-VS0050
1,133,801
1,300,831
GWY-VS0052
1,133,857
1,301,032
GWY-VS0054
1,133,806
1,300,833
GWY-VS0058
1,133,806
1,300,833
GWY-VS0060
1,133,857
1,301,032
GWY-VS0061
1,133,802
1,300,833
GWY-VS0063
1,133,857
1,301,032
GWY-VS0069
1,134,874
1,301,345
GWY-VS0072
1,134,877
1,301,341
GWY-VS0075
1,133,785
1,301,260
GWY-VS0077
1,133,786
1,301,259
GWY-VS0080
1,133,786
1,301,259
GWY-VS0084
1,133,786
1,301,260
GWY-VS0087
1,133,785
1,301,261
Total Surface Drilling Completed
Elevation
(m)
3,586
3,585
3,585
3,586
3,586
3,586
3,556
3,585
3,552
3,586
3,553
3,586
3,586
3,553
3,586
3,553
3,591
3,590
3,459
3,459
3,459
3,458
3,460
Length
(m)
531.87
375.20
600.15
600.15
712.01
699.95
480.06
400.50
627.27
757.20
676.75
729.38
736.09
350.21
753.15
615.08
643.12
609.60
280.11
731.52
694.02
662.94
500.78
13,737.12
Azimuth
()
350.0
195.0
183.0
168.0
148.0
103.0
200.0
200.0
200.0
200.0
200.0
103.0
167.6
330.0
352.0
330.0
330.0
115.0
207.0
180.0
180.0
180.0
175.0
Dip
()
-45.0
-45.0
-45.0
-45.0
-45.0
-45.0
-45.0
-65.0
-65.0
-85.0
-85.0
-65.0
-65.0
-45.0
-65.0
-65.0
-45.0
-45.0
-67.5
-45.0
-40.0
-75.0
-85.0
Significant drill intercepts (>3 g/t Au) from the completed surface drilling are presented in
Table 10-3. Work on the surface target drilling is at an early stage and reconciliation with the
geochemical and geophysical targets remains to be completed. However, it appears that the
host rocks and the mineralization intersected are largely similar in style and mineralogy to the
mineralization intersected at the El Volcn Mine. Significantly, mineralization intersected
thus far in the surface holes also includes stockwork mineralization (Vein type A) hosted
within an intrusive rock. A number of new veins have been encountered in the surface
drilling, however, not much is yet known regarding their orientation, continuity, and gold
grade potential. As a result, the true width of these veins has not yet been established. The
western portion of the Reina de Oro concession where the majority of the surface drilling has

Page 10-6
www.rpacan.com
been completed is structurally complex and marks the intersection of east-west trending
structures and northeast-southwest trending structures.
TABLE 10-3 SURFACE DRILLING

Hole ID
From
To
Length
True Width
Au
Ag
(m)
(m)
(m)
(m)
(g/t)
(g/t)
including
including
including
208.62
209.49
493.83
493.83
496.37
503.91
210.00
210.00
506.21
495.41
497.34
506.21
1.38
0.51
12.38
1.58
0.97
2.30
n/c
n/c
n/c
n/c
n/c
n/c
17.35
45.22
4.04
7.81
12.04
8.32
3.7
5.0
2.8
5.0
2.0
2.8
GWY-VS032
including
270.35
270.35
272.91
271.75
2.56
1.40
n/c
n/c
4.22
5.32
4.6
1.0
GWY-VS033
414.58
415.17
0.59
n/c
3.12
2.5
GWY-VS035
including
208.94
217.93
220.06
317.71
326.10
210.44
220.98
220.98
333.05
327.50
1.50
3.05
0.92
15.34
1.40
n/c
n/c
n/c
n/c
n/c
3.48
3.62
7.75
1.53
6.54
6.2
1.4
2.6
0
2.8
GWY-VS038
648.44
649.75
1.31
n/c
6.13
4.0
GWY-VS0043
including
258.64
258.64
271.41
259.64
12.77
1.00
n/c
n/c
1.18
7.05
1.1
10.8
GWY-VS0044
including
336.64
336.64
338.52
337.64
1.88
1.00
n/c
n/c
2.6
4.2
1.9
2.8
GWY-VS0047
349.24
350.49
1.25
n/c
3.04
2.3
GWY-VS0048
354.19
355.19
1.00
n/c
3.15
12.0
GWY-VS0050
96.15
96.71
0.56
n/c
14.44
5.9
45.91
9.9
GWY-VS028
including
including
GWY-VS0052
GWY-VS0054
GWY-VS0058
No significant results
230.49
231.53
1.04
n/c

Page 10-7
www.rpacan.com
Hole ID
From
To
Length
True Width
Au
Ag
(m)
(m)
(m)
(m)
(g/t)
(g/t)
GWY-VS0060
GWY-VS0061
including
GWY-VS0063
289.78
302.65
302.65
374.58
405.91
290.76
306.84
303.65
375.92
407.41
0.98
4.19
1.00
1.34
1.50
n/c
n/c
n/c
n/c
n/c
14.55
26
104.99
29.18
5.34
572.0
26.9
76.6
6.2
8.8
142.68
143.68
1.00
n/c
4.78
3.8
4.08
1.7
GWY-VS0069
GWY-VS0072
GWY-VS0075
277.16
278.59
GWY-VS0077
1.43
n/c
GWY-VS0080
152.40
282.24
418.77
153.92
283.46
421.00
1.52
1.22
2.23
n/c
n/c
n/c
5.55
3.37
4.65
4.5
28.8
12.5
GWY-VS0084
161.36
169.16
7.8
n/c
4.02
6.0
GWY-VS0087
175.26
235.50
176.78
237.03
1.52
1.53
n/c
n/c
38.09
20.97
8.4
5.3

Page 10-8
www.rpacan.com
11 SAMPLE PREPARATION, ANALYSES AND

SECURITY
Galway utilizes an industry standard approach to sampling drill core that includes the
samples being marked and tagged by the logging geologist. The samples are split using a
rock saw equipped with a diamond blade utilizing fresh water. One-half of the core is placed
in the sample bag for shipment to the assay laboratory and the other half is returned to the
core tray for secure storage at the Galway logging facility at Vetas.
Samples collected at the Vetas Project are catalogued and bagged on site for secure
transportation, which includes the use of security bag ties.
For the underground chip sampling, surface exploration, and the first 10 underground
diamond drill holes, the samples were shipped to ALS Minerals sample preparation facility in
Bogota, Colombia. The sample preparation (crushing, grinding, and splitting) was completed
in the Bogota laboratory and prepared subsamples were shipped to the ALS Minerals
analytical laboratory in Lima, Peru, for analyses. Sample preparation at ALS Minerals in
Bogota included logging in the laboratory information management system (LIMS), weighing,
and drying the sample. The entire sample was crushed to better than 70% -2 mm and a one
kilogram split was pulverized to better than 85% passing 75 m. All rock samples were
analyzed for gold using the ALS Minerals procedure (code) Au-AA23, which was fire assay
fusion with analysis by atomic absorption spectroscopy (AAS) on a 30 g split of the pulp.
The method reports in the range from 0.01 g/t Au to 10 g/t Au. All samples returning greater
than 10 g/t Au with the Au-AA23 method were re-analyzed using the Au-SCR21 method,
which was a screen fire assay. Silver content was determined at ALS Minerals using the AgAA46 method, which included aqua regia digestion and an AAS determination.
Silver
content was also determined at ALS Minerals using the Ag-ME-OG46 method, which
included aqua regia digestion and an AAS determination. In addition to this protocol, Galway
specified samples from the underground drilling, based on logging as being vein or within the
structures hosting the veins, to be analyzed by the screen metallic assay method in addition
to fire assay.
After the completion of the first 10 drill holes, Galway initiated the use of AcmeLabs (ACME).
Core samples from the Vetas Project were sent to the ACME preparation facility in Medelln,
Page 11-1
www.rpacan.com
Colombia, for processing and were analyzed at the ACME laboratory in Vancouver, Canada.
ACME uses a LIMS for sample management. Sample preparation completed on the Galway
samples at ACME consisted of crushing the entire sample to better than 80% < 10 mesh
(1.68 mm) and a 250 g split pulverized to 85% < 200 mesh (75 m).
For underground drilling, Galway identifies samples that are mineralized and samples that
host mineralization within intersected structures on the sample submittal form in the sample
shipment. These samples are analyzed for gold by the screen metallic method (ACME code
615) and for silver by aqua regia digestion and by inductively coupled plasma emission
spectroscopy (ICP-ES) analysis (ACME code 7AR2). All other underground core samples
are analyzed using a 30 g fire assay with an AA finish for gold and aqua regia digestion and
AA finish for silver (ACME code 603). All samples returning values of greater than 5 g/t Au
with the ACME 603 method are re-assayed using the screen metallic method and all
samples with values exceeding 100 ppm Ag are re-assayed for silver using aqua regia
digestion followed by ICP-ES finish (ACME 7AR2),
All samples from every fifth underground drill hole are also analyzed for a suite of 36
elements.
All samples identified by Galway as mineralized or associated with the
mineralized structure are analyzed for gold by the screen metallic method. The samples not
analyzed by the screen metallic method are analyzed by a 30 g fire assay with an AA finish
(ACME Code 601) and those returning concentrations greater than 5 g/t are re-assayed
using the screen metallic method. All samples are analyzed for 36 elements using aqua
regia digestion of a 15 g pulp followed by ICP-ES/MS analysis (ACME code 1DX2). Samples
with silver values greater than 100 ppm from the 1DX2 analyses are re-analyzed for silver
using aqua regia digestion and ICP-ES finish (ACME 7AR2).
Occasionally, samples are also analyzed for a suite of 53 elements. All samples identified by
Galway as mineralized or associated with the mineralized structure are analyzed for gold by
the screen metallic method. The samples not analyzed by the screen metallic method are
analyzed by a 30 g fire assay with an AA finish (ACME Code 601) and those returning
concentrations greater than 5 g/t are re-assayed using the screen metallic method.
All
samples are analyzed for 53 elements using aqua regia digestion of a 0.5 g pulp followed by
ICP-MS analysis (ACME code 1F04). Samples with silver values greater than 100 ppm from
the 1F04 analyses are re-analyzed for silver using aqua regia digestion and ICP-ES finish
(ACME 7AR2). Silver content was also occasionally determined at ACME using the 8TD
Page 11-2
www.rpacan.com
method, which included a four acid aqua regia digestion and an AAS determination. The
detection limits for silver values within the database vary by analytical method and range
from 0.002 ppm Ag to 2 ppm Ag.
All of the surface drilling samples were assayed at ACME and subject to the same analytical
protocols and methods as the underground holes.
The belt samples of El Volcn Mine ore have all been analyzed at ALS Minerals using the
screen fire assay method (Au-SCR21). The samples of tailings were analyzed at an assay
laboratory located in Vetas.
Surface exploration rock samples were analyzed for gold by a 30 g fire assay and AAS finish
method (code G601) plus a multi-element suite using aqua regia digestion with an ultra-trace
53 element ICP-MS finish (code 1F04) or 36 element ICP-MS finish (code IDX2).
MMI soil samples were sent to SGS Group (ISO 19011 certified) preparation facility in
Medelln, Colombia, for processing and were analyzed at SGS's laboratory in Lima, Peru.
DISCUSSION
ALS Minerals is a widely used, international testing laboratory. The ALS Minerals quality
system complies with the requirements of the International Standards ISO 9001:2000 and
ISO 17025:1999 at all laboratory sites. ACME is an ISO 9001:2008 qualified international
geochemical and assaying laboratory that is widely used by the mineral exploration industry.
The laboratory located in Vetas is not an accredited facility but has long been servicing the
local mining industry. RPA is of the opinion that the analyses of the tailings from the El
Volcn Mine process are probably representative of actual gold content but recommends that
further work completed at the Vetas based assay laboratory include check assays at an
accredited laboratory.
In the opinion of RPA, the sample security, sample preparation, and sample analyses are
adequate for use in Mineral Resource estimation. To the best of RPAs knowledge, no
sample preparation is completed by an employee, officer, or director of Galway. Galway
utilizes an analytical Quality Assurance/Quality Control (QA/QC) protocol that includes the
use of blanks, field or laboratory duplicates, and Standard Reference Materials (SRM) at a
Page 11-3
www.rpacan.com
rate of one of each control per 20 samples. This QA/QC protocol and results are further
discussed in Section 12 of this report.

Page 11-4
www.rpacan.com
12 DATA VERIFICATION
SITE VISIT
RPA visited the Vetas property on April 4 to 6, 2011 and again on November 11 and 12,
2012. Data verification completed during the first site visit included the following:
1. The El Volcn Mine underground was visited and the veins were observed in several
locations.
2. Duplicate chip samples were collected at five locations from the underground veins
and analyzed.
3. Drilling from underground Drill Station 1 was inspected.
4. The geological setting, the geology, and mineralization of the El Volcn Mine, and
mineralization on adjacent properties and in the California-Vetas District were
reviewed with Galway geologists.
5. The approach and results of exploration completed on the Vetas property was
reviewed with Galway geologists.
6. Aspects of sampling, sample security, QA/QC, and the assay database were
discussed with on-site Galway geologists.
Subsequent to the first site visit, aspects of the drill program were discussed in detail with
Galway geologists, a check of the assay database by comparing it with the original assays
was completed, and an independent check of the QA/QC data was carried out.
Data
verification completed during the second site visit included the following:
1. The logging and sampling facility was inspected.
2. The secure core storage facility was inspected.
3. The use of assay laboratories and preparation and analytical protocol was reviewed
and discussed with the supervising Galway geologist.
4. Core handling, sampling, and logging methods previously discussed and confirmed
with the supervising Galway geologist were reviewed.
5. Drill core was inspected and compared with logs and assay data.
6. The geological interpretation being completed was reviewed and discussed.

Page 12-1
www.rpacan.com
QUALITY ASSURANCE AND QUALITY CONTROL

Quality assurance (QA) consists of evidence to demonstrate that the assay data has
precision and accuracy within generally accepted limits for the sampling and analytical
method(s) used in order to have confidence in the resource estimation. Quality control (QC)
consists of procedures used to ensure that an adequate level of quality is maintained in the
process of sampling, preparing, and assaying the exploration drilling samples. In general,
QA/QC programs are designed to prevent and detect contamination and allow analytical
precision and accuracy to be quantified. In addition, a QA/QC program can disclose the
overall samplingassaying variability of the sampling method itself.
Accuracy is assessed by a review of assays of certified reference material (CRM), and by

check assaying at outside accredited laboratories.
Assay precision is assessed by
processing duplicate samples from each stage of the analytical process from the primary
stage of sample splitting through sample preparation stages of crushing/splitting,
pulverizing/splitting, and assaying.
Galways QA/QC protocol consists of the regular insertion of blanks, reject duplicates, and
multiple standards within each 20 sample batch. Reject duplicate samples are analyzed to
determine the level of analytical precision. The samples from the Vetas Project are sent to
the ACME preparation facility in Medelln, Colombia, for sample preparation and then to the
ACME laboratory in Vancouver, Canada, for analysis. Table 12-1 shows the number of
QA/QC samples reviewed by RPA.
The precision levels are good for gold mineralization and the gold and silver assays are
accurate with no significant bias evident. Overall, RPA is of the opinion that the assay
results are reliable and acceptable for use in Mineral Resource estimation.
TABLE 12-1 QA/QC SUMMARY

Galway Gold Inc. - Vetas Gold Project
Metal
Au
Ag
Blanks
Failure
No.
No. or %
2,023
0.20%
1,159
0
Reject
Duplicates
No.
769
478

No.
1,563
0
Standards
Values Outside
3SD or %
8.64%
0
Page 12-2
www.rpacan.com
BLANKS
The regular submission of blank material is used to assess contamination during sample
preparation and to identify potential sample numbering errors.
Galways QA/QC protocol called for blanks to be inserted in the sample stream at a rate of
one in 20 samples. The blanks were inserted into the sample stream at the core sampling
facility in Vetas, prior to shipment to the ACME preparation laboratory in Medelln, Colombia.
The blank material is not certified and was sourced from a company called Rocas Y Minas
Colombiana (Bucaramanga). The rock is a white marble.
RPA received the results from 2,023 gold and 1,159 silver analyses of blanks. A gold assay
was considered a failure if the result was higher than ten times the detection limit of the
methods (ACME codes G601 and 603 with detection limits of 0.005 g/t Au). Four failures for
gold were recorded (Table 12-2 and Figure 12-1). Approximately five different analytical
methods were used to determine silver assay values. The detection limits for these methods
range from 2 ppb Ag to 2 g/t Ag. A silver assay was considered a failure if the result was
10% higher than the highest detection limit of the analytical methods (2 g/t Ag) (Figure 12-2).
No silver failures were recorded. In RPAs opinion, the results of the blanks are acceptable
and support the use of the assays completed to date for continued interpretation, evaluation,
and resource estimation purposes.
TABLE 12-2 BLANK SUMMARY RESULTS

Metal
Au
No. Blanks
2,023
No. Failures
4
% Failures
0.20
Ag
1,159

Page 12-3
www.rpacan.com
FIGURE 12-1 BLANKS GOLD RESULTS
FIGURE 12-2 BLANKS SILVER RESULTS

Page 12-4
www.rpacan.com
DRILL CORE DUPLICATES
Drill core or field duplicates help assess the natural local-scale grade variance or nugget
effect and are also useful for detecting sample numbering errors. The field duplicates help
monitor the grade variability as a function of both sample homogeneity and laboratory error.
The Thompson-Howarth (T-H) precision plot can be used to compare results for the three
duplicate types (field duplicates, reject duplicates, and pulp duplicates). The field duplicates
are expected to have the lowest precision, followed by the coarse reject duplicates. The pulp
duplicates are expected to have the best precision as they are the finest grain size and are
the most homogenized.
RPA detected several mislabel inconsistencies while compiling the datasets provided in
order to build the data file for duplicate pairs analysis.
RPA received the duplicate results for 1,995 original reject assays for gold. Of these original
reject assays, 448 used a screen metallic analytical method (SCR-MET), however, only 42
duplicate reject assays used a matching screen metallic analytical method. Of the 1,547
original reject assays that used a 30 g fire assay with an AA finish (30 g FA-AA), only 733
had assay values at or above the 0.005 g/t Au detection limit for the method. Figures 12-3
and 12-4 illustrate the duplicate pairs for the 30 g FA-AA method. Outliers exist in the
dataset for gold. Statistics for the duplicates were calculated after removal of outliers and the
results are shown in Tables 12-3 and 12-4.
For gold (30 g FA-AA), the precision for the reject duplicates is approximately 12.9% at 1.0
g/t (Figure 12-5). The sample duplicates have good correlation coefficients for gold and the
relative standard deviations (RSDs) are 56% for reject duplicates, which is common for gold
mineralization. For gold (SCR-MET), the precision for the reject duplicates is approximately
5.3% at 1.0 g/t. The sample duplicates have good correlation coefficients for gold and the
relative standard deviations (RSDs) are 39% for reject duplicates. Due to the small sample
size, the results for the screen metallic method are presented here for completeness; they do
not reflect the expected precision, RSD, or correlation coefficient for this analytical method as
it relates to this type of mineralization.
RPA received duplicate results for 1,186 original reject assays for silver. As noted in Section
11, Galway assayed for silver using a variety of analytical methods and detection limits. RPA
Page 12-5
www.rpacan.com
reviewed the reject results of three analytical methods, totalling 478 duplicates.
RPA
observed good RSDs, high correlation coefficients, and low mean differences among the 478
duplicates.
In RPAs opinion, the duplicate results indicate that the analytical procedures and precision
for gold are within acceptable limits.
RPA recommends selecting reject samples after
receiving the initial assay results in order to ensure that duplicates are tested using matching
analytical methods and to also ensure that a variety of grade ranges are covered.
FIGURE 12-3 REJECT DUPLICATES GOLD SCATTER PLOT

Page 12-6
www.rpacan.com
FIGURE 12-4 REJECT DUPLICATES GOLD Q-Q PLOT
TABLE 12-3 SUMMARY STATISTICS FOR GOLD DUPLICATES (30G FA-AA)

Reject
Item
Original
Duplicate
Number of Samples > DL (N)
727
727
Number of outliers removed
Mean Assay
0.07
0.07
Maximum Assay
3.18
3.03
Minimum Assay
0.005
0.0025
Median Assay
0.01
0.01
Variance
0.047
0.045
Standard Deviation
0.217
0.212
Coefficient of Variation
3.22
3.25
Correlation Coefficient
0.97
RSD
56%
% Difference Between Means
3.1%

Page 12-7
www.rpacan.com
FIGURE 12-5 PRECISION CURVES FOR GOLD DUPLICATES
TABLE 12-4 SUMMARY STATISTICS FOR GOLD DUPLICATES (SCREEN

METALLIC)
Reject
Item
Original
Duplicate
Number of Samples > DL (N)
42
42
Number of outliers removed
Mean Assay
0.54
0.50
Maximum Assay
8.08
6.30
Minimum Assay
0.0025
0.0025
Median Assay
0.110
0.090
Variance
2.05
1.50
Standard Deviation
1.43
1.22
Coefficient of Variation
2.65
2.45
Correlation Coefficient
0.99
RSD
39%
% Difference Between Means
7.6%

Page 12-8
www.rpacan.com
CERTIFIED REFERENCE MATERIALS (STANDARDS)
Results of the regular submission of certified reference materials (CRMs) are used to monitor
analytical accuracy and to identify potential problems with specific batches of samples.
Galway inserts CRM samples at a rate of up to three in a 20 sample batch.
Galway
purchased CRMs from CDN Resources Laboratories Ltd. (CDN) in Langley, British
Columbia, and from WCM Minerals in Burnaby, British Columbia. RPA reviewed the data for
CRM results for 1,579 gold assays.
CRMs for silver were not available. Of the 1,579
analyses, RPA removed 16 results on the basis that they had been mislabelled with the
name of another standard. Table 12-5 lists the recommended values for the standards
acquired by Galway. The CRM summary results for gold are listed in Table 12-6.
TABLE 12-5 EXPECTED VALUES AND RANGES OF CRMs

CRM
CDN-GS-10D
CDN-GS-6A
CDN-GS-P2A
Expected values
Au (g/t) / 1SD
Ag (g/t) / 1SD
9.5 / 0.28
5.69 / 0.24
0.229 / 0.030
-
Number of analyses
Au g/t
Ag g/t
548
514
246
-
TABLE 12-6 SUMMARY OF CRM RESULTS FOR GOLD

CDNGS-10D
CDNGS-6A
CDNGS-P2A
No. Assays
Minimum (g/t)
Maximum (g/t)
Average (g/t)
548
7.70
10.50
9.44
514
2.87
6.90
5.83
501
0.207
0.303
0.254
CRM (g/t)
- 3SD (g/t)
+ 3SD (g/t)
No. values outside 3SD
% outside 3SD
9.50
8.66
10.34
38
6.93
5.69
4.97
6.41
31
6.03
0.229
0.184
0.274
66
13.17
Item
Total
1,563
135
8.64
In RPAs opinion, the gold CRM grades cover a reasonable range of grades. RPA suggests
an addition of a CRM between gold ranges of 2.0 g/t and 4.0 g/t.

Page 12-9
www.rpacan.com
If Galway believes that silver may potentially represent a payable metal, RPA recommends
that CRMs for silver should be introduced into the QA/QC process, covering the expected
range of concentrations of the deposit. In general, minimum requirements are a low-grade
CRM, with a grade close to the deposit cut-off grade, a medium-grade CRM, with a grade
close to the average grade of the deposit, and a high-grade CRM, taking into consideration
the grade level of this particular deposit (i.e., the grade corresponding to the 80th percentile).
Specific pass/fail criteria are determined from the standard deviations provided for each
CRM. The conventional approach for setting standard acceptance limits is to use the mean
assay 2 standard deviations as a warning limit and 3 standard deviations as a failure
limit. Results falling outside of the 3 standard deviation failure limit must be investigated to
determine the source of the erratic result, either analytical or clerical. The CRM results are
discussed individually below.
CDN-GS-10D
The gold control chart for CRM CDN-GS-10D is shown in Figure 12-6. Thirty-eight samples
(6.9%) returned values outside three standard deviations. Gold values from the first phase of
drilling show a fairly even distribution around the mean of this CRM with a slightly low bias
potentially indicating a slight analytical low at this gold grade. Gold values from the second
phase of drilling show a tighter distribution, which is slightly above the mean of this CRM,
and a slight analytical high at this gold grade. RPA notes that all failures occurred during the
first phase of drilling and that all but one failure was below the -3SD limit.

Page 12-10
www.rpacan.com
FIGURE 12-6 CRM CDN-GS-10D GOLD
CDN-GS-6A
The gold control chart for CRM CDN-GS-6A is shown in Figure 12-7. Thirty-one samples
(6.0%) returned values outside three standard deviations. Gold values from the first phase of
drilling show a fairly even distribution around the mean of this CRM with no observable bias.
Gold values from the second phase of drilling show a tighter distribution, which is slightly
above the mean of this CRM, and a slight analytical high at this gold grade. RPA notes that
there is almost an equal number of high and low failures, with the majority of failures
occurring in the first phase of drilling.

Page 12-11
www.rpacan.com
FIGURE 12-7 CRM CDN-GS-6A GOLD
CDN-GS-P2A
The gold control charts for CRM CDN-GS-P2A is shown in Figure 12-8. Sixty-six samples
(13.2%) returned values outside three standard deviations and form a relatively tight range
slightly above the analytical mean. In the first phase of drilling, analyses were typically high,
with the mean of the analyses being 8.99% higher than the certified mean. In the second
phase of drilling, analyses were also high, with the mean of the analyses being 16.40%
higher than the certified mean. RPA notes that based on the CRM certificate, the average
analyses value of 0.25 g/t Au for CRM CDN-GS-P2A is within the range of average values of
the 14 laboratories used to determine the certified mean. The reference material certificate
also notes that results from one laboratory were removed for failing the t-test, as they were
much above the global mean. Based on the available data, RPA believes that the certified
mean for this CRM could be slightly too low, causing a moderate number of failures. RPA
recommends that this standard be replaced or be sent to additional laboratories as a form of
independent round-robin testing.

Page 12-12
www.rpacan.com
FIGURE 12-8 CRM CDN-GS-P2A GOLD
In summary, the high and medium grade standards show that precision levels are
reasonable for precious metal mineralization and the first phase drilling assays are accurate,
with no significant bias evident. Second phase drilling assays show a slightly positive bias
but good precision levels for all three standards. The low grade standard CDN-GS-P2A
shows a positive bias throughout both drilling phases that may be caused by its certified
mean being too low.
RPA recommends continuing improvement of the QA/QC process regarding accurate sample
insertion and numbering of the duplicates and CRMs as 21 (1.3%) cases of mislabelling were
Regular and timely QA/QC monitoring is also
recommended.
Based on the site visits, evaluation of QA/QC data, and information supplied by Galway, RPA
is of the opinion that the data generated at the Vetas Project is adequate to support the
estimation of Mineral Resources.

Page 12-13
www.rpacan.com
13 MINERAL PROCESSING AND

METALLURGICAL TESTING
No metallurgical test work has been completed for the Project.

Page 13-1
www.rpacan.com
14 MINERAL RESOURCE ESTIMATE

SUMMARY
RPA has carried out an initial Mineral Resource estimate for the unmined area below the
bottom level of the El Volcn Mine using the polygonal method. The estimate is summarized
in Table 14-1.
TABLE 14-1 MINERAL RESOURCE ESTIMATE SUMMARY NOVEMBER 6, 2013

Category
Measured
Indicated
Inferred
Notes:
1.
2.
3.
4.
5.
Tonnes
23,900
641,000
664,900
1,146,000
Grade
(g/t Au)
(g/t Ag)
7.79
12.4
10.62
14.9
10.52
14.8
10.3
15.3
Contained Ounces
(oz Au)
(oz Ag)
6,100
9,400
218,800
307,700
224,900
317,100
377,000
563,000

3
RPA completed interpretation of the vein zones based on previous interpretations and data
provided by Galway. Thirteen 3D wireframes of the principal vein zones and sub-zones were
created for the estimate. The vein zone wireframes were constructed based on drill hole
intercepts provided by Galway, assay grades, and the position of those assay grades relative
to existing mine workings.
RPA is not aware of any known environmental, permitting, legal, title, taxation, socioeconomic, marketing, or other relevant factors that could materially affect the resource
estimate at the time of this report.
GEOLOGICAL AND STRUCTURAL MODELS

From the start of drilling below the El Volcn Mine, Galway geologists have used drill core
data and information from active mine workings to identify major lithological contacts,
Page 14-1
www.rpacan.com
mineralization, structural features, and alteration zones. The gold-bearing vein zones occur
along altered and mineralized fault structures; however, the presence of any or all of these
geologic features does not necessitate the presence of elevated gold values.
These
characteristics of gold mineralization at Vetas are well documented in lithological logs, but
individual mineralization or deformation corridors are not well defined. Accordingly, RPAs
resource estimate is based on a vein constrained model that focuses on assay grade and
known vein orientations from underground workings.
RPA believes that adding the percentage quartz veins or veinlets of a mineralized interval to
the lithological logging template may help with vein zone interpretation and may improve
future resource estimates. Silicification is noted within the current logging template under a
general field for alteration intensity, and veining of any type is noted as a major or minor unit.
MINERALIZATION MODEL
The gold-silver mineralization in the El Volcn Mine occurs within a series of parallel
northeast striking, steeply north dipping tabular and occasionally intersecting or sigmoidal
quartz veins. Below the mine, the veins occur within a northeast-southwest trending zone
measuring 250 m wide by 550 m long. The known vertical extent of the veins is 600 m below
the current mine working, but the lower limit of the mineralization has not been defined. The
veins are hosted dominantly by gneiss and also occur at the gneiss-intrusive rock contacts.
Wireframes representing these vein zones and their respective sub-zones were constructed
based on sectional interpretations provided by Galway geologists, gold assay grades, and
the position of drill hole intersections relative to the mine workings above. RPA also notes
that veins identified at surface during Galways mapping and surface sampling programs
share similar orientations to the vein zone orientations of the mineralization wireframes. A
small number of mineralized intervals were re-assigned by RPA to different veins in order to
maintain better mineralization continuity. There are thirteen mineralized wireframes in total
that represent the eight primary vein zones. These vein zones were generated on a sectionby-section basis from drill hole intersections, with a minimum horizontal width of 1.52 m. A
number of lower grade intercepts were included in order to maintain the continuity of the
interpreted vein zone between sections but did not contribute to the tonnage of the resource
estimate. On each section, the interpreted upper and lower boundaries of the mineralized
domains were snapped to drill holes.

Page 14-2
www.rpacan.com
There are thirteen mineralized wireframes in total that represent eight vein zones. A number
of the mineralized zones were sub-divided in order to account for vein splays or potential
vein offsets.
These splays were treated as individual veins and plotted on their own
respective long sections. While the southwestern extents of the Manzanilla vein workings
show vein splays that begin to trend southward, RPA noted a few drill hole intersections
further along strike to the southwest and continued the vein interpretation in that direction.
The mineralization wireframes are shown in Figure 14-1 with the Reina de Oro and the Tajo
Abierto levels highlighted in orange and yellow respectively. Figure 14-2 shows the current
mine workings in relation to the vein zone wireframes (see Appendix 1 for details). Figures
14-3 and 14-4 show typical plan and vertical sections of the vein zones and their respective
intersection mineralized intervals.

Page 14-3
www.rpacan.com
Figure 14-1
Galway Gold Inc.
Vetas Gold Project

Mineralized Wireframes
November 2013
14-4
www.rpacan.com
3800 Y
SW
NE
3700 Y
Alaska 7 Level
Alaska 6 Level
3600 Y
Tajo Abierto Level
Tulsa Level
Upper Level
Alaska 5 Level
Alaska 3 Level
Alaska 2 Level
Alaska 1 Level
Level 3534
3500 Y
Alaska 4
Level
Alaska 3 - U
Level
Alaska 2 - U
Level
El Reten Level
Rio De Oro Level
3400 Y
3300 Y
3200 Y
General Projection of
Vein Zone Wireframe
Outlines
3100 Y
700 X
600 X
2900 Y
500 X
400 X
3000 Y
Figure 14-2
NOTE:
Vein zones vary in size, grade and continuity.
See Appendix 1 for greater detail.
2800 Y
Galway Gold Inc.
0
November 2013
50
100
300 X
200 X
100 X
0X
2700 Y
-100 X
Vetas Gold Project

150
200
Metres
14-5
Longitudinal Projection Showing

Workings and Vein Zones
www.rpacan.com
1301250 N
1134750 E
1134500 E
1134250 E
1301250 N
N
Underground Workings
Corteras (110)
1301000 N
Virgen 2 (141)
Corteras 3 (113)
Corteras 2 (112)
Corteras 1 (111)
Loscas (120)
1301000 N
Loscas FTW (125)
Virgen (140)
Burro (105)
1300750 N
1300750 N
Burro 1
(106)
Green (115)
Tajo (135)
Burro (105)
1300500 N
1300500 N
Manzanilla
(130)
Figure 14-3
0
50
100
150
200
250
Metres
Galway Gold Inc.

Vetas Gold Project
Plan View of Vein Zones and
Intersection Composites 1300250 N
(3420 RL to 3370 RL)
1300250 N
November 2013
14-6
600 X
500 X
400 X
300 X
200 X
100 X
3500 Y
0X
-100 X
www.rpacan.com
3500 Y
Looking NE
Corteras (110)
Virgen (140)
Loscas (120)
Loscas FTW (125)
Green (115)
3400 Y
3400 Y
3300 Y
3300 Y
3200 Y
3200 Y
3100 Y
3100 Y
3000 Y
3000 Y
2900 Y
2900 Y
Tajo (135)
Manzanilla
(130)
2800 Y
Burro 1 (106)
2800 Y
2700 Y
Figure 14-4
2700 Y
Galway Gold Inc.

Vetas Gold Project
2600 Y
2600 Y
50
100
150
200
Metres
November 2013
14-7

Vertical Section of Vein Zones
and Intersection Composites
(12.5m View Corridor)
www.rpacan.com
DATABASE GENERAL DESCRIPTION

The Mineral Resource estimate for Vetas is based primarily on information from underground
diamond drilling and development chip sampling. The database provided to RPA contained
collar records for 68 diamond drill holes completed from three stations located below the
current mining level.
Drilling at Vetas covers an approximate area of 520 m (north-south) by 360 m (east-west),

with the majority of the drilling focused on the vein zones that are the most proximal to the
drilling stations. Drilling on these deposits has average drill hole spacing of 35 m to 100 m
both along and across strike depending on a veins proximity to a drill station.
DRILL HOLE DATABASE VALIDATION
The following is a list of the data validation checks performed on the drill hole database by
RPA:
Checked for duplicate drill hole collar locations and hole numbers.
Checked collar locations for zero/extreme values.
Checked assays for missing intervals, long intervals, extreme high values, blank/zero
values, reasonable minimum/maximum values, etc.
Ran validity checks for out-of-range values, missing intervals, overlapping intervals,
out-of-sequence intervals, etc.
Carried out visual inspection of drill holes for unusual azimuths, dips, and deviations.
The Project database provided to RPA included a total of 68 underground diamond drill
holes, 23 surface diamond drill holes, as well as chip sample data from mine development.
RPA used both diamond drill holes and chip sample data to guide interpretation and perform
the underground resource estimate.
Overall, the Vetas database provided to RPA has been well maintained and is well designed
for data validation.
The database contains 34,044 assay records.
RPAs review found
approximately 35 out-of-sequence intervals, and six samples that were assigned to the
incorrect hole. RPA corrected all identified errors within the database used for the resource
estimate checks. In the opinion of RPA, the database provided to RPA is acceptable for the
purposes of resource estimation.

Page 14-8
www.rpacan.com
After completing the import validations noted above on the 91 header file records and their
respective sub-table data, RPA focused its validation efforts on comparisons between assay
values and certificate values.
RPA used digital copies of the assay certificates to validate 5,281, or 15%, of the 34,044 total
assay records in the database provided by Galway. This validation exercise covered both
surface and underground diamond drilling and included intercepts from all estimated vein
zones.
In total, RPAs assay validation revealed 86 errors, or only 1.6% of the data checked. Table
14-2 summarizes all of the different types of errors found as well as their frequency. A batch
of assays which had been inadvertently overlooked by the database manager accounts for
70 of the assay errors. All errors found were corrected to the extent possible.
TABLE 14-2 DATABASE VALIDATION ERROR SUMMARY

Error Types
Sample Value Not Entered
Incorrect Sample Value
Incorrect Sample Number Assigned to Interval
Total
# of Errors
70
10
6
86
RPA regards only six of the above errors to be potentially substantive, while the remainder of
the errors are considered to be marginally significant or insignificant.
Within the assay database a single field for the general assay method code is noted along
with each assay, blank, reject duplicate or standard record. RPA recommends creating
standardized, well-defined notations for each method as well as adding separate method
fields for both gold and silver to help with QA/QC management and data validation.
ASSAYS
A number of assay samples have been analyzed using multiple assay methods. The assay
grades used for the resource estimate adhered to the following precedence order: metallic
screen assay, gravimetric assay, fire assay. The database is well organized to perform
future statistical comparisons on the various analytical methods.

Page 14-9
www.rpacan.com
Table 14-3 shows the assay statistics by vein.
TABLE 14-3 ASSAY STATISTICS BY VEIN

GOLD
Vein
Burro
Corteros
Green
Loscas
Loscas FTW
Manzanilla
Tajo
La Virgen
Min
Max
Average
Std Dev
Number
(g/t Au)
(g/t Au)
(g/t Au)
(g/t Au)
Coefficient of
Variation (Au)
66
14
69
65
54
97
53
17
0.01
0.00
0.00
0.00
0.00
0.01
0.07
0.04
66.72
143.73
203.36
138.00
1,034.29
1,082.64
174.42
104.35
10.84
30.02
13.78
12.47
29.41
35.86
12.71
13.57
13.61
42.63
32.09
27.53
143.97
138.85
27.23
24.53
1.26
1.42
2.33
2.21
4.90
3.87
2.14
1.81
Min
Max
Average
Std Dev
Number
(g/t Ag)
(g/t Ag)
(g/t Ag)
(g/t Ag)
Coefficient of
Variation (Ag)
66
14
69
65
54
97
53
17
0.43
0.01
0.02
0.10
0.01
0.20
0.68
0.28
1,120.00
216.00
1,311.00
162.00
515.00
718.00
113.00
1,472.00
46.71
55.31
35.83
12.31
32.47
54.67
16.30
109.25
156.86
71.68
158.18
27.70
87.92
118.04
26.34
358.03
3.36
1.30
4.41
2.25
2.71
2.16
1.62
3.28
SILVER
Vein
Burro
Corteros
Green
Loscas
Loscas FTW
Manzanilla
Tajo
La Virgen
ASSAY CAPPING
RPAs review of high grade assay capping levels on a vein by vein basis concluded that
capping high grade assays at 50 g/t Au is reasonable for use in a resource estimate.
The grade capping was determined using a combination of histograms, decile analysis,
probability plots, and visual inspection of the spatial location of higher grade assays. The
statistical analysis considered all deposits separately.
RPA capped all assays prior to
calculating drill hole intersection composites.
Table 14-4 summarizes statistics on the raw data after top cuts were applied.

Page 14-10
www.rpacan.com
TABLE 14-4 CAPPED ASSAY STATISTICS BY VEIN ZONE
GOLD
Max
(g/t Au)
Average
(g/t Au)
Std Dev
(g/t Au)
Coefficient of
Variation (Au)
Contained
Metal Lost
(%)
Assays
Capped
(Au)
Vein
Number
Min
(g/t Au)
Burro
Corteros
Green
Loscas
Loscas FTW
Manzanilla
Tajo
La Virgen
66
14
69
65
54
97
53
17
0.01
0.00
0.00
0.00
0.00
0.01
0.07
0.04
50.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
10.57
19.65
9.47
9.14
9.79
11.26
9.50
10.49
12.68
19.40
13.91
14.46
15.85
15.13
13.64
12.59
1.20
0.99
1.47
1.58
1.62
1.34
1.44
1.20
2%
53%
46%
37%
201%
219%
34%
29%
1
3
5
4
6
10
2
1
Number
66
14
69
65
54
97
53
17
Min
(g/t Ag)
0.43
0.01
0.02
0.10
0.01
0.20
0.68
0.28
Max
(g/t Ag)
50.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
Average
(g/t Ag)
14.91
24.47
13.00
8.55
11.88
19.67
14.48
11.21
Std Dev
(g/t Ag)
17.43
23.02
16.98
13.49
17.51
19.92
17.42
15.77
Coefficient of
Variation (Ag)
1.17
0.94
1.31
1.58
1.47
1.01
1.20
1.41
Contained
Metal
Lost (%)
213%
126%
176%
44%
173%
178%
13%
875%
Assays
Capped
(Ag)
9
5
8
4
7
22
6
2
SILVER
Vein
Burro
Corteros
Green
Loscas
Loscas FTW
Manzanilla
Tajo
La Virgen
In general, it can be seen that the application of top cuts has improved the coefficient of
variation significantly across all deposits. The proportion of gold metal lost from capping at
the Manzanilla vein and the Loscas footwall vein is a function of four outlier assays above
450 g/t Au that represent a significant portion of total metal. In total, 32 gold and 63 silver
samples within the eight veins were capped.
COMPOSITES
After top cuts were applied to the raw data, drill hole intersection composites were
calculated. Samples were composited in full downhole intersection intervals that start at the
wireframe pierce-point for each zone, continuing to the point at which the hole exited the
zone. For drill hole intersections that did not initially achieve the minimum horizontal width of
1.52 m, equal portions of the uphole and downhole sample intervals were used until the
minimum width was attained.

Page 14-11
www.rpacan.com
The horizontal intersection width and grade of each drill hole intersection was used to
determine the grade and volume of a resource polygon for a given extrapolation distance.
Table 14-5 summarizes statistics on the composite data, excluding composites less than one
metre.
TABLE 14-5 COMPOSITE STATISTICS BY VEIN ZONE

GOLD
Domain
Burro
Corteros
Loscas
Loscas FTW
Manzanilla
Tajo
La Virgen
Min
(g/t Au)
3.17
5.28
3.24
3.37
3.03
3.07
3.35
Number
25
6
24
19
34
23
9
Max
(g/t Au)
30.66
27.96
26.88
27.60
39.82
32.49
34.30
Average
(g/t Au)
10.85
19.17
9.85
11.17
12.09
9.64
10.39
Std Dev
(g/t Au)
7.64
10.35
7.03
7.38
9.76
7.76
9.79
Average
(g/t Ag)
14.4
24.2
9.6
12.3
19.9
14.5
8.8
Std Dev
(g/t Ag)
9.7
16.2
10.2
10.3
13.3
8.4
11.3
Coefficient of
Variation (Au)
0.70
0.54
0.71
0.66
0.81
0.80
0.94
SILVER
Domain
Burro
Corteros
Loscas
Loscas FTW
Manzanilla
Tajo
La Virgen
Number
25
6
24
19
34
23
9
Min
(g/t Ag)
2.0
1.6
1.0
0.6
0.8
1.0
0.4
Max
(g/t Ag)
34.9
40.9
43.2
41.2
50.0
28.4
37.1
Coefficient of
Variation (Ag)
0.68
0.67
1.06
0.84
0.67
0.58
1.29
CHIP SAMPLES
RPA performed a review of the chip samples relative to the most proximal drill hole intercepts
and found that there were insufficient drill hole intercepts to conduct a meaningful local
statistical comparison.
Spatially, eleven of the seventeen chip blocks at Vetas have
immediate down-dip drill hole intersections with grades higher than 1.0 g/t Au over 1.52 m,
confirming the presence of a through-going mineralized structure below the current mining
level. However, due to variance inherent in the chip sampling method, RPA recommends
that Galway compare the statistics of assays from future diamond drill campaigns with the
chip-channel samples if using an inverse distance or kriging estimation method to estimate
resources.
Page 14-12
www.rpacan.com
Polygons created for chips/channels were limited vertically to not exceed a distance of 12.5
m below the floor of the current workings. Minimum block length is three samples (taken at
approximately two metre intervals perpendicular to the vein).
Resources were only
estimated below the bottom level of the mine workings, and at a constant horizontal level in
line with the mine workings where no actual workings exist.
POLYGONAL GRADE ESTIMATION PROCEDURES

VEIN ORIENTATION AND THICKNESS
The Vetas resource estimate is based on a minimum horizontal mining width of 1.52 m (5.0
ft).
This minimum width was based on current and historical mining widths attained in
various narrow-vein gold mines that use selective mining methods (shrink and conventional
cut and fill). RPA notes that the average current mined width is less than 1.5 m.
RPAs visual review of the mineralized intersections indicates that the vein orientations at
Galway vary between azimuths 035 and 050. Where the vein zones are closest to the
development, the veins show northwesterly dips between -75 and -80, but at depth the vein
zones appear to be steeper, with dips between -83 and -88.
While the 1.52 m horizontal mining width was used to model the vein zones, the polygonal
estimate was performed using the true intersection thickness on inclined sections that are
parallel to the veins. The true thickness of any drill hole within a mineralized zone was
determined in Gemcom and applied to the area of the polygon to generate a polygon volume.
The dip of the hole and the dip of the mineralized vein zone were used to calculate the
horizontal intersection width of each hole within its respective vein. A strike of 45 and a dip
of -82 were used for the estimation. For drill hole intersections that did not achieve the
minimum 1.52 m horizontal thickness, equal portions of the uphole and downhole sample
intervals were used until the minimum width was attained. Appendix 1 contains Mineral
Resource tables showing the horizontal and true thicknesses of drill hole intersections for
each vein as well as longitudinal sections of each vein.
BULK DENSITY
Galway geologists compiled 87 density measurements from holes drilled below the El Volcn
Mine. A comparison of the sample densities on a vein by vein basis indicated that the
Manzanilla vein may have a slightly higher bulk density (2.83) than the other veins (2.74),
Page 14-13
www.rpacan.com
however, there are an insufficient number of samples taken on the Manzanilla vein to form a
reasonable conclusion regarding density variability of the respective vein zones.
Accordingly, RPA recommends additional density measurements for all veins prior to future
resource estimate updates or economic studies.
A more general comparison between
mineralized rock and barren rock weathering types indicated a relatively insignificant
difference in density. The bulk specific gravity measurements were performed by ACME.
TREND ANALYSIS
The vein zones modelled at depth align reasonably well with the northeast trending fault
structures interpreted at surface. A map of the surface structures on the Reina de Oro
concession is provided in Figure 14-5. As mentioned previously, the majority of the surface
drilling has been completed on the western portion of the Reina de Oro concession. This
area is structurally complex and marks the intersection of east-west trending structures and
northeast-southwest trending structures.
RPA believes that shoot mineralization orientation may be more apparent on a larger scale
by observing the Reina de Oro mined stopes and resource vein wireframes, in conjunction
with both interpreted surface structures and observed underground gold-bearing structural
and/or textural vein settings. The orientation of mineralized gold-bearing shoots is somewhat
inconclusive based on both southeast and northwest grade trends observed in longitudinal
polygonal sections (Figure 14-6).
SUMMARY
Straight-sided polygons were constructed on a vertical longitudinal projection and polygons
relating to 488 drill hole intersections were defined using a 50 m maximum extrapolation
distance and a 1.5 m minimum horizontal thickness.
Gemcom was used to report the
polygon volumes and a 2.74 tonnes/m tonnage factor was applied to estimate polygon
tonnes. The tonnage factor is supported by 87 density tests on mineralized drill core. The
polygon grades were assigned from length-weighted uncut gold grade composite averages.
A typical longitudinal projection can be observed in Figure 14-6, while a complete set of
inclined longitudinal sections as well as polygon areas, tonnages, and grades for each vein
can be found in the Appendix 2.

Page 14-14
www.rpacan.com
1133000 mE
1133500 mE
1134000 mE
1135000 mE
1134500 mE
1135500 mE
1302000 mN
1302000 mN
1301500 mN
1301500 mN
Outcrop Sampling Au (ppm)

10
1
0.2
0
to
to
to
to
10,000 (1)
5 (4)
1 (8)
0.2 (78)
1301000 mN
1301000 mN
1300500 mN
1300500 mN
SYMBOLOGY
Interpreted Structures
Vein
1300000 mN
1300000 mN
Fault
Fracture
Azimuth/Dip direction
Coloro Claim
Reina de Oro claim
Gneiss
1299500 mN
1299500 mN
LITHOLOGY
Quartz diorite
Micro granite
Dacite Porphyry
1133000 mE
1133500 mE
1134000 mE
1135000 mE
1134500 mE
250
1135500 mE
500
750
1000
Metres
Figure 14-5
Galway Gold Inc.
Vetas Gold Project

Significant Geological
Structures
November 2013
Source: Galway Resources Ltd., 2011.
14-15
400 Elev
Manz1
No Development
100 Elev
0 Elev
-100 Elev
SW
-200 Elev
-300 Elev
www.rpacan.com
MINED OUT
Manz2
Manz3
Manz4
Development
Manz5
No Chip Samples
GWY-V0051
GWY-V0009
GWY-V0022B
GWY-V0007
GWY-V0056
GWY-V0013
GWY-V0017
GWY-V0015
GWY-V0053
GWY-V0019
GWY-V0062
GWY-V0057
GWY-V0002
GWY-V0004
GWY-V0008
GWY-V0003
GWY-V0086
GWY-V0088
GWY-V0064
GWY-V0005
GWY-V0045 GWY-V0073
GWY-V0059 GWY-V0049
GWY-V0011
GWY-V0012
GWY-V0010
GWY-V0020
GWY-V0041
GWY-V0021
GWY-V0023
GWY-V0006
GWY-V0089
GWY-V0078
GWY-V0018
GWY-V0026
GWY-V0055
GWY-V0076
GWY-V0027
GWY-V0014
GWY-V0024
GWY-V0039
GWY-V0040
200 Elev
GWY-V0079
GWY-V0071
GWY-V0001
300 Elev
NE
GWY-V0081
GWY-V0016
GWY-V0065
GWY-V0034
GWY-V0029
GWY-V0083
Grades: (Au g/t)
GWY-V0046
0.00 - 1.00
1.00 - 2.00
100 Elev
GWY-V0037
GWY-V0042
2.00 - 3.00
GWY-V0067
3.00 - 5.00
5.00 - 20.00
> 20.00
GWY-V0066
GWY-V0082
GWY-V0031
GWY-V0036
0 Elev
25
50
75
100
GWY-V0068
Metres
-100 Elev
Figure 14-6
GWY-V0085
GWY-V0030
Galway Gold Inc.
Vetas Gold Project

-200 Elev
GWY-V0070
Manzanilla
Longitudinal Section
November 2013
14-16
www.rpacan.com
CUT-OFF GRADE
Based on the parameters outlined in Table 14-6 as well as other considerations, RPA has
reported the Vetas Mineral Resources at a cut-off grade of 3.00 g/t Au. RPA notes that cutoff grades may vary based on potential mining methods (e.g., shrink or cut and fill vs. longhole stoping).
Mining assumptions are based on RPAs experience with similar sized
operations within South America. In the absence of metallurgical testing, RPA assumed a
recovery factor of 90%. This recovery factor is within the range of gold recoveries achieved
during metallurgical testing at adjacent projects within the Vetas and California districts.
TABLE 14-6 CUT-OFF GRADE CALCULATION FACTORS

REVENUE
Au
Royalty (NSR)
Input
$1,500/oz Au
4%
OPERATING COST
Ore Mining Cost
Processing
G&A
$75/t mined
$25/t ore
$20/t ore
PROCESSING
Average Recovery
90%
CLASSIFICATION
Polygons created by RPA for chip/channel samples were given a 12.5 m down-dip area of
influence below mine development except in areas where drill hole intercepts fell within the
12.5 m buffer. All chip sample blocks were assigned a Measured classification. RPA used
the Indicated and Inferred search distances of 25 m and 50 m, respectively, to guide
classification and created larger contiguous areas of Indicated and Inferred Resources.
Figure 14-7 is a typical section showing block classifications and a complete set of inclined
longitudinal sections showing the classification of each vein can be found in the Appendix 2.
MINERAL RESOURCE REPORTING

Table 14-7 lists the Mineral Resource estimate for the Vetas Project.
Page 14-17

TABLE 14-7 MINERAL RESOURCE ESTIMATE NOVEMBER 6, 2013

Measured
Vein Name
Burro
Corteros
Green
Loscas
Loscas Fw
Manzanilla
Tajo
Virgen 1
Totals
Au
g/tt
g g/t
3,800
6.18
5,400
Indicated
Ounces
(Au)
Ounces
(Ag)
12.4
800
1,500
7.31
12.2
1300
2,100
10,300
4,400
10.24
4.05
14.4
8.2
3400
600
23,900
7.79
12.4
6,100
Tonnes
Tonnes
Au
g/t
Ag
g/t
Ounces
(Au)
Ounces
(Ag)
Tonnes
137,000
11.89
14.1
52,400
61,900
8.52
4,700
1,100
101,000
61,100
61,100
62,700
195,800
83,400
12.8
10.2
12.7
18.8
15.0
27,700
20,500
21,000
71,000
26,200
41,700
20,100
25,700
118,200
40,100
137,000
1
37,000
3,800
3,800
101,00
101,000
66,500
62,700
62,700
206,100
87,800
9,400
641,000
14.9
218,800
307,700
664,900
10.45
Au g/t
Ag
g/t
Ounces
(Au)
Ounces
(Ag)
14.1
14.1
12.4
12.8
10.4
12.7
12.7
18.5
18.5
14.6
52,
800
27,700
21,
21,
74,
26,800
61,900
1,500
41,700
22,200
25,700
122,900
41,200
14.8
224,900
317,100
Inferred
Tonnes
Au g/t
Ag g/t
Burro
Corteros
Green
Loscas
Loscas Fw
Manzanilla
Tajo
Virgen 1
139,000
150,000
57,000
150,000
68,000
211,000
126,000
245,000
8.8
18.7
7
6.6
7.1
7.5
8.6
6
8.7
11.8
15.0
26.3
9.8
8.8
13.8
20.3
13.8
10.9
39,000
90,000
12,000
34,000
16,000
58,000
35,000
93,000
67,000
127,000
18,000
42,000
30,000
137,000
56,000
86,000
Totals
1,146,000
10.3
3
15.3
377,000
563,000

3
Ounces (Au)
Ounces (Ag)
www.rpacan.com
Page 14-18
Notes:
1.
2.
3.
4.
5.
Vein Name
400 Elev
Manz1
No Development
100 Elev
0 Elev
-100 Elev
SW
-200 Elev
-300 Elev
www.rpacan.com
MINED OUT
Manz2
Manz3
Manz4
Development
Manz5
No Chip Samples
GWY-V0051
GWY-V0009
GWY-V0022B
GWY-V0007
GWY-V0056
GWY-V0013
GWY-V0017
GWY-V0015
GWY-V0053
GWY-V0019
GWY-V0062
GWY-V0057
GWY-V0002
GWY-V0004
GWY-V0008
GWY-V0079
GWY-V0088
GWY-V0071
GWY-V0001
300 Elev
NE
GWY-V0064
GWY-V0045
GWY-V0005
GWY-V0073
GWY-V0003
GWY-V0086
GWY-V0059 GWY-V0049
GWY-V0011
GWY-V0012
GWY-V0010
GWY-V0020
GWY-V0041
GWY-V0021
GWY-V0023
GWY-V0055
GWY-V0076
GWY-V0027
GWY-V0014
GWY-V0024
GWY-V0039
GWY-V0040
200 Elev
GWY-V0089
GWY-V0078
GWY-V0018
GWY-V0026
GWY-V0006
GWY-V0081
GWY-V0016
GWY-V0065
GWY-V0034
Resource Classification:
Indicated
GWY-V0029
Inferred
GWY-V0083
Measured
GWY-V0046
Below Cutoff (<3.00 g/t Au)
GWY-V0037
GWY-V0042
100 Elev
GWY-V0067
GWY-V0066
GWY-V0082
GWY-V0031
GWY-V0036
0 Elev
25
50
75
100
GWY-V0068
Metres
-100 Elev
Figure 14-7
GWY-V0085
GWY-V0030
Galway Gold Inc.
Vetas Gold Project

GWY-V0070
Typical Classification
Longitudinal Section
-200 Elev
November 2013
14-19
www.rpacan.com
15 MINERAL RESERVE ESTIMATE

No Mineral Reserve estimate has been completed for the Project.

Page 15-1
www.rpacan.com
16 MINING METHODS
This section is not applicable.

Page 16-1
www.rpacan.com
17 RECOVERY METHODS

Page 17-1
www.rpacan.com
18 PROJECT INFRASTRUCTURE

Page 18-1
www.rpacan.com
19 MARKET STUDIES AND CONTRACTS


Page 19-1
www.rpacan.com
20 ENVIRONMENTAL STUDIES, PERMITTING,

AND SOCIAL OR COMMUNITY IMPACT

Page 20-1
www.rpacan.com
21 CAPITAL AND OPERATING COSTS


Page 21-1
www.rpacan.com
22 ECONOMIC ANALYSIS

Page 22-1
www.rpacan.com
23 ADJACENT PROPERTIES
The Vetas Gold Project is located in the California-Vetas Mining District of the Department of
Santander, Colombia, which has a long history of small scale mining and more recently has
been the subject of large and advanced modern day exploration and resource delineation
programs.
The concessions to the west and in part to the south of the Reina de Oro concession are
being explored by CB Gold Inc. (CB Gold). The concessions to the northwest are held by
AUX Canada and the concessions to the northeast are being explored by Eco Oro.
On June 30, 2012, CB Gold completed the acquisition of eleven mineral properties, which
form part of its Vetas Gold Project. CB Gold is actively exploring its land holding in the Vetas
District and has recently announced drill intercepts that, for example, include 2.15 m at an
average grade of 12.36 g/t Au and 12.51 g/t Ag (diamond drill hole RM-DDH12-121) on the
Real Minera Stockwork Zone. CB Gold also recently reported an intercept of 3.37 m, at an
average grade of 19.83 g/t Au and 20.01 g/t Ag, from the El Dorado Vein System at the
depths predicted by their 3D model (CB Gold, 2012). As of November 2012, CB Gold had
completed approximately 60,000 m of drilling (Mar, 2012). Completion of the first resource
estimate for its Vetas Gold Project was expected by the end of 2012 but has subsequently
been delayed until the end of 2013.
Four major projects are located along a northeast trending structural corridor in the California
part of the California-Vetas District. These projects are operated by Eco Oro, AUX Canada,
and Galway (Figure 23-1).
Eco Oro, formerly known as Greystar, commenced exploration in the California District in
1994 and on March 25, 2009, announced the results of a positive prefeasibility study for its
Angostura Gold Project. The prefeasibility included an open pit mine with a conventional
heap leach operation to produce 4.2 million ounces of gold over the 15 year mine life
(Greystar, 2009). On July 15, 2010, Greystar announced an updated resource estimate for
its Angostura Project that included 8.9 million ounces Au and 59.6 million ounces Ag in
Measured and Indicated Resources within an operational pit using mining, metallurgical, and
geotechnical parameters available at the time (Greystar, 2010). On March 7, 2011, Greystar
Page 23-1
www.rpacan.com
announced the unsuccessful conclusion of the March 4, 2011 environmental public hearing,
held in Bucaramanga, with respect to the Angostura Project. At issue, and where there is not
community consensus, is the development of the Angostura Project, as it is located within
pramo. On April 29, 2011, Greystar released the results of a Preliminary Assessment for an
underground operation at Angostura that include the production of 1.9 million ounces Au and
7.7 million ounces Ag over a 14 year mine life (Greystar, 2011).
On March 27, 2012, Eco Oro announced the filing of an updated Preliminary Economic
Assessment at Angostura (Golder, 2012). On September 20, 2012, Eco Oro announced the
suspension of exploration activities as a result of prejudicial rulings relating to Eco Oro's
principal mining title, concession 3452, and the ongoing delay in defining the boundaries of
the proposed Regional Park and Pramo of Santurbn.
Ventana initiated work on the La Bodega Project, located along strike and immediately to the
southwest of the Angostura Project, in 2006. On November 8, 2010, Ventana announced an
initial resource estimate and results of a Scoping Study for the La Bodega Project. The
Inferred Resource estimate totals 3.5 million ounces of gold, 19.2 million ounces of silver,
and 84.6 million pounds of copper and the Scoping Study resulted in a 14 year mine life from
underground mining operations at a production rate of 7,500 tpd (Ventana, 2010). On March
16, 2011, Ventana announced the completion of the acquisition of Ventana by AUX Canada.
Southwest of the La Bodega Project and along structural strike from the Angostura and La
Bodega projects are the California Project concessions of AUX (formerly owned by Calvista
and Galway Resources). In October 2012, AUX entered into an agreement to acquire all of
the issued and outstanding shares of Calvista for total consideration of approximately C$60
million in cash. This transaction came shortly after Calvista announced Mineral Resource
estimates for both the Callejn Blanco and Buenavista prospects.
Calvista indicated in
public disclosure that, the Callejn Blanco and Buenavista targets have the hallmarks of a
porphyry Cu Mo Au style deposit. Galways Vetas Project was spun out of Galway
Resources into Galway Gold Inc. after Galway Resources California project was acquired by
AUX Acquisition 2 S.r.l on December 20, 2012 for total consideration of approximately
C$340 million in cash. This transaction came after Galway announced an initial Mineral
Resource estimate and positive metallurgical results from the first 30 months of drilling at its
California gold-silver property.

Page 23-2
www.rpacan.com
RPA has not verified the information presented here on the properties adjacent to the Reina
de Oro property. RPA cautions that this information on adjacent properties is not necessarily
indicative of mineralization on the property.

Page 23-3
www.rpacan.com
1,130,000 mE
1,135,000 mE
1,310,000 mN
1,310,000 mN
1,125,000 mE
CALIFORNIA
DISTRICT
1,305,000 mN
1,305,000 mN
VETAS
DISTRICT
1,300,000 mN
1,300,000 mN
Galway
Gold
1,125,000 mE
1,130,000 mE
Figure 23-1
Legend:
Galway Gold Inc.
CB Gold Inc.
Aux
1,135,000 mE
0.5 1.0 1.5 2.0

Kilometres
Eco Oro
Galway Gold Inc.
Vetas Gold Project

Applications
Map of Concessions
California-Vetas District
Others
November 2013
23-4
www.rpacan.com
24 OTHER RELEVANT DATA AND

INFORMATION
No additional information or explanation is necessary to make this Technical Report
understandable and not misleading.

Page 24-1
www.rpacan.com
25 INTERPRETATION AND CONCLUSIONS

Based on the site visit and subsequent review of available data including diamond drilling
data and results to date, RPA offers the following interpretations and conclusions:
Epithermal gold-silver mineralization is the dominant deposit type in the CaliforniaVetas Mining District and application of the epithermal gold-silver and related
porphyry mineralization model is appropriate.
The occurrence of porphyry style veinlets underground at the El Volcn Mine and the
results from surface drilling suggest that a porphyry style of mineralization may be
present on the Vetas property. However, the exploration and development of targets
for porphyry type mineralization, in the district and on the Vetas Gold Project, is still at
an early stage.
The Vetas Gold Project comprises one concession totalling 124 ha. The El Volcn
Mine is the primary target for exploration and resource delineation, however, the
Project also holds potential for early stage exploration and discovery of new targets.
The procedures for diamond drilling used at the Project are consistent with industry
best practices and RPA is not aware of any factors that could materially impact the
accuracy and reliability of the results. The results and interpretation of drilling
completed can support the planning of continued drilling programs.
The exploration program has been completed in an industry standard manner.
Sample preparation, security, and analytical procedures for the diamond drilling and
exploration programs are adequate.
The QA/QC program implemented by Galway and the results, evaluated by RPA, are
acceptable.
The database provided to RPA is acceptable for the purposes of resource estimation.
Diamond drilling has intersected the major vein structures historically developed at
the El Volcn Mine. In addition, drilling has intersected a number of veins and
structures at positions between, and adjacent to, the interpreted projections of the
major veins. The distribution of vein/structure intersections, including grade and
thickness considerations, suggests that El Volcn Mine mineralization may occur in
an environment of main structures with branching, anastomosing, and linking
structures.
The vein zones defined by diamond drilling in this Mineral Resource estimate are still
open along strike to the southwest and northeast as well as down dip, indicating that
there may be potential to discover and delineate additional resources.

Page 25-1
www.rpacan.com
Continued drilling within the domain of the El Volcn Mine as well as below and along
strike is warranted to further explore for and delineate resources.
Interpretation of the vein zones defined within this estimate, integrated with the
mapping and sampling of the El Volcn drifts, will form the basis for a drill program
focused on resource expansion.
The results of surface drilling on exploration targets are positive and indicate that the
continued development and evaluation of early stage exploration targets on the
property is warranted.
RPA estimates 24,100 tonnes of Measured Resources at a grade of 7.79 g/t Au and
12.4 g/t Ag, for a total of 6,100 ounces of gold and 9,600 ounces of silver.
RPA estimates 647,400 tonnes of Indicated Resources at a grade of 10.62 g/t Au and
RPA estimates 671,500 tonnes of Measured and Indicated Resources at a grade of

10.52 g/t Au and 14.8 g/t Ag, for a total of 227,200 ounces of gold and 320,300
ounces of silver.
RPA estimates 1,159,000 tonnes of Inferred Resources at a grade of 10.3 g/t Au and
No Mineral Reserve estimate has been completed for the Project.

Page 25-2
www.rpacan.com
26 RECOMMENDATIONS
Based on the site visits and review of the available documentation, RPA recommends that
the Vetas Gold Project continue to be evaluated.
A two stage exploration program is
proposed that includes continued evaluation of both the El Volcn Mine to support a Mineral
Resource estimate as well additional exploration on potential targets.
RPA has evaluated the interpretation completed to date and concurs with the approach taken
by Galway. In RPAs opinion, Galway should focus on assessing the spatial distribution of
gold grade and thickness of the individual vein structures. In addition, RPA recommends that
Galway:
Create standardized, well-defined notations for each method, as well as adding

separate method fields for both gold and silver to help with QA/QC management and
data validation.
Select reject samples after receiving the initial assay results in order to ensure that
duplicates are tested using matching analytical methods and that a variety of grade
ranges are covered.
Introduce CRM for silver into the QA/QC process, covering the expected range of
concentrations of the deposit, if Galway believes that silver may potentially represent
a payable metal.
Replace the standard reference material CRM CDN-GS-P2A or send it to additional

laboratories as a form of independent round-robin testing, due to the poor
performance of this CRM.
Continue improvement of the QA/QC process to provide accurate sample insertion

and numbering of the duplicates and CRMs, as several cases of mislabelling were
Carry out regular and timely QA/QC monitoring.
Compare the statistics of assays from future diamond drill campaigns with the chipchannel samples if an inverse distance or kriging estimation method is used to
estimate resources.
Complete additional density measurements for all veins prior to future resource
estimate updates or economic studies.

Page 26-1
www.rpacan.com
Galway has proposed the following work plan and budget. RPA has reviewed the plan and
considers the proposed program and budget to be reasonable.
RPA understands that
Galway will proceed with the plan contingent on favorable market conditions.
Undertake additional underground diamond drilling at the 50 m centre drill spacing

used to date and designed to provide further coverage of 500 m vertically below the
Reina de Oro level and 500 m along strike. The drill coverage will follow existing
mineralized plunges to add Indicated plus Inferred Resources, and fill in some gaps
between Inferred blocks to upgrade to the Indicated category. Approximately 10,000
m is proposed for this phase of drilling (20 holes at 500 m average depth). Some of
this drilling would target new veins above the bottom mine level elevation (where no
mining has occurred).
Complete a comprehensive interpretation of the El Volcn Mine that includes the

results of the diamond drilling and underground mapping and sampling carried out to
date.
Undertake a concerted effort to channel/chip sample and survey all old workings
above the bottom level of the mine, in a safe manner. It is recommended hiring local
miners to re-install ladders, etc. RPA believes that a Mineral Resource estimate can
be prepared based on the sampling of mine areas without the need to drill, which is
much more cost effective.
Complete preliminary metallurgical test work on El Volcn Mine mineralization.
Implement/improve the following procedures related to the QA/QC process:

o Undertake referee sampling at a second laboratory.

Geological Interpretation and 3D Modelling
Description
Underground Drilling Costs (all-in)
Metallurgical/refereeing
Resource Estimation and Reporting
Contingency (10%)
Total
Cost ($)
1,990,000
100,000
50,000
215,000
2,355,000
Phase 1 would be undertaken by two underground drills single shifted and would take two
years to complete (438 days straight time plus holidays).
Page 26-2
www.rpacan.com
Following Phase 1 drilling and data compilation (particularly the sampling of mined areas),
and contingent on the success of Phase 1, RPA recommends proceeding to the Phase 2
program.
Based on the interpretation of the current data, approximately 7,500 m of

underground and surface diamond drilling is proposed. This program includes:
o Drilling of all areas that have been mined above the bottom level where
sampling was not possible due to lack of access/safety concerns.
o Evaluation of along strike potential underground at Reina de Oro.
Of the total, approximately 3,750 m of surface exploration drilling to test the workings
above the Reina de Oro level (nominal 3,398 m elevation) and for exploration in the
area around the Alaska workings.

and Surface
Description
Drilling Costs (all in)
Resource Update
Contingency (10%)
Total

Cost ($)
1,490,000
35,000
152,000
1,677,000
Page 26-3
www.rpacan.com
27 REFERENCES
CB Gold Inc. (2012). News releases filed on SEDAR at www.sedar.com.
Convers, Ricardo (2012). Comments to Appendix C. Legal Opinion related to Colombian
Mining Code. LSI Colombia SAA. October 30, 2012 and November 7, 2012.
Corbett (2002). Epithermal Gold for Explorationists. AIG Journal, Paper 2002-01
Galway Resources Ltd. (2011). Unpublished Map and Reports from the Vetas Project,
Department of Santander, Colombia.
Galway Resources Ltd. (2011, 2012). News releases filed on SEDAR at www.sedar.com.
Golder Associates Peru S.A. (2012). Updated Preliminary Economic Assessment on the
Angostura Gold-Silver Underground Project, Santander Department, Colombia, a NI 43101 Technical Report prepared for Eco Oro Minerals Corp., March 23, 2012.
Gomez, Elvia Hercilia Paez (2010). Letter referencing Natural Regional Park Paramo de
San Turbn. Prepared by the regional environmental authority CDMB (Corporacin
Autnoma Regional para la Defensa de la Meseta de Bucaramanga). Dated December
13, 2012.
Greystar Resources Ltd. (2009). Angostura Gold Project Preliminary Feasibility Study
Technical Report NI 43-101. Filed on SEDAR at: www.sedar.com May 5, 2009.
Greystar Resources Ltd. (2010). Mineral Resource Estimate, Angostura Gold-Silver Project,
Santander Colombia. Filed on SEDAR at: www.sedar.com August 25, 2010.
Greystar Resources Ltd. (2011). Mineral Resource Estimate and Preliminary Economic
Assessment for Underground Mining. Angostura Gold-Silver Project, Santander
Colombia. Filed on SEDAR at: www.sedar.com April 25, 2011.
Guerrero, N.M. (2012). Legal opinion related to gold and silver mining rights of the
Colombian branch of Galway Resources Holdco Ltd., related to the Municipality of Vetas
in Santander municipality in Columbia. Prepared for Galway Resources Ltd. dated
October 18, 2012 and issued from Bogota, Colombia.
INGEOMINAS (1999). Geollogia del Departamento del Santander, Ministerio de Minas Y
Energia, Escala 1:300,000.
Galkine, Dr. V. (2012). Updated Technical Report on the California Gold Project, California,
Santander Department, Republic of Colombia. A NI 43-101 report prepared for Calvista
Gold Corporation. Filed on SEDAR at www.sedar.com on October 11, 2012.
Lavigne, J.G. (2011). Technical Report on the Vetas Gold Project, Department of Santander,
Colombia. A NI 43-101 report prepared for Galway Resources Ltd. dated August 16,
2011. Filed on SEDAR at www.sedar.com August 24, 2011.

Page 27-1
www.rpacan.com
Lavigne, J.G., and McMonnies, E.E. (2012). Technical Report on the Vetas Gold Project,
Department of Santander, Colombia, a NI 43-101 Technical Report prepared for Galway
Resources Ltd. and Galway Gold Inc. (November 13, 2012).
Mar, P.H. (2012). Technical Report on the Vetas Gold Project, Santander Department,
Republic of Colombia, a NI 43-101 Technical Report prepared for CB Gold Inc.
(December 5, 2012).
OPrey (2008). El Volcn Mine California Vetas Mining District Santander Department,
Colombia. Technical Report for White Gold Corporation, April 25, 2008.
Ventana Gold Corp. (2010). Canadian National Instrument 43-101 Technical Report
Preliminary Assessment La Bodega Project Department of Santander, Colombia. Filed
on SEDAR at www.sedar.com November 8, 2010.

Page 27-2
www.rpacan.com
28 DATE AND SIGNATURE PAGE

This report titled Technical Report on the Vetas Gold Project, Department of Santander,
Colombia and dated November 6, 2013, was prepared and signed by the following authors.
(Signed & Sealed) "James G. Lavigne"
Dated at Toronto, Ontario

November 6, 2013

Associate Geologist
(Signed & Sealed) "Pierre Landry"

Dated at Toronto, Ontario
November 6, 2013
Pierre Landry, P.Geo.

Geologist

Page 28-1
www.rpacan.com
29 CERTIFICATE OF QUALIFIED PERSON

JAMES G. LAVIGNE
I, James G. Lavigne, M.Sc., P.Geo., as an author of this report entitled Technical Report on
the Vetas Gold Project, Department of Santander, Colombia prepared for Galway Gold Inc
and dated November 6, 2013, do hereby certify that:
1. I am an Associate Geologist with Roscoe Postle Associates Inc. of Suite 501, 55
University Ave Toronto, ON, M5J 2H7.
2. I am a graduate of Memorial University of Newfoundland in 1986 with a B.Sc. degree in
geology and the University of Ottawa in 1991 with a M.Sc. degree in geology.
3. I am registered as a Professional Geoscientist in the Province of Ontario (Reg. #1895). I
have worked as a geologist for a total of 25 years since my graduation. My relevant
experience for the purpose of the Technical Report is:
Design and implementation of gold exploration programs in Canada and in Mexico
including advanced exploration and resource delineation drill programs
Completion of numerous Mineral Resource Estimates for gold mineralization
Preparation of NI 43-101 Technical Reports
4. I have read the definition of "qualified person" set out in National Instrument 43-101 (NI
43-101) and certify that by reason of my education, affiliation with a professional
association (as defined in NI 43-101) and past relevant work experience, I fulfill the
requirements to be a "qualified person" for the purposes of NI 43-101.
5. I visited the Vetas Gold Project on April 4 to April 6, 2011 and November 11 and 12,
2012.
6. I share responsibility for Sections 7 to 12 of the Technical Report with my co-author.
7. I am independent of the Issuer and the Vendor applying the test set out in Section 1.5 of
NI 43-101.
8. I have prepared previous Technical Reports on the Vetas Gold Project for Galway Gold
Inc. dated August 16, 2011 and November 13, 2012.
9. I have read NI 43-101, and the Technical Report has been prepared in compliance with
NI 43-101 and Form 43-101F1.

Page 29-1
www.rpacan.com
10. As of the effective date of this Technical Report, to the best of my knowledge,
information, and belief, the Technical Report contains all scientific and technical
information that is required to be disclosed to make the technical report not misleading.
Dated this 6th day of November 2013
(Signed & Sealed) "James G. Lavigne"


Page 29-2
www.rpacan.com
PIERRE LANDRY
I, Pierre Landry, P.Geo., as an author of this report entitled Technical Report on the Vetas
Gold Project, Department of Santander, Colombia prepared for Galway Gold Inc. and dated
November 6, 2013, do hereby certify that:
1. I am a Geologist with Roscoe Postle Associates Inc. of Suite 501, 55 University Ave
Toronto, ON, M5J 2H7.
2. I am a graduate of Queens University, Kingston, Ontario, in 2006 with a B.Sc.H. degree
in Geological Science (Major) and Economics (Minor).
3. I am registered as a Professional Geologist in the Province of Ontario (Reg. 2319). I
have worked as a geologist for a total of 7 years since my graduation. My relevant
experience for the purpose of the Technical Report is:
Review and creation of block models as part of NI 43-101 Mineral Resource
estimates, audits and due diligence reports.
Mine Exploration Geologist at operations and mine development projects in Canada,
Africa, and South America.
4. I have read the definition of "qualified person" set out in National Instrument 43-101 (NI
43-101) and certify that by reason of my education, affiliation with a professional
association (as defined in NI 43-101) and past relevant work experience, I fulfill the
requirements to be a "qualified person" for the purposes of NI 43-101.
5. I have not visited the Vetas Project.
6. I am responsible for overall preparation of the Technical Report and share responsibility
for Sections 7 to 12 with my co-author.
7. I am independent of the Issuer applying the test set out in Section 1.5 of NI 43-101.
8. I have had no prior involvement with the property that is the subject of the Technical
Report.
9. I have read NI 43-101, and the Technical Report has been prepared in compliance with
NI 43-101 and Form 43-101F1.
10. At the effective date of the Technical Report, to the best of my knowledge, information,
and belief, the Technical Report/sections XX I am responsible for in the Technical Report
contains/contain all scientific and technical information that is required to be disclosed to
make the technical report not misleading.
Dated this 6th day of November 2013
(Signed & Sealed) "Pierre Landry"
Pierre Landry, B.Sc.H, P.Geo.

Page 29-3
www.rpacan.com
30 APPENDIX 1
POLYGONAL RESOURCE ESTIMATE SUMMARY TABLES

Page 30-1

TABLE 30-1 MEASURED RESOURCE CHIP BLOCKS (POLYGONS)

BlockID
Area
Tonnes
Manzanilla
Manzanilla
Manzanilla
Manzanilla
Manzanilla
Loscas
Loscas
Loscas
Loscas
Tajo
Tajo
Tajo
Corteros
Corteros
Corteros
Corteros
Corteros
Manz1
Manz2
Manz3
Manz4
Manz5
Loscas4
Loscas3
Loscas2
Loscas1
Tajo2
TajoMiddle
Tajo1
Cort4
Cort1
CortJairo6
Cort2
Cort3
450
830
410
460
330
140
270
680
210
350
90
620
130
250
80
350
120
5,800
1,860
3,430
1,700
1,900
1,360
600
1,130
2,810
880
1,440
380
2,550
520
1,040
350
1,430
480
23,900
Totals
Page 30-2
Note. Numbers may not add due to rounding.
Density
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
Horizontal
Thickness
1.52
1.52
1.52
1.52
1.52
1.52
1.52
1.52
1.52
1.52
1.52
1.52
1.52
1.52
1.52
1.52
1.52
1.52
True
Thickness
1.51
1.51
1.51
1.51
1.51
1.51
1.51
1.51
1.51
1.51
1.51
1.51
1.51
1.51
1.51
1.51
1.51
7.79
Au (g/t)
6.50
15.95
5.94
9.30
7.71
8.18
6.61
6.22
11.08
4.27
3.65
3.98
15.72
5.65
5.66
3.72
4.68
12.4
Ag (g/t)
14.9
24.4
6.5
6.6
9.3
10.6
10.9
11.8
16.2
15.2
6.2
4.5
19.7
11.5
6.0
5.7
31.1
6,100
Ounces
(Au)
390
1,760
320
570
340
160
240
560
310
200
50
330
260
190
60
170
70
9,500
Ounces
(Ag)
890
2,690
350
400
410
200
390
1,070
460
700
80
370
330
380
70
260
480
5,800
www.rpacan.com
Vein Zone

TABLE 30-2 INDICATED RESOURCE POLYGONS

Vein Zone
Hole Id
Rockcode
GWY-V0015
105_BURR
GWY-V0017
105_BURR
Burro
GWY-V0062
105_BURR
Burro
GWY-V0023
105_BURR
Burro
GWY-V0002
105_BURR
Burro
GWY-V0003
105_BURR
Burro
GWY-V0059
105_BURR
Burro
GWY-V0071
105_BURR
Burro
GWY-V0055
105_BURR
Burro
GWY-V0056
105_BURR
Burro
GWY-V0079
105_BURR
Burro
GWY-V0006
105_BURR
Burro
GWY-V0049
106_BUR1
Burro
GWY-V0086
106_BUR1
Burro
GWY-V0011
106_BUR1
Burro
GWY-V0005
106_BUR1
Burro
GWY-V0078
106_BUR1
Burro
GWY-V0071
106_BUR1
Green
GWY-V0007
115_GREE
Green
GWY-V0009
115_GREE
Green
GWY-V0086
115_GREE
Green
GWY-V0010
115_GREE
Green
GWY-V0003
115_GREE
Green
GWY-V0021
115_GREE
Green
GWY-V0001
115_GREE
Green
GWY-V0020
115_GREE
Green
GWY-V0040
115_GREE
1,340
1,010
1,490
1,860
1,830
1,660
390
420
1,350
760
1,270
1,730
950
710
1,180
690
850
610
1,930
1,530
660
360
510
620
440
660
690
Tonne
5,650
6,180
6,490
7,760
42,100
6,930
1,750
2,140
5,640
19,500
5,260
7,740
4,020
3,060
5,070
3,010
3,530
2,550
8,020
6,660
2,860
2,030
8,070
2,670
3,310
4,580
5,360
Density
(t/m3)
Horizontal
Thickness
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
1.54
2.22
1.59
1.52
8.38
1.52
1.64
1.86
1.52
9.32
1.52
1.63
1.54
1.56
1.57
1.60
1.52
1.52
1.52
1.58
1.57
2.08
5.74
1.56
2.72
2.52
2.84
True
Thickness
1.53
2.20
1.57
1.51
8.30
1.51
1.63
1.84
1.51
9.23
1.50
1.62
1.53
1.55
1.55
1.59
1.50
1.51
1.50
1.57
1.56
2.06
5.69
1.54
2.69
2.50
2.81
Au (g/t)
Ag (g/t)
27.23
24.12
20.65
5.77
9.72
5.80
4.28
4.17
7.25
10.63
12.55
17.43
30.66
8.24
8.17
3.90
11.01
3.17
4.40
3.09
4.55
3.90
7.45
17.83
3.07
5.34
13.63
2.0
34.9
8.7
6.7
12.9
8.2
3.5
2.1
21.7
15.2
15.3
27.5
10.2
5.8
24.9
4.0
24.1
2.3
14.7
14.1
2.9
19.7
4.8
50.0
8.0
5.7
7.6
Ounces
(Au)
4,950
4,790
4,310
1,440
13,160
1,290
240
290
1,310
6,670
2,120
4,340
3,960
810
1,330
380
1,250
260
1,130
660
420
250
1,930
1,530
330
790
2,350
Ounces
(Ag)
360
6,940
1,810
1,670
17,430
1,830
200
140
3,930
9,520
2,590
6,850
1,320
570
4,050
390
2,730
190
3,780
3,010
270
1,290
1,240
4,280
850
840
1,310
www.rpacan.com
Page 30-3
Burro
Burro
Area (m2)

Vein Zone
Hole Id
Rockcode
GWY-V0018
115_GREE
GWY-V0012
115_GREE
Green
GWY-V0073
115_GREE
Green
GWY-V0078
115_GREE
Green
GWY-V0014
115_GREE
Green
GWY-V0015
115_GREE
Green
GWY-V0064
115_GREE
Green
GWY-V0071
115_GREE
Green
GWY-V0062
115_GREE
Green
GWY-V0017
115_GREE
Green
GWY-V0049
115_GREE
Green
GWY-V0037
115_GREE
Green
GWY-V0036
115_GREE
Loscas
GWY-V0017
120_LOCA
Loscas
GWY-V0079
120_LOCA
Loscas
GWY-V0008
120_LOCA
Loscas
GWY-V0004
120_LOCA
Loscas
GWY-V0002
120_LOCA
Loscas
GWY-V0010
120_LOCA
Loscas
GWY-V0034
120_LOCA
Loscas
GWY-V0036
120_LOCA
Loscas
GWY-V0023
120_LOCA
Loscas
GWY-V0031
120_LOCA
Loscas
GWY-V0026
120_LOCA
Loscas
GWY-V0053
120_LOCA
Loscas
GWY-V0020
120_LOCA
Loscas
GWY-V0006
120_LOCA
Loscas
GWY-V0014
120_LOCA
Loscas
GWY-V0016
120_LOCA
680
530
1,010
570
920
1,200
680
580
630
920
850
1,550
1,290
730
1,540
790
260
380
370
840
1,230
190
720
210
240
280
830
660
760
Tonne
2,840
10,800
4,200
2,390
3,810
5,010
2,960
3,300
2,640
3,820
3,430
7,870
5,420
6,810
8,330
3,290
1,070
1,590
1,540
3,490
5,130
800
3,190
890
1,060
1,180
4,470
4,890
3,270
Density
(t/m3)
Horizontal
Thickness
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
1.52
7.41
1.52
1.52
1.52
1.52
1.59
2.09
1.53
1.52
1.47
1.85
1.53
3.40
1.97
1.52
1.52
1.52
1.52
1.52
1.52
1.52
1.63
1.56
1.61
1.53
1.97
2.70
1.56
True
Thickness
1.50
7.34
1.51
1.50
1.50
1.51
1.57
2.07
1.52
1.51
1.46
1.84
1.52
3.37
1.95
1.51
1.50
1.50
1.51
1.51
1.51
1.50
1.61
1.54
1.60
1.52
1.96
2.67
1.55
Au (g/t)
Ag (g/t)
4.73
10.30
4.94
25.73
16.20
11.74
26.02
10.10
3.58
16.42
5.54
3.44
3.98
24.17
3.93
4.55
10.22
4.11
11.37
4.53
4.59
3.94
3.54
4.86
8.75
10.29
15.32
17.84
6.54
1.0
27.0
1.0
16.3
16.2
10.5
11.2
28.3
4.5
3.2
3.3
20.1
2.5
8.1
10.4
4.4
5.7
6.2
13.2
4.1
8.9
5.0
1.8
1.4
43.2
3.6
7.3
8.2
2.6
Ounces
(Au)
430
3,580
670
1,980
1,990
1,890
2,480
1,070
300
2,020
610
870
690
5,290
1,050
480
350
210
560
510
760
100
360
140
300
390
2,200
2,810
690
Ounces
(Ag)
90
9,370
140
1,260
1,990
1,690
1,060
3,000
380
390
360
5,070
430
1,780
2,790
470
200
320
660
460
1,470
130
190
40
1,470
130
1,050
1,290
270
www.rpacan.com
Page 30-4
Green
Green
Area (m )

Vein Zone
Hole Id
Rockcode
Loscas
GWY-V0015
120_LOCA
Loscas
GWY-V0073
120_LOCA
GWY-V0049
120_LOCA
GWY-V0034
125_LFTW
Loscas FTW
GWY-V0036
125_LFTW
Loscas FTW
GWY-V0021
125_LFTW
Loscas FTW
GWY-V0039
125_LFTW
Loscas FTW
GWY-V0027
125_LFTW
Loscas FTW
GWY-V0066
125_LFTW
Loscas FTW
GWY-V0042
125_LFTW
Loscas FTW
GWY-V0040
125_LFTW
Loscas FTW
GWY-V0045
125_LFTW
Loscas FTW
GWY-V0005
125_LFTW
Loscas FTW
GWY-V0013
125_LFTW
Loscas FTW
GWY-V0018
125_LFTW
Loscas FTW
GWY-V0016
125_LFTW
Loscas FTW
GWY-V0073
125_LFTW
Loscas FTW
GWY-V0078
125_LFTW
Loscas FTW
GWY-V0014
125_LFTW
Loscas FTW
GWY-V0049
125_LFTW
Manzanilla
GWY-V0022B
130_MANZ
Manzanilla
GWY-V0007
130_MANZ
Manzanilla
GWY-V0009
130_MANZ
Manzanilla
GWY-V0013
130_MANZ
Manzanilla
GWY-V0019
130_MANZ
Manzanilla
GWY-V0010
130_MANZ
Manzanilla
GWY-V0086
130_MANZ
Manzanilla
GWY-V0002
130_MANZ
Manzanilla
GWY-V0021
130_MANZ
570
700
1,300
1,020
1,220
390
1,070
440
580
740
510
190
460
250
530
750
940
1,460
810
1,460
1,920
1,840
1,310
600
1,920
810
430
1,130
1,070
Tonne
2,350
2,920
5,430
4,540
5,100
1,620
4,690
1,830
2,910
3,380
2,390
900
2,320
1,040
2,480
4,100
3,900
11,800
4,230
6,080
7,990
7,650
7,480
2,550
7,980
3,420
1,840
4,750
4,530
Density
(t/m3)
Horizontal
Thickness
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
1.52
1.52
1.52
1.62
1.52
1.52
1.60
1.52
1.82
1.66
1.70
1.69
1.85
1.53
1.70
1.99
1.52
2.95
1.91
1.52
1.52
1.52
2.08
1.55
1.52
1.54
1.57
1.53
1.55
True
Thickness
1.50
1.50
1.51
1.61
1.51
1.51
1.58
1.51
1.81
1.65
1.68
1.67
1.84
1.51
1.68
1.97
1.50
2.92
1.89
1.51
1.51
1.50
2.07
1.54
1.50
1.53
1.56
1.52
1.54
Au (g/t)
Ag (g/t)
6.37
26.88
8.48
5.67
3.37
27.60
3.93
16.80
3.40
3.54
4.80
14.05
21.40
19.43
16.95
13.30
5.95
18.15
9.51
5.75
11.35
4.29
4.26
19.12
3.58
29.04
9.94
5.11
26.42
1.0
27.3
28.3
26.3
11.1
11.0
16.7
18.9
2.1
9.8
0.6
16.1
24.4
4.3
6.7
9.4
41.2
10.8
6.3
2.3
11.6
15.8
12.0
45.8
0.8
50.0
4.0
31.6
27.1
Ounces
(Au)
480
2,520
1,480
830
550
1,440
590
990
320
380
370
410
1,600
650
1,350
1,750
750
6,880
1,290
1,120
2,920
1,060
1,020
1,570
920
3,190
590
780
3,850
Ounces
(Ag)
80
2,560
4,940
3,830
1,810
570
2,520
1,120
200
1,070
50
470
1,820
140
530
1,250
5,170
4,100
850
440
2,980
3,900
2,880
3,760
200
5,500
240
4,820
3,940
www.rpacan.com
Page 30-5
Loscas
Loscas FTW
Area (m2)

Vein Zone
Hole Id
Rockcode
GWY-V0034
130_MANZ
GWY-V0003
130_MANZ
Manzanilla
GWY-V0026
130_MANZ
Manzanilla
GWY-V0053
130_MANZ
Manzanilla
GWY-V0011
130_MANZ
Manzanilla
GWY-V0001
130_MANZ
Manzanilla
GWY-V0020
130_MANZ
Manzanilla
GWY-V0041
130_MANZ
Manzanilla
GWY-V0012
130_MANZ
Manzanilla
GWY-V0018
130_MANZ
Manzanilla
GWY-V0081
130_MANZ
Manzanilla
GWY-V0078
130_MANZ
Manzanilla
GWY-V0016
130_MANZ
Manzanilla
GWY-V0071
130_MANZ
Manzanilla
GWY-V0014
130_MANZ
Manzanilla
GWY-V0055
130_MANZ
Manzanilla
GWY-V0046
130_MANZ
Manzanilla
GWY-V0067
130_MANZ
Manzanilla
GWY-V0037
130_MANZ
Manzanilla
GWY-V0031
130_MANZ
Manzanilla
GWY-V0036
130_MANZ
Manzanilla
GWY-V0082
130_MANZ
Tajo
a
WY-V0009
135_TAJO
Tajo
a
WY-V0013
135_TAJO
Tajo
a
WY-V0015
135_TAJO
Tajo
a
WY-V0017
135_TAJO
Tajo
a
WY-V0086
135_TAJO
Tajo
a
WY-V0011
135_TAJO
Tajo
a
WY-V0001
135_TAJO
1,640
690
1,050
680
950
610
960
770
1,000
1,050
1,190
1,160
1,270
770
1,020
1,000
1,790
1,900
1,690
1,490
1,500
1,950
380
220
850
960
1,190
1,580
770
Tonne
6,820
9,570
4,600
2,890
4,010
7,440
3,990
5,530
12,860
4,480
4,970
4,830
5,720
4,460
4,270
4,180
7,790
18,010
8,500
6,640
6,290
11,720
1,560
1,650
7,550
5,910
9,060
6,680
3,310
Density
(t/m3)
Horizontal
Thickness
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
1.52
5.08
1.60
1.55
1.53
4.44
1.52
2.62
4.71
1.56
1.52
1.52
1.64
2.11
1.52
1.52
1.59
3.46
1.84
1.63
1.54
2.19
1.52
2.78
3.24
2.25
2.77
1.54
1.57
True
Thickness
1.51
5.03
1.58
1.54
1.52
4.40
1.51
2.60
4.67
1.54
1.51
1.51
1.62
2.09
1.51
1.51
1.58
3.43
1.82
1.61
1.52
2.17
1.50
2.75
3.21
2.23
2.74
1.53
1.56
Au (g/t)
Ag (g/t)
3.31
17.55
20.41
39.82
29.62
5.38
4.16
30.79
10.08
5.86
3.49
10.47
5.51
14.88
6.31
4.26
7.19
9.71
3.03
4.14
14.41
21.29
10.65
4.34
27.70
4.37
12.08
5.39
7.00
1.5
25.8
23.1
39.7
29.1
6.5
6.8
33.9
11.0
28.0
8.7
5.1
6.0
33.7
23.0
1.8
12.5
21.8
16.1
21.4
20.5
38.4
25.0
11.7
6.7
1.5
25.9
18.9
16.7
Ounces
(Au)
730
5,400
3,020
3,700
3,820
1,290
530
5,470
4,170
840
560
1,630
1,010
2,130
870
570
1,800
5,630
830
880
2,920
8,020
530
230
6,720
830
3,520
1,160
740
Ounces
(Ag)
330
7,940
3,410
3,690
3,750
1,570
880
6,030
4,560
4,030
1,390
790
1,100
4,840
3,160
240
3,140
12,650
4,410
4,570
4,160
14,480
1,250
620
1,620
280
7,560
4,050
1,770
www.rpacan.com
Page 30-6
Manzanilla
Manzanilla
Area (m2)

Vein Zone
Hole Id
Rockcode
Tajo
a
WY-V0020
135_TAJO
Tajo
a
WY-V0051
135_TAJO
Tajo
a
WY-V0045
135_TAJO
Tajo
a
WY-V0041
135_TAJO
Tajo
a
WY-V0081
135_TAJO
Tajo
a
WY-V0083
135_TAJO
Tajo
a
WY-V0073
135_TAJO
Tajo
a
WY-V0076
135_TAJO
Tajo
a
WY-V0012
135_TAJO
Tajo
a
WY-V0065
135_TAJO
Tajo
a
WY-V0056
135_TAJO
Totals
Area (m2)
1,260
440
690
750
1,290
1,210
590
710
820
1,470
850
117,500
Tonne
7,940
1,830
2,860
3,110
6,140
6,240
2,450
2,940
4,430
6,130
4,380
641,000
Density
(t/m3)
Horizontal
Thickness
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.29
1.52
1.52
1.52
1.73
1.88
1.53
1.52
1.97
1.52
1.89
2.79
True
Thickness
2.27
1.50
1.51
1.51
1.72
1.86
1.51
1.50
1.95
1.51
1.87
2.76
Au (g/t)
Ag (g/t)
5.41
4.44
4.10
9.25
20.38
6.63
4.13
5.51
4.01
6.14
12.82
10.62
10.2
23.1
28.4
19.4
22.1
17.0
23.7
5.4
3.2
20.6
1.0
14.93
Ounces
(Au)
1,380
260
380
930
4,030
1,330
330
520
570
1,210
1,800
218,800
Ounces
(Ag)
2,590
1,360
2,610
1,950
4,370
3,400
1,870
510
460
4,070
140
307,700
www.rpacan.com
Page 30-7

TABLE 30-3 INFERRED RESOURCE POLYGONS

Hole Id
Rockcode
Burro
GWY-V0002
GWY-V0003
GWY-V0006
GWY-V0007
GWY-V0008
GWY-V0015
GWY-V0017
GWY-V0023
GWY-V0055
GWY-V0056
GWY-V0062
GWY-V0079
GWY-V0011
GWY-V0020
GWY-V0030
GWY-V0034
GWY-V0040
GWY-V0042
GWY-V0049
GWY-V0078
GWY-V0086
GWY-V0015
GWY-V0017
GWY-V0049
GWY-V0059
GWY-V0049
GWY-V0049
105_BURR
105_BURR
105_BURR
105_BURR
105_BURR
105_BURR
105_BURR
105_BURR
105_BURR
105_BURR
105_BURR
105_BURR
106_BUR1
106_BUR1
106_BUR1
106_BUR1
106_BUR1
106_BUR1
106_BUR1
106_BUR1
106_BUR1
110_CORT
110_CORT
111_COR1
111_COR1
112_COR2
113_COR3
Burro
Burro
Burro
Burro
Burro
Burro
Burro
Burro
Burro
Burro
Burro
Burro
Burro
Burro
Burro
Burro
Burro
Burro
Burro
Burro
Corteros
Corteros
Corteros
Page 30-8
Corteros
Corteros
Corteros
Area (m )
1,220
590
710
1,680
3,690
20
150
1,080
220
260
970
280
10
1,080
3,810
5,100
1,340
4,260
4
4
20
6,130
2,690
4,260
3,250
4,260
3,280
Tonnes
27,650
2,420
3,130
6,910
15,260
90
880
4,440
890
6,660
4,190
1,130
60
4,480
15,690
21,040
6,310
17,850
20
20
90
27,280
12,820
57,080
15,190
21,330
16,400
Density
(t/m3)
Horizontal
Thickness
Au (g/t)
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
8.38
1.52
1.63
1.52
1.52
1.54
2.22
1.52
1.52
9.32
1.59
1.52
1.57
1.52
1.52
1.52
1.74
1.54
1.54
1.52
1.56
1.64
1.75
4.94
1.72
1.85
1.85
8.30
1.51
1.62
1.50
1.51
1.53
2.20
1.51
1.51
9.23
1.57
1.50
1.55
1.51
1.51
1.51
1.72
1.53
1.53
1.50
1.55
1.62
1.74
4.90
1.71
1.83
1.83
Ag (g/t)
9.7
5.8
17.4
8.5
10.1
27.2
24.1
5.8
7.3
10.6
20.7
12.6
8.2
4.3
6.7
4.4
15.9
7.3
30.7
11.0
8.2
8.4
5.3
24.5
27.6
11.0
28.0
Ounces
(Au)
12.9
8.2
27.5
22.5
9.9
2.0
34.9
6.7
21.7
15.2
8.7
15.3
24.9
24.4
25.0
19.2
21.1
2.7
10.2
24.1
5.8
30.4
1.6
40.9
27.9
14.9
1.6
Ounces (Ag)
8,640
450
1,760
1,890
4,950
80
680
820
210
2,280
2,780
460
20
620
3,370
2,980
3,230
4,160
20
10
20
7,390
2,180
44,960
13,500
7,510
14,740
www.rpacan.com
Vein Zone

Hole Id
Rockcode
Green
GWY-V0007
GWY-V0009
GWY-V0014
GWY-V0015
GWY-V0017
GWY-V0018
GWY-V0029
GWY-V0036
GWY-V0037
GWY-V0040
GWY-V0046
GWY-V0049
GWY-V0062
GWY-V0064
GWY-V0073
GWY-V0078
GWY-V0086
GWY-V0004
GWY-V0006
GWY-V0008
GWY-V0010
GWY-V0015
GWY-V0016
GWY-V0017
GWY-V0034
GWY-V0036
GWY-V0039
GWY-V0049
GWY-V0055
GWY-V0073
115_GREE
115_GREE
115_GREE
115_GREE
115_GREE
115_GREE
115_GREE
115_GREE
115_GREE
115_GREE
115_GREE
115_GREE
115_GREE
115_GREE
115_GREE
115_GREE
115_GREE
120_LOCA
120_LOCA
120_LOCA
120_LOCA
120_LOCA
120_LOCA
120_LOCA
120_LOCA
120_LOCA
120_LOCA
120_LOCA
120_LOCA
120_LOCA
Green
Green
Green
Green
Green
Green
Green
Green
Green
Green
Green
Green
Green
Green
Green
Green
Loscas
Loscas
Loscas
Loscas
Loscas
Loscas
Loscas
Loscas
Loscas
Loscas
Page 30-9
Loscas
Loscas
Loscas
Area (m2)
3,210
1,020
60
330
870
60
880
2,460
1,440
60
2,050
430
120
10
40
40
250
30
80
210
110
170
300
70
670
1,740
6,190
600
4,870
150
Tonne
13,230
4,400
250
1,350
3,580
230
3,710
10,250
7,240
440
9,100
1,720
500
50
160
160
1,060
140
410
880
430
710
1,260
610
2,770
7,180
27,050
2,460
23,170
620
Density
3
(t/m )
Horizontal
Thickness
Au (g/t)
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
1.52
1.58
1.52
1.52
1.52
1.52
1.56
1.53
1.85
2.84
1.64
1.47
1.53
1.59
1.52
1.52
1.57
1.52
1.97
1.52
1.52
1.52
1.56
3.40
1.52
1.52
1.61
1.52
1.75
1.52
1.50
1.57
1.50
1.51
1.51
1.50
1.54
1.52
1.84
2.81
1.62
1.46
1.52
1.57
1.51
1.50
1.56
1.50
1.96
1.51
1.51
1.50
1.55
3.37
1.51
1.51
1.60
1.51
1.74
1.50
Ag (g/t)
4.4
3.1
16.2
11.7
16.4
4.7
16.5
4.0
3.4
13.6
8.0
5.5
3.6
26.0
4.9
25.7
4.6
10.2
15.3
4.6
11.4
6.4
6.5
24.2
4.5
4.6
6.2
8.5
3.2
26.9
Ounces
(Au)
14.7
14.1
16.2
10.5
3.2
1.0
20.6
2.5
20.1
7.6
1.3
3.3
4.5
11.2
1.0
16.3
2.9
5.7
7.3
4.4
13.2
1.0
2.6
8.1
4.1
8.9
11.3
28.3
3.3
27.3
Ounces (Ag)
1,870
440
130
510
1,890
30
1,960
1,310
800
190
2,340
310
60
40
20
130
160
40
200
130
160
150
270
480
400
1,060
5,420
670
2,410
540
www.rpacan.com
Vein Zone

Hole Id
Rockcode
Loscas
GWY-V0078
GWY-V0079
GWY-V0081
GWY-V0085
GWY-V0016
GWY-V0017
GWY-V0018
GWY-V0034
GWY-V0036
GWY-V0039
GWY-V0049
GWY-V0066
GWY-V0073
GWY-V0078
GWY-V0085
GWY-V0002
GWY-V0007
GWY-V0009
GWY-V0010
GWY-V0012
GWY-V0013
GWY-V0014
GWY-V0016
GWY-V0018
GWY-V0019
GWY-V0022B
GWY-V0026
GWY-V0030
GWY-V0031
GWY-V0034
120_LOCA
120_LOCA
120_LOCA
120_LOCA
125_LFTW
125_LFTW
125_LFTW
125_LFTW
125_LFTW
125_LFTW
125_LFTW
125_LFTW
125_LFTW
125_LFTW
125_LFTW
130_MANZ
130_MANZ
130_MANZ
130_MANZ
130_MANZ
130_MANZ
130_MANZ
130_MANZ
130_MANZ
130_MANZ
130_MANZ
130_MANZ
130_MANZ
130_MANZ
130_MANZ
Loscas
Loscas
Loscas
Loscas
Loscas FTW
Loscas FTW
Loscas FTW
Loscas FTW
Loscas FTW
Loscas FTW
Loscas FTW
Loscas FTW
Loscas FTW
Loscas FTW
Loscas FTW
Manzanilla
Manzanilla
Manzanilla
Manzanilla
Manzanilla
Manzanilla
Manzanilla
Manzanilla
Manzanilla
Manzanilla
Manzanilla
Page 30-10
Manzanilla
Manzanilla
Manzanilla
Area (m2)
4,870
500
6,040
4,470
20
1,990
20
840
1,860
950
600
30
10
1,420
7,290
40
1,570
220
100
3
60
290
420
20
3,520
2,920
30
7,280
1,990
1,270
Tonne
20,030
2,700
24,900
35,040
110
8,220
110
3,700
7,680
4,100
2,460
130
40
11,340
30,060
170
6,450
1,260
410
40
240
1,210
1,850
100
14,500
12,040
110
31,290
8,780
5,240
Density
3
(t/m )
Horizontal
Thickness
Au (g/t)
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
1.52
1.97
1.52
2.89
1.99
1.52
1.70
1.62
1.52
1.60
1.52
1.82
1.52
2.95
1.52
1.53
1.52
2.08
1.54
4.71
1.55
1.52
1.64
1.56
1.52
1.52
1.60
1.58
1.63
1.52
1.50
1.95
1.51
2.86
1.97
1.51
1.68
1.61
1.51
1.58
1.51
1.81
1.50
2.92
1.50
1.52
1.50
2.07
1.53
4.67
1.54
1.51
1.62
1.54
1.50
1.51
1.58
1.57
1.61
1.51
Ag (g/t)
22.2
3.9
4.0
3.9
13.3
6.7
17.0
5.7
3.4
3.9
5.8
3.4
5.9
18.1
5.6
5.1
4.3
4.3
29.0
10.1
19.1
6.3
5.5
5.9
3.6
11.4
20.4
3.8
4.1
3.3
Ounces
(Au)
18.8
10.4
2.9
7.9
9.4
1.0
6.7
26.3
11.1
16.7
2.3
2.1
41.2
10.8
18.1
31.6
15.8
12.0
50.0
11.0
45.8
23.0
6.0
28.0
0.8
11.6
23.1
23.1
21.4
1.5
Ounces (Ag)
14,310
340
3,210
4,400
50
1,770
60
680
830
520
450
10
10
6,620
5,390
30
890
170
390
10
150
240
330
20
1,670
4,390
70
3,830
1,170
560
www.rpacan.com
Vein Zone

Hole Id
Rockcode
Manzanilla
GWY-V0036
GWY-V0037
GWY-V0041
GWY-V0046
GWY-V0053
GWY-V0055
GWY-V0067
GWY-V0071
GWY-V0078
GWY-V0081
GWY-V0082
GWY-V0085
GWY-V0088
GWY-V0001
GWY-V0002
GWY-V0004
GWY-V0011
GWY-V0012
GWY-V0017
GWY-V0020
GWY-V0027
GWY-V0034
GWY-V0046
GWY-V0056
GWY-V0065
GWY-V0076
GWY-V0081
GWY-V0083
GWY-V0086
GWY-V0015
130_MANZ
130_MANZ
130_MANZ
130_MANZ
130_MANZ
130_MANZ
130_MANZ
130_MANZ
130_MANZ
130_MANZ
130_MANZ
130_MANZ
130_MANZ
135_TAJO
135_TAJO
135_TAJO
135_TAJO
135_TAJO
135_TAJO
135_TAJO
135_TAJO
135_TAJO
135_TAJO
135_TAJO
135_TAJO
135_TAJO
135_TAJO
135_TAJO
135_TAJO
140_VIRG
Manzanilla
Manzanilla
Manzanilla
Manzanilla
Manzanilla
Manzanilla
Manzanilla
Manzanilla
Manzanilla
Manzanilla
Manzanilla
Manzanilla
Tajo
Tajo
Tajo
Tajo
Tajo
Tajo
Tajo
Tajo
Tajo
Tajo
Tajo
Tajo
Tajo
Tajo
Page 30-11
Tajo
Tajo
Virgen
Area (m2)
3,100
2,190
1
1,410
20
700
1,990
2
10
10
4,320
7,310
4,680
430
4,700
3,010
690
70
10
770
2,700
5,400
5,270
840
1,480
10
100
120
570
7,760
Tonne
12,920
10,900
10
6,070
100
2,900
18,720
10
60
30
25,680
30,170
19,240
1,830
29,730
12,460
2,870
350
70
4,770
11,660
22,260
24,140
4,280
6,100
30
470
590
4,300
34,520
Density
3
(t/m )
Horizontal
Thickness
Au (g/t)
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
1.54
1.84
2.62
1.59
1.55
1.52
3.46
2.11
1.52
1.52
2.19
1.52
1.52
1.57
2.33
1.52
1.54
1.97
2.25
2.29
1.59
1.52
1.69
1.89
1.52
1.52
1.73
1.88
2.77
1.64
1.52
1.82
2.60
1.58
1.54
1.51
3.43
2.09
1.51
1.51
2.17
1.51
1.50
1.56
2.31
1.51
1.53
1.95
2.23
2.27
1.58
1.50
1.67
1.87
1.51
1.50
1.72
1.86
2.74
1.62
Ag (g/t)
14.4
3.0
30.8
7.2
39.8
4.3
9.7
14.9
10.5
3.5
21.3
5.7
10.2
7.0
9.2
5.6
5.4
4.0
4.4
5.4
32.5
3.8
3.1
12.8
6.1
5.5
20.4
6.6
12.1
34.3
Ounces
(Au)
20.5
16.1
33.9
12.5
39.7
1.8
21.8
33.7
5.1
8.7
38.4
13.8
34.6
16.7
16.9
23.9
18.9
3.2
1.5
10.2
8.4
9.7
9.4
1.0
20.6
5.4
22.1
17.0
25.9
11.3
Ounces (Ag)
5,980
1,060
10
1,400
130
400
5,850
10
20
4
17,570
5,560
6,280
410
8,790
2,220
500
50
10
830
12,180
2,750
2,380
1,770
1,200
5
310
130
1,670
38,060
www.rpacan.com
Vein Zone

Vein Zone
Hole Id
Rockcode
Area (m )
Virgen
GWY-V0017
GWY-V0039
GWY-V0059
GWY-V0086
GWY-V0049
GWY-V0059
GWY-V0073
GWY-V0083
140_VIRG
140_VIRG
140_VIRG
140_VIRG
141_VIR1
141_VIR1
141_VIR1
141_VIR1
3,290
7,840
4,010
7,820
4,780
4,080
4,850
7,840
234,000
Virgen
Virgen
Virgen
Virgen
Virgen
Virgen
Virgen
Totals
Tonne
15,600
35,500
20,110
32,220
24,630
20,760
23,630
37,610
1,146,000
Density
3
(t/m )
Horizontal
Thickness
Au (g/t)
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
2.74
1.75
1.67
1.85
1.52
1.90
1.88
1.79
1.77
1.96
1.73
1.65
1.83
1.50
1.88
1.86
1.78
1.75
1.94
Ag (g/t)
4.8
10.6
3.4
3.4
4.0
11.9
8.2
14.5
10.3
Ounces
(Au)
0.4
9.6
3.2
7.4
2.4
7.2
1.0
37.1
15.3
Ounces (Ag)
2,400
12,090
2,170
3,510
3,170
7,940
6,200
17,480
377,000
www.rpacan.com
Page 30-12
DRAFT
31 APPENDIX 2
POLYGONAL RESOURCE ESTIMATE INCLINED
LONGITUDINAL SECTIONS AND CLASSIFICATION

Page 31-1
NE
0 Elev
SW
-100 Elev
-200 Elev
www.rpacan.com
400 Elev
3420 RL
GWY-V0007 GWY-V0009
GWY-V0022B
GWY-V0015
GWY-V0019
GWY-V0017
GWY-V0056
GWY-V0022
GWY-V0079
GWY-V0086
GWY-V0062
GWY-V0071
GWY-V0073
GWY-V0049
GWY-V0059 GWY-V0057
300 Elev
GWY-V0002
GWY-V0064
GWY-V0055
GWY-V0078
GWY-V0005
GWY-V0004
GWY-V0006
GWY-V0003
GWY-V0008
GWY-V0081 GWY-V0012
GWY-V0010
GWY-V0065
GWY-V0021
GWY-V0076
GWY-V0018
200 Elev
GWY-V0014
GWY-V0023
GWY-V0083
GWY-V0026
GWY-V0024
Grades: (Au g/t)

0.00 - 1.00
1.00 - 2.00
100 Elev
2.00 - 3.00
3.00 - 5.00
5.00 - 20.00
GWY-V0034
> 20.00
Figure 31-1
Galway Gold Inc.
0 Elev
Vetas Gold Project

0
25
50
75
100
Metres
November 2013
31-2
Burro 105
Polygon Grades (Au)
NE
0 Elev
SW
-100 Elev
-200 Elev
www.rpacan.com
400 Elev
3420 RL
GWY-V0007
GWY-V0022B
GWY-V0009
GWY-V0017
GWY-V0015
GWY-V0019
GWY-V0056
GWY-V0022
GWY-V0086
GWY-V0049
GWY-V0073
GWY-V0059
300 Elev
GWY-V0079 GWY-V0062
GWY-V0071
GWY-V0057
GWY-V0002
GWY-V0005
GWY-V0064
GWY-V0055
GWY-V0078
GWY-V0004
GWY-V0006
GWY-V0003
GWY-V0008
GWY-V0012
GWY-V0010
GWY-V0081
GWY-V0021
GWY-V0065
GWY-V0076
GWY-V0014
GWY-V0018
200 Elev
GWY-V0023
GWY-V0083
GWY-V0026
GWY-V0024
Indicated
100 Elev
Inferred
Below Cutoff (Waste)
GWY-V0034
Figure 31-2
Galway Gold Inc.

0 Elev
Vetas Gold Project

0
25
50
75
100
Metres
November 2013
31-3
Burro 105
Polygon Classification
0 Elev
NE 400 Elev
3420 RL
100 Elev
SW
-200 Elev
400 Elev
-100 Elev
www.rpacan.com
GWY-V0051
GWY-V0015
GWY-V0009
GWY-V0013
GWY-V0017
GWY-V0056
GWY-V0053
GWY-V0071
GWY-V0045 GWY-V0057
GWY-V0073
GWY-V0002
300 Elev
GWY-V0059 GWY-V0049
GWY-V0001
GWY-V0086
GWY-V0041 GWY-V0005
GWY-V0078
GWY-V0011
GWY-V0003
300 Elev
GWY-V0055
GWY-V0012
GWY-V0021
GWY-V0039
GWY-V0081 GWY-V0076
GWY-V0023
GWY-V0020
GWY-V0026
200 Elev
GWY-V0018
200 Elev
GWY-V0027
GWY-V0024
GWY-V0016
GWY-V0040
GWY-V0037
GWY-V0083
25
50
75
100
Metres
GWY-V0029
GWY-V0046
GWY-V0034
GWY-V0042
100 Elev
100 Elev
Grades: (Au g/t)

GWY-V0066
0.00 - 1.00
1.00 - 2.00
0 Elev
2.00 - 3.00
GWY-V0031
0 Elev
3.00 - 5.00
5.00 - 20.00
GWY-V0030
> 20.00
Figure 31-3
GWY-V0036
-100 Elev
Galway Gold Inc.

GWY-V0068
Vetas Gold Project

Burro 106
Polygon Grades (Au)
November 2013
31-4
-100 Elev
0 Elev
NE 400 Elev
3420 RL
100 Elev
SW
-200 Elev
400 Elev
-100 Elev
www.rpacan.com
GWY-V0051
GWY-V0015
GWY-V0009
GWY-V0013
GWY-V0017
GWY-V0056
GWY-V0053
GWY-V0071
GWY-V0045 GWY-V0057
GWY-V0073
GWY-V0002
300 Elev
GWY-V0059 GWY-V0049
GWY-V0001
GWY-V0086
GWY-V0041 GWY-V0005
GWY-V0078
GWY-V0011
GWY-V0003
300 Elev
GWY-V0055
GWY-V0012
GWY-V0021
GWY-V0039
GWY-V0081 GWY-V0076
GWY-V0023
GWY-V0020
GWY-V0026
200 Elev
GWY-V0018
200 Elev
GWY-V0027
GWY-V0024
GWY-V0016
GWY-V0040
GWY-V0037
GWY-V0083
25
50
75
100
Metres
GWY-V0029
GWY-V0046
GWY-V0034
GWY-V0042
100 Elev
100 Elev
GWY-V0066
Indicated
0 Elev
0 Elev
Inferred
GWY-V0031

GWY-V0030
Figure 31-4
GWY-V0036
-100 Elev
Galway Gold Inc.
-100 Elev
Vetas Gold Project

GWY-V0068
Burro 106
November 2013
31-5
www.rpacan.com
400 Elev
SW
NE 400 Elev
Cort4
Cort1 CortJairo6
Development
Cort2
Cort3
GWY-V0009
GWY-V0088
GWY-V0071
GWY-V0013
GWY-V0079
GWY-V0015
GWY-V0017
GWY-V0089
300 Elev
300 Elev
GWY-V0076
GWY-V0045
GWY-V0086
GWY-V0073
GWY-V0049
GWY-V0082
GWY-V0059
200 Elev
200 Elev
GWY-V0041
GWY-V0085
Grades: (Au g/t)
GWY-V0055
GWY-V0078
0.00 - 1.00
1.00 - 2.00
100 Elev
100 Elev
2.00 - 3.00
3.00 - 5.00
GWY-V0039
5.00 - 20.00
0 Elev
25
50
GWY-V0081
-100 Elev
-200 Elev
> 20.00
75
GWY-V0065
0 Elev
100
Metres
GWY-V0037
-100 Elev
Figure 31-5
-100 Elev
GWY-V0083
Galway Gold Inc.
Vetas Gold Project
-200 Elev
31-6
100 Elev
Corteros 110
Polygon Grades (Au)
0 Elev
November 2013
www.rpacan.com
SW
400 Elev
NE 400 Elev
Cort4
Cort1 CortJairo6
Development
Cort2
Cort3
GWY-V0009
GWY-V0088
GWY-V0071
GWY-V0013
GWY-V0079
GWY-V0015
GWY-V0017
GWY-V0089
300 Elev
300 Elev
GWY-V0076
GWY-V0045
GWY-V0086
GWY-V0073
GWY-V0049
GWY-V0082
GWY-V0059
200 Elev
200 Elev
GWY-V0041
GWY-V0085
Indicated
Inferred
GWY-V0055
GWY-V0078
Measured
100 Elev
100 Elev
0 Elev
25
50
GWY-V0081
-100 Elev
-200 Elev
GWY-V0039
75
GWY-V0065
0 Elev
100
Metres
GWY-V0037
-100 Elev
Figure 31-6
-100 Elev
GWY-V0083
Galway Gold Inc.
Vetas Gold Project
-200 Elev
31-7
100 Elev
Corteros 110
0 Elev
November 2013
www.rpacan.com
400 Elev
300 Elev
200 Elev
SW
100 Elev
0 Elev
-100 Elev
400 Elev
NE
Development
GWY-V0088
GWY-V0071
GWY-V0079
GWY-V0015
GWY-V0017
300 Elev
300 Elev
GWY-V0089
GWY-V0076
GWY-V0073
GWY-V0049
GWY-V0059
200 Elev
200 Elev
GWY-V0055
GWY-V0078
100 Elev
GWY-V0082
100 Elev
GWY-V0085
GWY-V0081
GWY-V0065
Grades: (Au g/t)

0.00 - 1.00
0 Elev
1.00 - 2.00
0 Elev
2.00 - 3.00
3.00 - 5.00
5.00 - 20.00
> 20.00
GWY-V0083
Figure 31-7
-100 Elev
Galway Gold Inc.

GWY-V0067
25
50
75
Vetas Gold Project
100
Metres
Coteros 111
Polygon Grades (Au)
November 2013
31-8
www.rpacan.com
400 Elev
300 Elev
200 Elev
SW
100 Elev
0 Elev
-100 Elev
400 Elev
NE
Development
GWY-V0088
GWY-V0071
GWY-V0079
GWY-V0015
GWY-V0017
300 Elev
300 Elev
GWY-V0089
GWY-V0076
GWY-V0073
GWY-V0049
GWY-V0059
200 Elev
200 Elev
GWY-V0055
GWY-V0078
100 Elev
GWY-V0082
100 Elev
GWY-V0085
GWY-V0081
GWY-V0065
0 Elev
0 Elev
Indicated
Inferred
GWY-V0083
Figure 31-8
-100 Elev
-100 Elev
Galway Gold Inc.

GWY-V0067
25
50
75
Vetas Gold Project
100
Metres
November 2013
Corteros 111
-200 Elev
31-9
300 Elev
200 Elev
100 Elev
SW
0 Elev
-100 Elev
www.rpacan.com
NE
Development
GWY-V0079
GWY-V0015
GWY-V0088
GWY-V0071
GWY-V0017
GWY-V0089
300 Elev
300 Elev
GWY-V0076
GWY-V0049
GWY-V0073
GWY-V0059
200 Elev
200 Elev
GWY-V0082
GWY-V0055
GWY-V0078
GWY-V0085
100 Elev
100 Elev
GWY-V0081
GWY-V0065
Grades: (Au g/t)

0 Elev
0.00 - 1.00
0 Elev
1.00 - 2.00
2.00 - 3.00
3.00 - 5.00
5.00 - 20.00
> 20.00
GWY-V0083
-100 Elev
Figure 31-9
-100 Elev
Galway Gold Inc.

GWY-V0067
25
50
75
100
Vetas Gold Project

Metres
-200 Elev
November 2013
31-10
Corteros 112
Polygon Grades (Au)
300 Elev
200 Elev
100 Elev
SW
0 Elev
-100 Elev
www.rpacan.com
NE
Development
GWY-V0079
GWY-V0015
GWY-V0088
GWY-V0071
GWY-V0017
GWY-V0089
300 Elev
300 Elev
GWY-V0076
GWY-V0049
GWY-V0073
GWY-V0059
200 Elev
200 Elev
GWY-V0082
GWY-V0055
GWY-V0078
GWY-V0085
100 Elev
100 Elev
GWY-V0081
GWY-V0065
0 Elev
0 Elev
Indicated
Inferred
GWY-V0083
-100 Elev
Figure 31-10
-100 Elev
Galway Gold Inc.

GWY-V0067
25
50
75
100
Vetas Gold Project

Metres
-200 Elev
November 2013
31-11
Corteros 112
200 Elev
0 Elev
SW
100 Elev
www.rpacan.com
NE
Development
GWY-V0071
GWY-V0079 GWY-V0088
GWY-V0017
GWY-V0089
300 Elev
300 Elev
GWY-V0076
Grades: (Au g/t)

0.00 - 1.00
1.00 - 2.00
2.00 - 3.00
3.00 - 5.00
5.00 - 20.00
GWY-V0049
> 20.00
200 Elev
GWY-V0082
200 Elev
GWY-V0055
25
50
75
100
Metres
GWY-V0085
100 Elev
100 Elev
Figure 31-11
Galway Gold Inc.

GWY-V0065
Vetas Gold Project

Corteros 113
Polygon Grades (Au)
0 Elev
November 2013
31-12
200 Elev
0 Elev
SW
100 Elev
www.rpacan.com
NE
Development
GWY-V0071
GWY-V0079 GWY-V0088
GWY-V0017
GWY-V0089
300 Elev
300 Elev
GWY-V0076
Indicated
Inferred
GWY-V0049
200 Elev
GWY-V0082
200 Elev
GWY-V0055
25
50
75
100
Metres
GWY-V0085
100 Elev
100 Elev
Figure 31-12
Galway Gold Inc.

GWY-V0065
Vetas Gold Project

Corteros 113
0 Elev
November 2013
31-13
www.rpacan.com
SW
NE
400 Elev
3420 RL
400 Elev
GWY-V0051
GWY-V0056
GWY-V0017
GWY-V0013
GWY-V0062
GWY-V0057 GWY-V0015
GWY-V0002 GWY-V0053
GWY-V0071
GWY-V0079
GWY-V0004
GWY-V0001
GWY-V0064
GWY-V0005
GWY-V0003
GWY-V0009
GWY-V0007
GWY-V0008
GWY-V0010
300 Elev
GWY-V0011 GWY-V0012
GWY-V0073
GWY-V0045
GWY-V0086 GWY-V0021
GWY-V0020
GWY-V0023
GWY-V0026
GWY-V0024
GWY-V0018
GWY-V0049
300 Elev
GWY-V0059
GWY-V0006
GWY-V0014
GWY-V0040
GWY-V0027
GWY-V0055
GWY-V0078
GWY-V0041
GWY-V0076
GWY-V0016
GWY-V0034
GWY-V0029
200 Elev
GWY-V0042
200 Elev
GWY-V0081
Grades: (Au g/t)
GWY-V0039
GWY-V0065
GWY-V0046
0.00 - 1.00
1.00 - 2.00
2.00 - 3.00
3.00 - 5.00
GWY-V0066
5.00 - 20.00
> 20.00
100 Elev
GWY-V0083
100 Elev
GWY-V0037
GWY-V0036
GWY-V0031
GWY-V0067
GWY-V0082
GWY-V0068
Figure 31-13
0 Elev
0 Elev
Galway Gold Inc.
Vetas Gold Project

Green 115
Polygon Grades (Au)
GWY-V0085
-100 Elev
November 2013
31-14
100 Elev
0 Elev
GWY-V0030
-100 Elev
-200 Elev
-100 Elev
25
50
Metres
75
100
www.rpacan.com
SW
NE
400 Elev
3420 RL
400 Elev
GWY-V0051
GWY-V0056
GWY-V0017
GWY-V0013
GWY-V0062
GWY-V0057 GWY-V0015
GWY-V0002 GWY-V0053
GWY-V0071
GWY-V0079
GWY-V0004
GWY-V0001
GWY-V0064
GWY-V0005
GWY-V0003
GWY-V0009
GWY-V0007
GWY-V0008
GWY-V0010
300 Elev
GWY-V0011 GWY-V0012
GWY-V0073
GWY-V0045
GWY-V0086 GWY-V0021
GWY-V0020
GWY-V0023
GWY-V0026
GWY-V0024
GWY-V0018
GWY-V0049
300 Elev
GWY-V0059
GWY-V0006
GWY-V0014
GWY-V0040
GWY-V0027
GWY-V0055
GWY-V0078
GWY-V0041
GWY-V0076
GWY-V0016
GWY-V0034
GWY-V0029
200 Elev
GWY-V0042
200 Elev
GWY-V0081
GWY-V0039
GWY-V0065
GWY-V0046
Indicated
Inferred
GWY-V0066
GWY-V0083
100 Elev
100 Elev
GWY-V0037
GWY-V0036
GWY-V0031
GWY-V0067
GWY-V0082
GWY-V0068
Figure 31-14
0 Elev
0 Elev
Galway Gold Inc.
Vetas Gold Project

Green 115
GWY-V0085
-100 Elev
November 2013
31-15
100 Elev
0 Elev
GWY-V0030
-100 Elev
-200 Elev
-100 Elev
25
50
Metres
75
100
200 Elev
100 Elev
0 Elev
-100 Elev
SW
-200 Elev
www.rpacan.com
MINED OUT
300 Elev
300 Elev
Loscas1
Loscas2
Loscas3 Loscas4
Development
No Chip Samples
No Development
GWY-V0051
NE
GWY-V0056
No Development
GWY-V0053
GWY-V0062
GWY-V0002 GWY-V0013 GWY-V0057
GWY-V0004
GWY-V0015
GWY-V0001
GWY-V0008
GWY-V0003
GWY-V0005
GWY-V0064
GWY-V0010
GWY-V0011
GWY-V0021
GWY-V0023
GWY-V0024
GWY-V0020 GWY-V0012
GWY-V0027 GWY-V0018
GWY-V0026
GWY-V0040
200 Elev
GWY-V0079
GWY-V0088
GWY-V0071
GWY-V0006
GWY-V0014
GWY-V0029
GWY-V0045
GWY-V0034
GWY-V0017
200 Elev
GWY-V0073
GWY-V0046
GWY-V0042
GWY-V0016
GWY-V0089
GWY-V0049
GWY-V0059
GWY-V0076
GWY-V0031 GWY-V0066
GWY-V0036
GWY-V0055
GWY-V0041
GWY-V0078
100 Elev
GWY-V0068
100 Elev
Grades: (Au g/t)

0.00 - 1.00
1.00 - 2.00
GWY-V0039
2.00 - 3.00
GWY-V0065
GWY-V0081
3.00 - 5.00
5.00 - 20.00
> 20.00
GWY-V0082
0 Elev
0 Elev
GWY-V0083
GWY-V0037
-100 Elev
-100 Elev
GWY-V0067
GWY-V0085
Figure 31-15
Galway Gold Inc.

-200 Elev
25
50
Metres
Vetas Gold Project
75
100
-200 Elev
Loscas 120
Polygon Grades (Au)
November 2013
31-16
200 Elev
100 Elev
0 Elev
-100 Elev
SW
-200 Elev
www.rpacan.com
MINED OUT
300 Elev
300 Elev
Loscas1
Loscas2
Loscas3 Loscas4
Development
No Chip Samples
No Development
GWY-V0051
NE
GWY-V0056
No Development
GWY-V0053
GWY-V0062
GWY-V0002 GWY-V0013 GWY-V0057
GWY-V0004
GWY-V0015
GWY-V0001
GWY-V0008
GWY-V0003
GWY-V0005
GWY-V0064
GWY-V0010
GWY-V0011
GWY-V0021
GWY-V0023
GWY-V0020 GWY-V0012
GWY-V0024
GWY-V0027 GWY-V0018
GWY-V0026
GWY-V0040
200 Elev
GWY-V0079
GWY-V0088
GWY-V0071
GWY-V0006
GWY-V0014
GWY-V0029
GWY-V0045
GWY-V0034
GWY-V0017
200 Elev
GWY-V0073
GWY-V0046
GWY-V0042
GWY-V0016
GWY-V0089
GWY-V0049
GWY-V0059
GWY-V0076
GWY-V0031 GWY-V0066
GWY-V0036
GWY-V0055
GWY-V0041
GWY-V0078
GWY-V0068
100 Elev
100 Elev
GWY-V0039
GWY-V0065
GWY-V0081
GWY-V0082
0 Elev
25
50
75
0 Elev
100
Metres
GWY-V0083
GWY-V0037
-100 Elev
-100 Elev
GWY-V0067
GWY-V0085
Figure 31-16
Galway Gold Inc.

-200 Elev
Vetas Gold Project
Indicated
Loscas 120
Measured
-200 Elev
Inferred
November 2013
31-17
200 Elev
100 Elev
0 Elev
-100 Elev
SW
-200 Elev
www.rpacan.com
NE
400 Elev
400 Elev
3420 RL
GWY-V0051
GWY-V0056
GWY-V0062
GWY-V0013
GWY-V0053
GWY-V0002
GWY-V0001
GWY-V0004
GWY-V0003 GWY-V0011
GWY-V0008
GWY-V0005
GWY-V0064
GWY-V0012
GWY-V0010
300 Elev
GWY-V0057
GWY-V0079
GWY-V0071
GWY-V0088
GWY-V0020
GWY-V0021
GWY-V0023
GWY-V0027
GWY-V0086
GWY-V0017
GWY-V0015
GWY-V0045
GWY-V0073
GWY-V0049
GWY-V0018
GWY-V0040
GWY-V0026
300 Elev
GWY-V0006
GWY-V0059
GWY-V0089
GWY-V0024
GWY-V0029
GWY-V0042
GWY-V0034
GWY-V0014
GWY-V0016
GWY-V0076
GWY-V0046
GWY-V0066
GWY-V0078
GWY-V0055
GWY-V0041
200 Elev
200 Elev
GWY-V0031
Grades: (Au g/t)

0.00 - 1.00
GWY-V0036
GWY-V0065
1.00 - 2.00
GWY-V0039
2.00 - 3.00
GWY-V0081
3.00 - 5.00
GWY-V0068
5.00 - 20.00
100 Elev
100 Elev
GWY-V0083
> 20.00
GWY-V0082
GWY-V0037
GWY-V0067
0 Elev
0 Elev
GWY-V0085
Figure 31-17
Galway Gold Inc.

-100 Elev
Vetas Gold Project
-100 Elev
Loscas FTW 125

Polygon Grades (Au)
25
50
75
100
Metres
November 2013
31-18
200 Elev
100 Elev
0 Elev
-100 Elev
SW
-200 Elev
www.rpacan.com
NE
400 Elev
400 Elev
3420 RL
GWY-V0051
GWY-V0056
GWY-V0062
GWY-V0013
GWY-V0053
GWY-V0002
GWY-V0001
GWY-V0004
GWY-V0003 GWY-V0011
GWY-V0008
GWY-V0005
GWY-V0064
GWY-V0012
GWY-V0010
300 Elev
GWY-V0057
GWY-V0079
GWY-V0071
GWY-V0088
GWY-V0020
GWY-V0021
GWY-V0023
GWY-V0027
GWY-V0086
GWY-V0017
GWY-V0015
GWY-V0045
GWY-V0073
GWY-V0049
GWY-V0018
GWY-V0040
GWY-V0026
300 Elev
GWY-V0006
GWY-V0059
GWY-V0089
GWY-V0024
GWY-V0029
GWY-V0042
GWY-V0034
GWY-V0014
GWY-V0016
GWY-V0076
GWY-V0046
GWY-V0066
GWY-V0078
GWY-V0055
GWY-V0041
200 Elev
200 Elev
GWY-V0031
GWY-V0036
GWY-V0065
Indicated
GWY-V0039
Inferred
GWY-V0081
GWY-V0068

100 Elev
100 Elev
GWY-V0083
GWY-V0082
GWY-V0037
GWY-V0067
0 Elev
0 Elev
GWY-V0085
Figure 31-18
Galway Gold Inc.

-100 Elev
Vetas Gold Project
-100 Elev
Loscas FTW 125

25
50
75
100
Metres
November 2013
31-19
400 Elev
Manz1
No Development
100 Elev
0 Elev
-100 Elev
SW
-200 Elev
-300 Elev
www.rpacan.com
MINED OUT
Manz2
Manz3
Manz4
Development
Manz5
No Chip Samples
GWY-V0051
GWY-V0009
GWY-V0022B
GWY-V0007
GWY-V0056
GWY-V0013
GWY-V0017
GWY-V0015
GWY-V0053
GWY-V0019
GWY-V0062
GWY-V0057
GWY-V0002
GWY-V0004
GWY-V0008
GWY-V0003
GWY-V0086
GWY-V0088
GWY-V0064
GWY-V0005
GWY-V0045 GWY-V0073
GWY-V0059 GWY-V0049
GWY-V0011
GWY-V0012
GWY-V0010
GWY-V0020
GWY-V0041
GWY-V0021
GWY-V0023
GWY-V0006
GWY-V0089
GWY-V0078
GWY-V0018
GWY-V0026
GWY-V0055
GWY-V0076
GWY-V0027
GWY-V0014
GWY-V0024
GWY-V0039
GWY-V0040
200 Elev
GWY-V0079
GWY-V0071
GWY-V0001
300 Elev
NE
GWY-V0081
GWY-V0016
GWY-V0065
GWY-V0034
GWY-V0029
GWY-V0083
Grades: (Au g/t)
GWY-V0046
0.00 - 1.00
1.00 - 2.00
100 Elev
GWY-V0037
GWY-V0042
2.00 - 3.00
GWY-V0067
3.00 - 5.00
5.00 - 20.00
> 20.00
GWY-V0066
GWY-V0082
GWY-V0031
GWY-V0036
0 Elev
25
50
75
100
GWY-V0068
Metres
-100 Elev
Figure 31-19
GWY-V0085
GWY-V0030
Galway Gold Inc.
Vetas Gold Project

-200 Elev
GWY-V0070
Manzanilla 130
Polygon Grades (Au)
November 2013
31-20
400 Elev
Manz1
No Development
100 Elev
0 Elev
-100 Elev
SW
-200 Elev
-300 Elev
www.rpacan.com
MINED OUT
Manz2
Manz3
Manz4
Development
Manz5
No Chip Samples
GWY-V0051
GWY-V0009
GWY-V0022B
GWY-V0007
GWY-V0056
GWY-V0013
GWY-V0017
GWY-V0015
GWY-V0053
GWY-V0019
GWY-V0062
GWY-V0057
GWY-V0002
GWY-V0004
GWY-V0008
GWY-V0079
GWY-V0088
GWY-V0071
GWY-V0001
300 Elev
NE
GWY-V0064
GWY-V0045
GWY-V0005
GWY-V0073
GWY-V0003
GWY-V0086
GWY-V0059 GWY-V0049
GWY-V0011
GWY-V0012
GWY-V0010
GWY-V0020
GWY-V0041
GWY-V0021
GWY-V0023
GWY-V0055
GWY-V0076
GWY-V0027
GWY-V0014
GWY-V0024
GWY-V0039
GWY-V0040
200 Elev
GWY-V0089
GWY-V0078
GWY-V0018
GWY-V0026
GWY-V0006
GWY-V0081
GWY-V0016
GWY-V0065
GWY-V0034
Indicated
GWY-V0029
Inferred
GWY-V0083
Measured
GWY-V0046
GWY-V0037
GWY-V0042
100 Elev
GWY-V0067
GWY-V0066
GWY-V0082
GWY-V0031
GWY-V0036
0 Elev
25
50
75
100
GWY-V0068
Metres
-100 Elev
Figure 31-20
GWY-V0085
GWY-V0030
Galway Gold Inc.
Vetas Gold Project

GWY-V0070
Manzanilla 130
-200 Elev
November 2013
31-21
400 Elev
MINED OUT
Tajo1
NE
400 Elev
Tajo2
Tajo Middle
No Development
Development
GWY-V0013
GWY-V0022B
GWY-V0022
1000 Elev
900 Elev
SW
700 Elev
www.rpacan.com
GWY-V0007
GWY-V0019
GWY-V0015
GWY-V0009
GWY-V0017
GWY-V0056
GWY-V0051
GWY-V0045
GWY-V0073
GWY-V0086
GWY-V0049
GWY-V0079
GWY-V0059
GWY-V0071
800 Elev
GWY-V0053
300 Elev
GWY-V0057
GWY-V0041
GWY-V0078
GWY-V0001
300 Elev
GWY-V0055
GWY-V0002
GWY-V0039
GWY-V0005
GWY-V0081
GWY-V0011
GWY-V0065
GWY-V0004
GWY-V0003
GWY-V0012
GWY-V0076
GWY-V0037
200 Elev
GWY-V0083
GWY-V0010
GWY-V0014
GWY-V0020
GWY-V0021
200 Elev
GWY-V0067
GWY-V0018
GWY-V0016
GWY-V0026
GWY-V0030
GWY-V0023
GWY-V0027
GWY-V0040
GWY-V0046
100 Elev
100 Elev
GWY-V0024
GWY-V0029
GWY-V0034
GWY-V0042
GWY-V0082
GWY-V0066
0 Elev
Figure 31-21
Galway Gold Inc.
0 Elev
Grades: (Au g/t)

0.00 - 1.00
Vetas Gold Project
1.00 - 2.00
2.00 - 3.00
Tajo 135
Polygon Grades (Au)
3.00 - 5.00
5.00 - 20.00
> 20.00
31-22
25
50
75
100
Metres
November 2013
400 Elev
MINED OUT
Tajo1
NE
400 Elev
Tajo2
Tajo Middle
No Development
Development
GWY-V0013
GWY-V0022B
GWY-V0022
1000 Elev
900 Elev
SW
700 Elev
www.rpacan.com
GWY-V0007
GWY-V0019
GWY-V0015
GWY-V0009
GWY-V0017
GWY-V0056
GWY-V0051
GWY-V0045
GWY-V0073
GWY-V0086
GWY-V0049
GWY-V0079
GWY-V0059
800 Elev
GWY-V0053
300 Elev
GWY-V0071
GWY-V0057
GWY-V0041
GWY-V0001
GWY-V0078
300 Elev
GWY-V0055
GWY-V0002
GWY-V0039
GWY-V0011
GWY-V0005
GWY-V0081
GWY-V0065
GWY-V0004
GWY-V0003
GWY-V0012
GWY-V0037
200 Elev
GWY-V0076
GWY-V0083
GWY-V0010
GWY-V0014
GWY-V0020
GWY-V0021
200 Elev
GWY-V0067
GWY-V0018
GWY-V0016
GWY-V0026
GWY-V0030
GWY-V0023
GWY-V0027
GWY-V0040
GWY-V0046
100 Elev
100 Elev
GWY-V0024
GWY-V0029
GWY-V0034
GWY-V0042
GWY-V0082
GWY-V0066
0 Elev
Figure 31-22
0 Elev
Galway Gold Inc.
Vetas Gold Project

Indicated
Tajo 135
Inferred
Measured
31-23
25
50
75
100
Metres
November 2013
www.rpacan.com
400 Elev
NE
0 Elev
SW
3420 RL
GWY-V0088
GWY-V0071
GWY-V0009
GWY-V0079
GWY-V0013
GWY-V0015
GWY-V0089
GWY-V0017
300 Elev
GWY-V0076
GWY-V0045
GWY-V0082
GWY-V0086
GWY-V0049
GWY-V0073
200 Elev
GWY-V0059
GWY-V0085
GWY-V0041
Grades: (Au g/t)

GWY-V0055
0.00 - 1.00
100 Elev
1.00 - 2.00
2.00 - 3.00
3.00 - 5.00
GWY-V0078
5.00 - 20.00
> 20.00
GWY-V0039
0 Elev
200 Elev
100 Elev
0 Elev
-100 Elev
-100 Elev
-200 Elev
GWY-V0081
Figure 31-23
Galway Gold Inc.

GWY-V0037
-200 Elev
Vetas Gold Project
GWY-V0083
La Virgen 140
Polygon Grades (Au)
25
50
75
100
Metres
November 2013
31-24
www.rpacan.com
400 Elev
NE
0 Elev
SW
3420 RL
GWY-V0088
GWY-V0071
GWY-V0009
GWY-V0079
GWY-V0013
GWY-V0015
GWY-V0089
GWY-V0017
300 Elev
GWY-V0076
GWY-V0045
GWY-V0082
GWY-V0086
GWY-V0049
GWY-V0073
200 Elev
GWY-V0059
GWY-V0085
GWY-V0041
GWY-V0055
100 Elev
GWY-V0078
Indicated
Inferred
GWY-V0039
0 Elev
200 Elev
100 Elev
0 Elev
-100 Elev
-100 Elev
-200 Elev
GWY-V0081
Figure 31-24
Galway Gold Inc.

-200 Elev
GWY-V0037
Vetas Gold Project
GWY-V0083
La Virgen 140
25
50
75
100
Metres
November 2013
31-25
300 Elev
200 Elev
100 Elev
0 Elev
SW
-100 Elev
www.rpacan.com
3420 RL
NE
GWY-V0088
GWY-V0071
GWY-V0079
GWY-V0076
300 Elev
GWY-V0015
GWY-V0089
GWY-V0017
GWY-V0082
GWY-V0085
GWY-V0049
200 Elev
GWY-V0059
GWY-V0073
GWY-V0055
100 Elev
GWY-V0078
Grades: (Au g/t)

0 Elev
0.00 - 1.00
1.00 - 2.00
2.00 - 3.00
3.00 - 5.00
5.00 - 20.00
> 20.00
GWY-V0081
-100 Elev
25
50
75
100
Metres
Figure 31-25
Galway Gold Inc.
-200 Elev
Vetas Gold Project
GWY-V0083
La Virgen 141
Polygon Grades (Au)
November 2013
31-26
300 Elev
200 Elev
100 Elev
0 Elev
SW
-100 Elev
www.rpacan.com
3420 RL
NE
GWY-V0088
GWY-V0071
GWY-V0079
GWY-V0076
300 Elev
GWY-V0015
GWY-V0089
GWY-V0017
GWY-V0082
GWY-V0085
GWY-V0049
200 Elev
GWY-V0059
GWY-V0073
GWY-V0055
100 Elev
GWY-V0078
0 Elev
Indicated
Inferred
GWY-V0081
-100 Elev
25
50
75
100
Metres
Figure 31-26
Galway Gold Inc.
-200 Elev
Vetas Gold Project
GWY-V0083
La Virgen 141
November 2013
31-27

Galway Vetas NI 43 101 - 2013 11 06

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Galway Vetas NI 43 101 - 2013 11 06

Uploaded by

Copyright:

Available Formats

GALWAY GOLD INC.

TECHNICAL REPORT ON THE

Report Control Form

Technical Report on the Vetas Gold Project, Department of

Client Name & Address

Galway Gold Inc.

Project Manager Approval

Project Director Approval

Surface Drilling ............................................................................................... 10-6

Significant Geological Structures ................................................................ 14-15

APPENDIX TABLES AND FIGURES

Galway Gold Inc. Vetas Gold Project, Project #2023

TABLE 1-1 MINERAL RESOURCE ESTIMATE SUMMARY NOVEMBER 6, 2013

CIM definitions were followed for classification of Mineral Resources.

Galway Gold Inc. Vetas Gold Project, Project #2023

The exploration program has been completed in an industry standard manner.

The quality assurance/quality control (QA/QC) program implemented by Galway and

Galway Gold Inc. Vetas Gold Project, Project #2023

A two stage exploration program is

Create standardized, well-defined notations for each method, as well as adding

Replace the standard reference material CRM CDN-GS-P2A or send it to additional

Continue improvement of the QA/QC process to provide accurate sample insertion

Carry out regular and timely QA/QC monitoring.

Galway Gold Inc. Vetas Gold Project, Project #2023

RPA understands that

PHASE 1 PROGRAM $2.36 M:

Undertake additional underground diamond drilling at the 50 m centre drill spacing

Complete a comprehensive interpretation of the El Volcn Mine that includes the

Complete preliminary metallurgical test work on El Volcn Mine mineralization.

Implement/improve the following procedures related to the QA/QC process:

A budget of approximately $2.36 million is proposed for Phase 1 (Table 1-2).

Galway Gold Inc. Vetas Gold Project, Project #2023

PHASE 2 PROGRAM $1.68 M:

Based on the interpretation of the current data, approximately 7,500 m of

A budget of approximately $1.68 million is proposed for Phase 2 (Table 1-3).

Galway Gold Inc. Vetas Gold Project, Project #2023

On July 19, 2013, Galway

The San Turbn Park

boundaries are expected to be finalized in late 2013 or early 2014.

GEOLOGY AND MINERALIZATION

The former two

Galway Gold Inc. Vetas Gold Project, Project #2023

Galway initiated exploration on the Vetas Gold Project in January 2010.

activities completed include:

Underground sampling and mapping in the El Volcn Mine.

To date, two phases of underground drilling have been completed at Vetas.

Two phases of surface drilling have also been completed.

The surface drilling tested

MINERAL RESOURCE ESTIMATE

The RPA estimate is summarized in Table 1-1.

The effective date of the estimate is

Galway Gold Inc. Vetas Gold Project, Project #2023

Galway Gold Inc. Vetas Gold Project, Project #2023

The permitting of Eco Oro Minerals Ltd.s Angostura

Reference: Natural Regional Park Paramo de San Turbn.

RPA has not independently researched or commissioned research on Pramo or the

Additional information has been supplied by:

Mr. Michael Sutton, Director, Galway Gold Inc.

Galway Gold Inc. Vetas Gold Project, Project #2023

Mr. Alfonso Gomez, Country Manager, Colombia, Galway Gold Inc.

Galway Gold Inc. Vetas Gold Project, Project #2023

Galway Gold Inc. Vetas Gold Project, Project #2023

3 RELIANCE ON OTHER EXPERTS