Conway Resources Inc.
TSX VENTURE : CWY

Conway Resources Inc.

December 14, 2009 09:07 ET

Conway Resources Completes $240,000 Private Placement

QUEBEC CITY, QUEBEC--(Marketwire - Dec. 14, 2009) - Conway Resources Inc. (TSX VENTURE:CWY) is pleased to announce that it has completed a private placement for a total of $240,000 for which it has issued 3,400,000 flow-through shares at $0.06 per share and 720,000 common shares at $0.05 per share. Each share is accompanied by a full warrant. Each warrant entitles its holder to subscribe for one additional common share of the Company at a price of $0.12 for a 12-month period following the closing date of the private placement.

"We have now raised all the funds we need to finance the 3,000-tonne bulk sample on the Conway Paquin property, where blasting is currently underway," stated Laurent Beaudoin, President and CEO of Conway Resources. "We should be able to finance a large portion of the Belleterre mine acquisition with the revenues from this bulk sample. We consider the Belleterre mine to have excellent gold potential, particularly in this gold market. That being said, we are in talks with several potential strategic partners with the necessary mining expertise and financial resources to help us develop this project."

The proceeds from the private placement of common shares will be used for working capital purposes and payment of the related 10% finder's fee. The common shares issued by Conway pursuant to the private placement are subject to a four-month hold period.

The private placement is subject to the approval of the TSX Venture Exchange.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.

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