Conway Resources Inc.

Conway Resources Inc.

January 08, 2008 16:24 ET

Conway Resources Completes $490,000 Private Placement

QUEBEC CITY, QUEBEC--(Marketwire - Jan. 8, 2008) - Conway Resources Inc. (TSX VENTURE:CWY) is pleased to announce that it has completed a private placement in the amount of $490,000 by issuing 98 flow-through units at a price of $5,000 each to accredited investors of the province of Quebec.

Each flow-through unit consists of 27,777 flow-through common shares of the Company at $0.18 per share, and 13,888 warrants of the Company. Each warrant entitles its holder to subscribe for one additional common share of the Company at a price of $0.25 for a 24-month period following the closing date of the private placement.

The proceeds from the private placement will be used for exploration on the Company's Quebec properties. Finder's fees of 10 % of the amount of this placement is payable to an intermediary.

The common shares and warrants that will be issued by Conway pursuant to the private placement are subject to a four-month hold period expiring April 30, 2008. The private placement is subject to final approval of the TSX Venture Exchange.

After giving effect to the private placement, Conway will have 27,256,151 common shares issued and outstanding.

About Conway Resources

Conway Resources (TSX-V: CWY) specializes in the acquisition, exploration and development of mining properties. The Company is primarily focused on precious metals, and presently owns four properties in Quebec, Canada, in the vicinity of the Belleterre mine (total production of 2.18 Mt at 9.95 g/t Au for nearly 800,000 ounces of gold from 1936 to 1959) and the old Lorraine Cu-Ni mine. For more information, visit the Company's website at

The TSX Venture Exchange assumes no responsibility for the adequacy or accuracy of this press release.

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