Conway Resources Inc.
TSX VENTURE : CWY

Conway Resources Inc.

October 04, 2007 17:00 ET

Conway Resources Negotiates a $300,000 Private Placement

QUEBEC CITY, QUEBEC--(Marketwire - Oct. 4, 2007) - Conway Resources Inc. (TSX VENTURE:CWY) is pleased to announce that it is negotiating a private placement for a maximum of $300,000 for which it will issue 1,200,000 flow-through shares at $0.20 per share and 300,000 common shares at $0.20 per share. Each flow-through share will be accompanied by half a warrant and each common share will be accompanied by a full warrant. Each warrant will entitle its holder to subscribe for one additional common share of the Company at a price of $0.35 for a 24-month period following the closing date of the private placement.

The $240,000 in proceeds from the private placement of flow-through shares is intended for exploration on the Company's Fraser property in Quebec, while proceeds from the private placement of common shares will be used for working capital purposes and payment of a 10% commission related to this placement.

The common shares and warrants to be issued by Conway pursuant to the private placement will be subject to a four-month hold period. After giving effect to the private placement, Conway will have 26,034,005 common shares issued and outstanding.

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

About Conway Resources

Conway Resources (TSX VENTURE: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 (960,000 ounces of gold produced from 1937 to 1959, average grade of 13.7 g/t Au) and the old Lorraine Cu-Ni mine. For more information, visit the Company's website at www.ressources-conway.com.

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

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