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Galway Metals drops New Mexico molybdenum-tungsten project due to low metal prices

Galway Metals Inc.said May 3 that it has terminated thecontract for its VictorioMountain molybdenum-tungsten project in New Mexico to preserve cash.

Due to unfavorable market conditions and depressed molybdenumand tungsten prices, the company decided to not make the US$75,000 option paymentsdue June 1, 2016 and 2017, or the final payment of US$900,000 in 2018.

Galway Metals is evaluating several other potential mining sectorprojects.