Galway Gold Inc. (TSX: V.GLW
, Stock Forum
) Friday announced that it has terminated the option agreement on the Coloro property in Vetas, Colombia, this according to a company news release
The company said it conducted extensive surface sampling and geophysical programs and drilled 1,232 meters with no significant results identified.
Galway Gold added that it will no longer make a cash payment of $715,000 and issue 300,000 shares due in January, 2014, along with other obligations with respect to the contract with Sociedad Ordinaria de Minas Coloro S.O.M.