TORONTO, ONTARIO--(Marketwired - Aug. 31, 2016) - Galway Gold Inc. (TSX VENTURE:GLW) ("Galway Gold"
or the "Company") announces that it has hired the law firm Arrieta, Mantilla & Associates to explore alternatives to
recover its investment in the Vetas gold-silver project and other possible compensation from the Colombian government. The
company's resident lawyer, Ricardo Convers, will continue to be involved in the process. The negotiations with the Colombian
government will be related to how the administrative and judicial measures taken by the government have affected Galway´s
investment in the Reina de Oro project.
"CAUTIONARY STATEMENT: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this news release. No stock exchange, securities
commission or other regulatory authority has approved or disapproved the information contained herein.
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information
involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities
to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this
news release includes, but is not limited to, Galway Gold's objectives, goals or future plans, statements. Factors that could
cause actual results to differ materially from such forward-looking information or on terms which are commercially acceptable,
political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity
markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the
other risks involved in the mineral exploration and development industry, and those risks set out in Galway Gold's public
documents filed on SEDAR. Although Galway Gold believes that the assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as
of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at
all. Galway Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result
of new information, future events or otherwise, other than as required by law."