Galahad Metals Inc.
TSX VENTURE : GAX

Galahad Metals Inc.

July 21, 2009 10:00 ET

Galahad Metals Completes Prospecting of I.P. Targets on Montrose Project

OTTAWA, ONTARIO--(Marketwire - July 21, 2009) - Galahad Metals Inc (TSX VENTURE:GAX) is pleased to report a continuing increase of gold potential on its Montrose Project located south west of Kirkland Lake. This property consists of one Mining Lease straddling a splay fault off the prolifically mineralized Larder Lake - Cadillac Break. Completed in early July, a crew of geologists surveyed the location of historical drill holes relative to the recently outlined induced polarization survey targets. The majority of the hole collars were located and surveyed, none of which corresponds to the high priority I.P. targets selected for drilling by Galahad.

This recent work highlights the potential for new discoveries to be made on the property, some of which were previously thought to have been tested. High priorities selected are geophysical targets coincident with gold-in-soil anomalies. Galahad will now move forward with a drill program slated to take place during the third quarter.

The Montrose Mining Lease is wholly-owned by Galahad and is located in Montrose Township in Ontario, 25 km from the small village of Matachewan. The property is located on the Galer Lake fault, a splay off the Cadillac Break in a heavily overburdened covered area within the Abitibi greenstone belt. The Abitibi greenstone belt is one of the most prolifically mineralized gold and base-metal districts in the world. This Archean aged greenstone belt hosts more gold deposits than does the rest of the Canadian Shield combined. The key characteristic of gold deposits in the Abitibi is their relationship to major structures or "breaks", one of which has been identified and qualified on the Montrose Lease. The cluster of deposits along the Cadillac-Larder and Destor-Porcupine breaks is impressive and clearly demonstrates that the major gold camps populate around major structural features.

Past trenching, in the mid-1940s and mid-1970s, on the fault has demonstrated that this structure is strongly deformed and characterized by green carbonate with anomalous assay values of up to 3.8g/t Au over 13.6 meters and 6.2 g/t over 6m from chip samples. This indicates that a concerted, focused drill program by Galahad is highly warranted, particularly in light of the recent interpretation of data made by the Company.

Permitting has been recently initiated so that a stream crossing to the selected drill sites can be carried out by the Fall of this year.

Paul Pitman, P.Geo, is the Qualified Person as defined by National Instrument 43-101 for the Kellyn and Montrose Projects. For further information, please go to www.galahadmetals.com.

"The statements in this Press Release may contain forward looking statements that involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. The TSX Venture Exchange has not approved or disapproved of the information contained in this Press Release."

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