Galahad Metals Inc.
TSX VENTURE : GAX

Galahad Metals Inc.

November 24, 2009 09:45 ET

Galahad Metals Inc-Gold Data Received for Regcourt Gold Deposit: Historic Ore Zone Remains Open at Depth

OTTAWA, ONTARIO--(Marketwire - Nov. 24, 2009) - Galahad Metals Inc (TSX VENTURE:GAX) is pleased to report rapid progress in assessing its newly acquired Quebec gold project in the highly prospective Abitibi Greenstone Belt. Galahad has recently acquired a previously proprietary, comprehensive dataset, which includes work that has never been submitted to the Quebec Government as assessment work. These data include historic exploration program results that will facilitate accurate targeting of a proposed diamond-drilling program. Galahad consultants have begun to ground-truth elements from past exploration campaigns (drill-collars, shaft, trenches, etc.) to allow accurate geo-referencing of the historic datasets into a single, comprehensive geo-database.

A preliminary assessment of these data indicate that the style of deformation and mineralization at the deposit is consistent with other gold deposits in the Val-d'Or gold mining camp, one of the most prolific mining areas in Canada. Characteristics of the Regcourt property include:

- The property is underlain by a well fractured and altered granodiorite stock (670 m x 300 m) which intrudes upper Malartic group intermediate volcanics.

- Gold mineralization is found associated with both sub horizontal tension veins and sub vertical sheared quartz veins.

- Both vein types are mineralized with pyrite, tourmaline and free gold.

- The granodiorite plug, which hosts the gold mineralization, has been relatively well explored by surface drilling and underground development work to a vertical depth of 200 meters.

- Underground development consisted of a three-compartment 544 foot shaft sunk in the centre of the area of gold mineralization, drifting and cross-cutting on the 200, 300 and 400 foot levels. A station cut at the 500 foot level and diamond drilling on all four levels.

- A total of 567 meters of underground development work and 2200 meters of underground diamond drilling were completed by past operators.

- Assays from more than 16 grab samples of quartz veining encountered while shaft sinking yielded from 0.15 to 7.20 oz. Au/ton and two veins averaged 1.14 and 4.35 oz. Au/ton respectively

- The last surface diamond drilling program done on the property dates back to 1981 when nineteen vertical drill holes totaling 3100 meters were completed. (apart from one 260 m hole drilled in 1990).

- These holes, nominally on 15 meter centers, were put down in the shaft area to further explore and attempt to enlarge the Regcourt gold deposit.

- From this drilling, 52 samples returned values of 3.5 g/t Au or better.

- The 1981 drilling essentially verified and validated the previously reported erratic grade and distribution of the gold and the existence of narrow, high grade veins.

- No exploration surface diamond drilling has been done since 1981.

- No exploration work has been done below the 200 meter level.

- The Regcourt gold deposit remains open at depth.



The following table outlines some of the significant, historic
exploration results(i):

------------------------------------------------------------------------
oz/t gold Au g/t Interval (m) Source

0.40 13.72 2.0 hole CM 81-1
0.33 11.32 3.0 hole CM 81-2
0.30 10.29 3.3 hole CM 81-2
0.08 2.74 1.7 hole CM 81-4
0.34 11.66 1.7 hole CM 81-5
11.44 392.27 0.6 hole CM 81-5
0.21 7.20 1.5 from No 1 zone underground
0.23 7.89 1.5 from No 1 zone underground
0.37 12.69 1.5 from No 5 zone underground
0.75 25.72 1.5 from No 5 zone underground
1.14 39.09 Grab vein encountered in shaft
4.35 149.16 Grab vein encountered in shaft
0.01-0.03 0.34-1.03 granodiorite
host
------------------------------------------------------------------------
0.23 7.89 66,800 short estimated mineral
tons inventory (ii)
------------------------------------------------------------------------


(i)Values in this table are reported from selected references (ii) and are not part of any recognized NI 43-101 Mineral Resource or Reserve categories. There is no direct evidence that these numbers or any portion thereof will ever be achieved at any time with additional exploration work, and should not be relied upon. The intent here is only qualitative, to identify a potential for a significant mineralized system and that a major exploration program would be required to prove up any mineral resources.

Work is progressing on a 3-D evaluation of the underground data. Mr. Robin Dow reports; "Quebec is the launching pad for the Company's new direction into gold exploration and development. The past 12-months have been the toughest times in mining history and are a milestone that Galahad has secured the Regcourt Project. The Province's Abitibi Belt clearly shows a flood of activity in what the Fraser Institute rates as the No. 1 location in the world for mining and is the favored jurisdiction in the world for exploration and development of mineral projects. Galahad is set apart by having projects in the two "hot spots" in North America (the other being its' Bottle Creek project in Nevada). Quebec proudly boasts of being the third richest gold producing region in the world and has historically been the birth place of many current and past Canadian mining and exploration companies."

-(ii)References:

1. Routledge, R.E., 1983. Report on the Albanex Energy Corporation Limited Regcourt Property, Vauquelin Township, Quebec - Prepared for Lugano Resources Limited by the Consulting Firm of Derry, Michener, Booth & Wahl

2. Dumont, P.W., 1981. Crackingstone Mines Ltd., Vauquelin Twp, Quebec. Five drill hole cross-sections, holes CM81-1 to CM81-19. Scale 1"=20'

Due to beavers damming a stream crossing, drilling on the Montrose Project near Matachewan has been postponed until winter conditions allow the access waterways to freeze, which will permit construction of an ice bridge.

Martin Bourgoin, P. Geo, of MRB & Associates, Val d'Or, QC., is the Qualified Person as defined by National Instrument 43-101 for the Regcourt Project.

"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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