Galahad Metals Inc.

Galahad Metals Inc.

September 24, 2009 10:43 ET

Galahad Metals Options Regcourt Gold Deposit

OTTAWA, ONTARIO--(Marketwire - Sept. 24, 2009) - Galahad Metals Inc (TSX VENTURE:GAX) is pleased to report that the Company is investing heavily in Quebec's exploration rush for gold. On September 23, 2009 Galahad signed a Letter of Intent to option 16 claims (556.5 ha), located in Vauquelin Township, 15 km east of Val d'Or, QC., from a local Quebec prospector. The Regcourt Deposit is a small gold deposit discovered on surface by trenching in 1944. During this early prospecting period erratic gold values were obtained from a stripped outcrop exposing the veins yielding an average grade of 8.13 g/t gold over an average width of 0.76meters along a strike length of 67 meters.

Galahad is reviewing the more than twenty reports on the property, which results will guide further drilling. Mr. Robin Dow reports; "We are extremely lucky to have made this agreement, particularly given this period of rising gold prices and very active staking in Quebec. While this deposit is small, we believe it has potential for significant expansion using modern techniques, which have been successfully used on such amazing new finds as the Hinge Deposit at Rice Lake. The Abitibi in Quebec continues to yield more resources and we believe this property will prove to have excellent exploration and further discovery potential." Galahad continues to explore for gold in gold camps with superior infrastructure in place.

Subsequent work and drilling on the Regcourt indicates an historical tonnage of 61,000 tonnes grading 5.49 g/t gold, or 10,766 oz. Au. (1983, non NI 43-101 compliant) The Regcourt Deposit is hosted by a granodiorite stock which intrudes mafic to intermediate volcanic of the Malartic Group. Geologically the mineralization is described in the records as fracture-filled quartz-tourmaline veins and veinlets containing fine grained pyrite and free gold similar to other Quebec gold deposits such as the Beaufort Mine owned and operated by Richmont Mines.

Galahad will immediately proceed with a detailed geological compilation of the twenty reports and other data relating to the property, along with some surface geophysics and additional surface stripping work. Once compilation work is completed, target generation by way of a 3D geological model will be completed. Priority targets will immediately be drill tested.

The Company can acquire a 100% interest by making a total of $100,000 in a series of cash payments plus a total of 300,000 shares in three tranches over a two 2 year term. The claims are subject to a 2% NSR. No specific work commitment is included, apart from the compilation report, which is underway. The terms are subject to TSX-V approval.

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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