Galahad Metals Inc.

Galahad Metals Inc.

December 06, 2011 09:24 ET

Galahad Announces Sale of 80 Claims, Landrienne and Barraute Twps, Val d'Or, Qc

OTTAWA, ONTARIO--(Marketwire - Dec. 6, 2011) - Galahad Metals Inc. ("Galahad") (TSX VENTURE:GAX) is pleased to announce the successful completion of its agreement regarding the sale of 80 claims, called the Barville claims, located in Landrienne and Barraute Townships to Abcourt Mines Inc. ("Abcourt"), for a consideration of $25,000 in cash and 500,000 shares of Abcourt.

From previous work, the Barville claims seemed to be principally zinc - silver mineralization, which fits Abcourt's current project, but no longer is of interest to Galahad, which is gold focused.

Robin Dow, CEO, reports: "The sale of the claims continues the opportunity for Galahad to monetize assets outside its focus on gold exploration, principally in Quebec. The funds generated will be used for drilling in Q1 2012 and for working capital purposes. This cash and share deal, as well as the spin out of Red Ore Gold Inc., means at current market prices, a near cash asset for Galahad of almost $700,000.00. In this tight market, being able to generate funding opportunities without further dilution to the shareholders is critically important."

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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.

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 or accuracy of this Press Release.

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