Galahad Metals Inc.

Galahad Metals Inc.

March 28, 2011 16:35 ET

Galahad Completes Transfer of Bottle Creek to Red Ore Gold Inc.

OTTAWA, ONTARIO--(Marketwire - March 28, 2011) - (TSX VENTURE:GAX) - Pursuant to the previous Press Release #11-06, dated February 24, 2011, Galahad Metals Inc. ("Galahad") is pleased to announce that it has signed the Transfer Agreement (the "Agreement") to complete the transfer of its 60% interest in Bottle Creek Exploration, LLC ("Bottle Creek") into a new BC incorporated company called Red Ore Gold Inc. ("Red Ore"). In consideration, Galahad will receive 8,838,938 common shares of Red Ore (the "Consideration Shares"), at a deemed price of $0.50 per Consideration Share, for aggregate consideration of $4,419,469, representing the amount spent to date by Galahad in exploration and property staking and payment costs at the Property.

The transaction is subject to the approval of the TSX Venture Exchange as well as the approval of other required regulatory bodies.

Galahad intends to retain the Consideration Shares, rather than to distribute them to its shareholders. The Board of Directors is of the opinion that by Galahad retaining the Consideration Shares rather than distributing them to its shareholders, an orderly and balanced after market will be created for the IPO shares.

Red Ore is pleased to announce that it has appointed Paul W. Pitman, S.Sc.(Geo.), P. Geo., as President of Red Ore Gold Inc.

Mr. Pitman has over 40 years of continuous experience as an exploration geologist. From 1969 to 1983 he worked for three major mining companies - Gulf Minerals, Union Miniere of Belgium and BP Resources Canada on a number of commodities including gold and silver. Since 1983 he has acted as a geological consultant to over 70 clients. He has served as a Director and/or Officer of Ur-Energy Inc., Aura Silver Resources Inc., Patrician Diamonds, Nuinsco Resources Ltd., Coniagas Resources Limited and Yukon Gold Inc. Mr. Pitman is a registered professional geologist in Ontario.

Red Ore is pleased to announce that it has appointed Garry K. Smith, P. Geo., as Vice President, Exploration.

Mr. Smith has provided geological exploration services to numerous exploration and mining companies for over 25 years and has served as a consultant to boards and held VP Exploration positions. A notable milestone for Mr. Smith was making the initial discovery of the Hemlo world class gold mine for Lac Minerals. Mr. Smith has extensive experience in exploration in Nevada. He is a registered geologist providing Qualified Person (QP) geoscience consulting services primarily in the US and Canada on Gold, VMS Base-Metal, Mo, U, Ga, Fe-Ti and REE mineral exploration and development projects. Specialty expertise in 43-101 compliant project management and reporting, computer-based 3D geological modelling and compilation, and MMI soil geochemistry.

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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 Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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