Galahad Metals Inc.

Galahad Metals Inc.

February 10, 2010 12:53 ET

Galahad Discovers New Copper-Rare Earth-Gold Target on Kellyn

OTTAWA, ONTARIO--(Marketwire - Feb. 10, 2010) - Galahad Metals Inc. (TSX VENTURE:GAX) ("GAX or the Company") announces recent discovery of a very metal-enriched soil anomaly covering a roughly circular area of at least 75,000m2 on its Kellyn Project as a result of interpretation of summer 2009 field results. The claims are located in Northwestern Ontario just off the TransCanada highway.

The soils are best represented by copper and REEs (rare earths), but also a close association of elevated gold with copper. The average copper content in the soils is 430ppm, a remarkable average for copper in B-horizon soils. This area probably represents the core of a mineralized system surrounded by exposed, but narrow, gold-copper veins, silver-lead quartz veins, silver-REE quartz veins or REE enriched lamprophyre dykes. The REE-enriched values (from 0.23 to 1.92% total REE) are best exposed in the Adit area in quartz veining and in the lamprohyre but are also highly anomalous throughout the broad soil anomaly (Lanthanum: 50-630ppm). Prospecting did not give further clues to source type as there are no outcrops in or round this large soil anomaly. Historical underground mining has taken place on the silver-lead veins in the Adit area. As previously reported the gold-copper vein is poorly exposed in a creek and has not been drill tested in spite of the high-grade assay grab values taken off the vein. (28g/t gold)

Both soil data and rock multi-element values indicate that the Kellyn area has an unusual combination of elements. The element associations with highest gold values (which include barium), are somewhat typical of that at Hemlo and/or a porphyry or epithermal system. The highest REEs correspond to quartz veins hosts as well as lamprophyric rock which likely belong to a later Archean alkaline suite. The soil anomaly is discreet, sharply defined, and topography suggests that it does not appear to have been transported far from source. Recommendations for further work will include stripping. This anomaly is large enough to represent a deposit of significant size if grades are economic.

The Kellyn claims are located 60 km west of Marathon, Ontario, the site of the Hemlo Gold Mines. The claims are optioned from two prospectors from the Terrace Bay area. Other targets, which are best exposed at the Creek showing, include gold-copper bearing quartz veins that contain up to 28g/t gold. Siver-telluride-lead-bismuth quartz veins are also present but spatially separated from the gold-rich veins.

Paul Pitman, P. Geo, is a Qualified Person as defined by National Instrument 43-101.

"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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