Galahad Metals Inc.
TSX VENTURE : GAX

Galahad Metals Inc.

May 09, 2011 11:19 ET

Galahad Metals Inc.: Geophysical Survey to Commence; Phase II Drilling Intersects Quartz Vein Targets at Regcourt Property

OTTAWA, ONTARIO--(Marketwire - May 9, 2011) -Galahad Metals Inc. ("Galahad") (TSX VENTURE:GAX) is pleased to announce that a cut-grid has been established in the area of the historic Regcourt Gold Mine shaft and Abitibi Geophysics Ltd. of Val-d'Or, Quebec is slated to complete a ground IP survey of the area by mid-May. These data will be integrated with the existing down-hole, 3D-IP survey data obtained this past winter. A second grid will be established over a granodiorite intrusion underlying the eastern part of the Regcourt Property in preparation for an upcoming, detailed exploration programme.

In addition, Phase II diamond-drilling is proceeding on schedule and has intersected the targeted hydrothermal quartz-tourmaline veins and stringers associated with fractures and shear-zones, in the first four (4) holes of the program. Assay results are pending.

The Regcourt Property consists of 53 claims covering over 32 km2 in the eastern part of the Abitibi Greenstone Belt. The 2010-2011 exploration programme is designed to: 1) corroborate historic drill- and underground-intersections around the abandoned Regcourt Mine; 2) to validate the historic* resource of 61,000 tons of 6.49 gpt Au, and; 3) to expand the dimensions and volume of the resource.

The current exploration program is being supervised by John Langton M.Sc., P.Geo, of MRB & Associates, who is the Qualified Person as defined by National Instrument 43-101 for the Regcourt Project, and has approved the contents of this release.

* Galahad believes these historical estimates provide a conceptual indication of the potential of the property and are relevant to ongoing exploration. These data are historical in nature and were compiled before the implementation of National Instrument 43-101 reporting standards. The Company has not undertaken an independent investigation of the resource estimate or independently analyzed the results of the previous exploration work in order to verify the classification of the resources, and therefore the historical estimates should not be relied upon.

"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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