Galane Gold Ltd.
TSX VENTURE : GG

September 29, 2011 16:53 ET

Galane Gold Ltd. Announces Change of Auditor and Option Grants

TORONTO, ONTARIO--(Marketwire - Sept. 29, 2011) - Galane Gold Ltd. ("Galane" or the "Corporation") (TSX VENTURE:GG) is pleased to announce that it has retained KPMG LLP to replace Deloitte & Touche LLP as its auditor. There has been no discovery of any accounting or other irregularities which prompted the change of auditors. KPMG LLP was the auditor of Galane Gold Mines Ltd., the operating company that was acquired pursuant to the recently completed qualifying transaction by the Corporation.

The Corporation also announces the grant of stock options to certain directors, officers, employees and consultants of the Corporation. Options to purchase up to 1,765,000 common shares were granted with a five year term and an exercise price of $0.80 per share. In order to minimize cash expenses, the directors of the Corporation have elected to forego cash compensation for their director fees and instead receive the Black-Scholes equivalent value in options.

Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Corporation assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Corporation. Additional information identifying risks and uncertainties is contained in the Corporation's filings with the Canadian securities regulators, which filings are available at www.sedar.com.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

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