Galore Resources Inc.
TSX VENTURE : GRI

Galore Resources Inc.

May 02, 2012 10:00 ET

Galore Announces $750,000 Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 2, 2012) - Galore Resources Inc. (TSX VENTURE:GRI) announces a non-brokered private placement of up to 7.5 Million units at a price of $0.10 per unit with an overallotment option of an additional 15% or 1,125,000 units. Each unit (a "Unit") will consist of one common share and one share purchase warrant. Each warrant will be exercisable into one additional common share at a price of $0.20 per share for a period of eighteen months from the date of closing of the financing.

The Company will pay a finders fee in connection with the private placement to certain parties who are instrumental in introducing investors to the Company. The finder's fee shall be equal to 8% of the amount of gross proceeds raised. In addition, subject to compliance with regulatory requirements, finders will also be issued finder's Compensation Options, exercisable into that number of units as is equal to 10% of the number of Units sold to investors. Each Compensation Option shall be exercisable for a period of 18 months into one compensation unit at a price of $0.20 per Compensation Option. Each compensation unit shall have the same terms as the Units issued in the private placement.

The proceeds of the offering will be used for a deep drill program on the Company's El Álamo gold project, Mexico, and for general working capital. The private placement and finder's fees are subject to acceptance by the TSX Venture Exchange.

The recent track-drill program at El Álamo resulted in 20 of the 32 shallow holes drilled showing significant gold intercepts. The best results included 2.22 g/t gold over 17.5 metres; 9.39 g/t gold over 4 metres; 4.4 g/t gold over 12 metres and 6.57 g/t gold over 8 metres. These were encouraging results at the El Álamo claim on Galore's Mexico-based property.

Michael Byrne, President

To learn more about Galore Resources visit www.galoreresources.com.

Cautionary Note Regarding Forward-Looking Information: The Company expressly warns readers not to rely on the information herein for investment or other related purposes. Accordingly, any use of this information is at your own risk and without liability to the company. The information contained herein is not, and under no circumstances is to be construed as either a public or a private offer or solicitation to purchase securities in the capital stock of Galore Resources Inc. The reader is referred to his/her professional investment advisor regarding investment or related decisions respecting the securities of the company. No securities commission or similar regulatory authority has passed on the merits of or reviewed the information contained herein.

Neither 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 release.

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