GAX Galahad Metals

Galahad Metals Inc. (or "Galahad")(TSX VENTURE:GAX) is pleased to present
preliminary assay results from its recently completed Phase II drilling campaign
at the Regcourt gold Property, 30 km east of Val d'Or, QC. The drilling
successfully intersected targeted sulphide- bearing, gold-mineralized quartz
veins in close proximity to the historic Regcourt Gold Mine workings.


A total of 800 core samples were collected from the recently completed 13-hole
drilling campaign, which totalled 3226 metres and comprised 11 new diamond-drill
holes and extensions to two Phase I holes (RG10-02 and RG10-07). To date, assay
results from seven holes (RG11-01 to RG11-07) have been received from ALS Chemex
Laboratories in Val-d'Or, QC, which carried out the analytical procedures.
Galahad is still waiting for results from the remaining six sampled drill-holes,
which are expected in the coming few weeks.


Robin Dow, CEO reports: "Management is encouraged by the continued presence of
gold mineralization in five (5) of the seven (7) reported drill holes. We are,
however, somewhat puzzled by the absence of gold mineralization within the
targets identified by the recent down-hole IP survey. Galahad has made requests
to the geologists we have engaged at MRB & Associates and Abitibi Geophysics, to
conduct further analysis of the target sections, carry out whole rock analysis
as required, and to resample some sections to ensure complete testing."


Selected highlights of the analytical results are listed in Table 1, and include:



--  3.21 g Au/t over 0.5 m (Hole RG11-02, from 197.80-197.30m) 
--  12.05 g Au/t over 0.4 m (Hole RG11-02, from 241.85-242.25m) 
--  4.20 g Au/t over 0.3 m (Hole RG11-05, from 108.9-109.2 m); 
--  10.50 g Au/t over 0.65 m (Hole RG11-06, from 49.8-50.45 m); and 
--  14.60 g Au/t over 0.35 m (Hole RG11-06, from 55.65-56.0 m). 

                                                                            
                                                                            
   Table 1: Selected highlights of preliminary results from 2011 diamond-   
                            drilling programme(i)                           
                                                                            
             Hole Orientation    Length     From               Intersection 
Hole              (True)        of hole      (m)   To (m)           (Au-gpt)
              Azimuth      Dip      (m)                                     
----------------------------------------------------------------------------
RG11-02           200      -52                                              
             degrees  degrees       300   197.80   201.45   0.86 over 3.65 m
including                                 197.80   198.30   3.21 over 0.50 m
                                                                            
                                          241.85   242.25  12.05 over 0.40 m
----------------------------------------------------------------------------
                  200      -60                                              
RG11-03      degrees  degrees       389   227.00   228.50   1.44 over 1.50 m
                                          233.80   242.00   0.74 over 8.20 m
                                                                            
----------------------------------------------------------------------------
RG11-05           200      -54                                              
             degrees  degrees       324    79.70    80.00   2.42 over 0.30 m
                                                                            
                                          108.00   109.20   2.31 over 1.20 m
                                                                            
                                          117.00   118.00   0.94 over 1.00 m
                                                                            
                                          268.50   270.00   2.23 over 1.50 m
                                                                            
----------------------------------------------------------------------------
RG11-06           020      -60                                              
             degrees  degrees       279    48.00    50.45   3.08 over 2.45 m
including                                  49.80    50.45  10.50 over 0.65 m
                                                                            
                                           55.65    56.00  14.66 over 0.35 m
                                                                            
                                          195.75   196.40   1.49 over 0.65 m
                                                                            
----------------------------------------------------------------------------
RG11-07           020      -60                                              
             degrees  degrees       270   157.80   158.15   1.40 over 0.35 m
                                                                            
----------------------------------------------------------------------------
(i)All holes are inclined, therefore "From" and "To" distances tabulated are
metres down-hole, not vertical metres. Furthermore, calculated intersection 
"Intervals" are down-hole lengths and not true widths. All assays are       
reported uncut.                                                             



The diamond-drilling program was designed to: 1) target the projected downward
extensions of known mineralized quartz veins; 2) investigate the potential of
previously untested structural features recognized from new geologic
interpretations, and; 3) test the potential of underground IP anomalies detected
by a previously completed down-hole IP survey.


The results received to date from the Phase II programme support the current
interpretation of a Sigma-type, hydrothermal, shear-zone associated,
gold-bearing quartz-tourmaline vein and stringer system. Other than areas where
there is notable alteration, no significant gold concentrations have yet been
detected in the country rock hosting the gold-bearing fault-fill and extensional
veins.


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.


QA/QC Procedures

Galahad has implemented a quality control program to ensure best practices in
sampling and analysis of the core samples. The core was logged and then split,
with half the core sent for assay, and half retained for verification and
reference purposes. Standards and blanks were inserted randomly into the sample
stream. The samples were delivered, in security bags, directly to ALS-Chemex
Laboratories Ltd. in Val-d'Or, Quebec for analysis. Samples were initially
analyzed by conventional fire assaying. Pulps from samples that returned
moderately anomalous values, or that were collected from intervals adjacent to
anomalous zones, were re-assayed by conventional fire assaying. For the reported
intersections, total metallic-sieve check assays were completed on the remaining
coarse crush reject for all samples reporting greater than 10 g/t Au from the
initial fire assay. The final reported gold grade for a sample is the
metallic-sieve result, when available, otherwise, it is the average of the two
fire assays.


The accredited ALS-Chemex Laboratories Ltd. of Val-d'Or, Quebec is the only
assay laboratory being used for lithogeochemical analyses. ALS Chemex has
attained ISO 9001:2000 registration, which requires evidence of a quality
management system covering all aspects of the assaying process. To ensure
compliance with this system regular internal audits are undertaken by staff
members specially trained in auditing techniques.


For further information, please go to www.galahadmetals.com.

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