OTTAWA, ONTARIO–(Marketwire – Feb. 29, 2012) – Galahad Metals Inc. (“the Company), (TSX VENTURE:GAX) announces that, subject to TSX Venture Exchange (the “Exchange”) approval, the Company has increased the previously announced non-brokered financing from 5,000,000 units to 6,000,000 non-brokered units at a price of $0.05 per unit. Each unit being comprised of either one flow-through common share or one non flow-through common share and one non flow-through common share purchase warrant. Each whole warrant will be exercisable at a price of $0.12 per common share from the date of issuance up to and including February 28, 2014. Management expects the issue to close on or about March 9, 2012 (changed from the previous closing date of February 28, 2012).

Proceeds raised from flow-through will be used to fund the four-hole diamond drilling programme at Regcourt which began on February 22, 2012. Each of the four holes will be approximately 350 metres in length for a total of approximately 1400 metres. The balance will be used for working capital.