Galahad Closes $240,000 Private Placement

Galahad Metals Inc (TSX VENTURE:GAX) ("the Company") announced today that it has
completed the Private Placement announced February 13, 2012. 


The Company is pleased to announce that it raised a total of $180,000 through
the sale of Flow-Through Units ("FT Units"). The Company issued 3,600,000 FT
Units which were sold at $0.05 per FT Unit. Each FT Unit consists of one
Flow-Through common share and one Non-Flow-Through Common Share purchase warrant
exercisable at $0.12 each from the date of issue up to and including February
28, 2014.


The Flow-Through proceeds raised are being used to fund a 4-hole drilling
programme at Regcourt (Val d'Or, QC) which began on February 22, 2012 and ended
on March 16, 2012. Assay results are expected in the next 4-6 weeks. The Company
closed the issue to coincide with the end of drilling.


The Company also raised a total of $60,000 through the sale of Non-Flow-Through
Units ("Units"). The Company issued 1,200,000 Non-Flow-Through Units which were
sold at $0.05 per Unit. Each Unit consists of one Non-Flow-Through common share
and one Non-Flow-Through Common Share purchase warrant exercisable at $0.12 each
from the date of issue up to and including February 28, 2014.


Non-Flow-Through proceeds raised will be used for working capital.

The Company will pay a Finder's Fee, where applicable, payable in a combination
of cash and the issuance of securities of the Issuer equal to 4% ($6,800) of the
cash and Unit Warrants (each unit warrant is comprised of one non-Flow-Through
common share purchase warrant exercisable at $0.12 each from the date of issue
up to and including February 28, 2014) equal to 6% (204,000 units) of the
proceeds received by the Corporation from the sale of Units to subscribers.


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

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.