Galahad Metals Amends Private Placement

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.


The Company, subject to Exchange approval, will pay a Finder's Fee payable in
the issuance of securities of the Issuer equal to 6% of the proceeds raised to a
maximum of 360,000 warrants and cash compensation equal to 4% in connection with
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. Neither the 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 Press Release.