Galahad: Regcourt Project Abstract

(TSX VENTURE:GAX)

The Regcourt Property, comprising 53 claims over 32 km2, is 30 km east of
Val-d'Or in the eastern part of the Abitibi Greenstone Belt, which remains a
prime hunting ground for gold deposits in Canada.


Robin Dow, CEO of Galahad Metals, states: "As Galahad's exploration has
advanced, similarities between the gold mineralization at Regcourt and that of
the nearby Beaufort Mine, owned by Richmont Mines Inc., continue to be
recognized. Significant mineralization occurs around the 100 m level of the old
Regcourt Gold Mine, and Galahad's drilling has indicated that mineralization
continues below the historical underground workings (165 m) and may continue to
considerable depth. Galahad is in the process of finding a partner to further
the exploration and to develop the full potential at Regcourt."


The Regcourt occurrence was discovered in 1944 when an area of outcrop on the
property was stripped, exposing a wide quartz vein that yielded an average gold
grade of 8.13 gpt (grams per tonne) across an average width of 0.76 m over a
strike length of 67 m. Underground development was carried out in 1946-47 and
comprised a 544 foot (165 m) shaft and 1317 feet (400 m) of cross-cuts and
drifts. An historic mineral inventory in the vicinity of the underground
workings was estimated at 61,000 tonnes Au @ 5.49gpt (10,766 oz Au)(i)
(Routledge, 1983).


(i) This is an historical mineral inventory estimate, not a resource estimate,
nor is it compliant with NI 43-101 Mineral Resources and Mineral Reserves
standards, and it should not be relied upon as accurate. Furthermore, the
quantity and grade of the estimated in situ inventory reported herein are
uncertain, and there has been insufficient exploration to categorize them as an
Inferred Resource. It is uncertain if further exploration will result in
reclassification of the inventory to the Inferred Mineral Resource category.


The property is underlain by greenschist-grade, mainly mafic to intermediate,
flows and pyroclastic deposits of the Malartic Group that are intruded by two
granodiorite stocks: 1) the so- called Regcourt Stock, and; 2) the East-End
Granodiorite (EEG). Gold is present in sulphide minerals (mainly pyrite) and as
free gold, both of which are hosted by hydrothermal quartz- tourmaline veins and
stringers associated with fractures and shear-zones within and on the periphery
of the Regcourt Stock. As Galahad's exploration has advanced, similarities
between the style of deformation and mineralization at the historic Regcourt
Mine and that of the nearby Beaufort Mine (Richmont Mines Inc.) continue to be
recognized.


Galahad has carried out a systematic diamond-drilling exploration program
comprising 25 surface drill-holes, totalling 7068 metres in the vicinity of the
historic underground workings. Data from Galahad's exploration along with all
available historic data have been incorporated into a drill-hole database linked
to a 3-D Gemcom (R) model.


Two families of veins are evident at Regcourt: 1) shear-style fault-fill veins,
and; 2) tension-style ("flat") extensional veins (Figure 1):


Shear-style veins

The shear-style veins comprise gold- and sulphide-bearing, quartz-tourmaline
veins with associated chlorite and albite alteration, within an overall
northwest-trending zone of high strain. The veins within this zone are oriented
generally east-west and dip steeply to the south. Six principal shear-veins (#1
through #6) have been identified: four of these veins (#1 through #4) were
originally intersected and sampled during underground work at the mine in the
1940's, whereas two (#5 and #6) are newly defined. Drilling by Galahad has
delineated all of these veins beyond the old workings.


Tension-style ("flat") veins

The moderately dipping extensional veins are typically seen at gold deposits in
the Val-d'Or Mining Camp. The may be abundant or infrequent, and commonly host
very high gold- grades. The T2 flat vein at Regcourt hosts gold mineralized
intervals of 39.5 gpt /1.20 m and 39.0 gpt /1.05 m.


Longitudinal Sections of the veins, and interactive 3-D figures are available on
the Galahad web-site (http://galahadmetals.com/projects/1-regcourt/).


A summary of vein intersections(i) encountered by diamond-drilling are tabulated
in Table 1.


(i)The described intersections refer to core-length intervals and do not
represent true widths of the mineralized zones.


The exploration programmes carried out by Galahad have confirmed the potential
for gold mineralization at depth on the Regcourt Project. Although not all of
the veins have been tested, the results to date confirm the existence of gold
mineralization at the projected down-dip extensions of several known zones below
the historic underground infrastructure. Additional veining and mineralization
may also be present in the untested parts of the Regcourt Stock that have been
affected by similar deformation, faulting and fracturing.


The eastern part of the Property hosts a larger granodiorite intrusion, herein
referred to as the East End Granodiorite (EEG), whose surface extent is
significantly larger than the Regcourt Stock. Quartz-tourmaline-pyrite veins in
the EEG have been encountered by historic surface trenching and diamond-drill
holes. No significant gold concentrations have been noted; however, only a small
suite of results are available. The under-explored EEG warrants further
investigation to determine whether it has a similarly developed a vein system to
the Regcourt Stock.


Figure 1: Drill-holes and projected surface traces of principal veins at the
Regcourt Project is available at the following address:
http://media3.marketwire.com/docs/gax_fig1_0404.pdf


The technical information in this news release was reviewed and approved by John
Langton, P.Geo., a Qualified Person under NI 43-101 standards.


Routledge, R.E., 1983. Report on the Albanex Energy Corporation Limited Regcourt
Property, Vauquelin Township, Quebec. Prepared for Lugano Resources Ltd. by
Derry, Michener, Booth and Wahl Consultants Ltd.


Table 1: Selected "Best" Intervals from Veins at the Regcourt Project



----------------------------------------------------------------------------
Hole            From (m)      To (m)     Au (gpt)   Interval (m)        Zone
----------------------------------------------------------------------------
CM-81-04           82.30       83.82        12.00           1.52      Vein 1
----------------------------------------------------------------------------
CM-81-05          121.17      122.69       145.37           1.52      Vein 1
----------------------------------------------------------------------------
RG12-03           106.85      110.00         1.03           3.15      Vein 1
----------------------------------------------------------------------------
CM-81-04          126.49      128.02         5.49           1.52      Vein 2
----------------------------------------------------------------------------
RG10-02ext        287.50      299.00         0.41          11.50      Vein 2
----------------------------------------------------------------------------
RG10-02ext        303.00      304.00         4.85           1.00      Vein 2
----------------------------------------------------------------------------
RG10-08           106.80      108.30        15.14           1.50      Vein 2
----------------------------------------------------------------------------
RG11-09           154.55      155.45         0.54           0.90      Vein 2
----------------------------------------------------------------------------
RG12-02            66.00       69.00         5.28           3.00      Vein 2
----------------------------------------------------------------------------
16                213.60      214.20         7.15           0.60      Vein 2
----------------------------------------------------------------------------
UG-32              21.64       23.16        10.79           1.52      Vein 2
----------------------------------------------------------------------------
CM-81-04          121.17      122.69        10.97           1.52      Vein 3
----------------------------------------------------------------------------
RG10-03           237.40      238.40         3.29           1.00      Vein 3
----------------------------------------------------------------------------
RG10-03           288.00      288.90       131.00           0.90      Vein 3
----------------------------------------------------------------------------
RG10-03           295.80      297.00         2.20           1.20      Vein 3
----------------------------------------------------------------------------
RG11-06            48.00       50.45         3.08           2.45      Vein 3
----------------------------------------------------------------------------
including          49.80       50.45        10.50           0.65      Vein 3
----------------------------------------------------------------------------
RG11-06            55.65       56.00        14.60           0.35      Vein 3
----------------------------------------------------------------------------
RG12-02            91.90       92.80         0.50           0.90      Vein 3
----------------------------------------------------------------------------
RG12-03           122.50      123.00         2.13           0.50      Vein 3
----------------------------------------------------------------------------
RG12-04           120.00      124.50         0.41           4.50      Vein 3
----------------------------------------------------------------------------
RG12-04B          123.50      124.00         4.01           0.50      Vein 3
----------------------------------------------------------------------------
CM-81-06           82.00       84.80         9.01           2.80      Vein 3
----------------------------------------------------------------------------
CM-81-03          151.64      153.16         1.37           1.52      Vein 4
----------------------------------------------------------------------------
RG10-02           142.00      145.60        79.37           3.60      Vein 4
----------------------------------------------------------------------------
RG10-04           168.00      172.00         4.05           4.00      Vein 4
----------------------------------------------------------------------------
including         170.00      171.00        12.00           1.00      Vein 4
----------------------------------------------------------------------------
RG10-05           326.50      326.80        10.75           0.30      Vein 4
----------------------------------------------------------------------------
RG10-06           282.90      283.20        13.04           0.30      Vein 4
----------------------------------------------------------------------------
RG10-06           288.80      290.50         6.28           1.70      Vein 4
----------------------------------------------------------------------------
RG11-02           241.85      242.25        12.05           0.40      Vein 4
----------------------------------------------------------------------------
RG12-04           164.00      164.55        36.60           0.55      Vein 4
----------------------------------------------------------------------------
CM-81-08          102.40      104.20         9.30           1.80      Vein 4
----------------------------------------------------------------------------
29                194.70      196.40         1.90           1.70      Vein 4
----------------------------------------------------------------------------
UG-12                6.1        8.17         7.54           2.07      Vein 4
----------------------------------------------------------------------------
UG-12              12.52       14.63         4.11           2.11      Vein 4
----------------------------------------------------------------------------
UG-17               6.71        9.45         14.4           2.74      Vein 4
----------------------------------------------------------------------------
UG-30              15.39       15.88        10.29           0.49      Vein 4
----------------------------------------------------------------------------
CM-81-01          119.18      120.09        30.17           0.91      Vein 5
----------------------------------------------------------------------------
CM-81-02           58.21       59.13        30.17           0.92      Vein 5
----------------------------------------------------------------------------
RG10-03           163.00      164.00         0.26           1.00      Vein 5
----------------------------------------------------------------------------
RG10-07ext        376.45      376.80         6.33           0.35      Vein 5
----------------------------------------------------------------------------
RG10-07ext        415.00      418.00         0.83           3.00      Vein 5
----------------------------------------------------------------------------
RG10-08           196.00      197.00         4.16           1.00      Vein 5
----------------------------------------------------------------------------
RG11-02           197.80      198.30         3.21           0.50      Vein 5
----------------------------------------------------------------------------
RG12-04B          207.60      209.90         2.10           2.30      Vein 5
----------------------------------------------------------------------------
RG12-04B          213.00      213.60         5.28           0.60      Vein 5
----------------------------------------------------------------------------
CM-81-08          141.40      143.00        55.40           1.60      Vein 5
----------------------------------------------------------------------------
20                155.78      157.50         2.20           1.72      Vein 5
----------------------------------------------------------------------------
UG-12              16.15       17.68         6.17           1.53      Vein 5
----------------------------------------------------------------------------
UG-17              16.46       17.98        18.86           1.52      Vein 5
----------------------------------------------------------------------------
UG-17              22.83       24.08        16.11           1.25      Vein 5
----------------------------------------------------------------------------
RG10-07ext        386.00      386.45        14.45           0.45      Vein 6
----------------------------------------------------------------------------
RG12-03           348.90      349.40         5.70           0.50      Vein 6
----------------------------------------------------------------------------
RG12-04B          315.00      315.80         6.09           0.80      Vein 6
----------------------------------------------------------------------------
RG11-08            40.90       42.10        39.50           1.20     Vein T2
----------------------------------------------------------------------------
RG12-01            42.50       43.55        39.00           1.05     Vein T2
----------------------------------------------------------------------------



"The statements in 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. The TSX
Venture Exchange has not approved or disapproved of the information contained in
this Press Release."


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

FOR FURTHER INFORMATION PLEASE CONTACT: 
Robin Dow, President, C.E.O
1-888-834-7708
[e-mail]


In Vancouver:
Wayne Meredith
1-604-812-5528
[e-mail]