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GAX Galahad Metals

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Share Name Share Symbol Market Type
Galahad Metals TSXV:GAX TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Galahad: Red Ore Gold Announces Assays up to 4,350 g/t Silver, 0.9 g/t Gold, 0.54% Copper, 1.65% Lead and 0.83% Zinc in Grab ...

02/11/2011 1:26pm

Marketwired Canada


Not for distribution to United States newswire services or for dissemination in
the United States. 


Galahad Metals Inc. (TSX VENTURE:GAX) Red Ore Gold Inc. ("RXX"), a subsidiary of
GAX, is pleased to announce results from its due- diligence sampling and
property visit to the Rye Patch Property, Nevada this September, 2011. 


Robin Dow, CEO reports, "we are extremely encouraged by the bonanza silver
grades taken from the historic mine dumps. We believe this indicates that the
high-grade ore in the quartz vein structure will be important drill targets on
the Rye Patch property as well as other unexplored structural intersections."


4 rock dumps were visited at the Rye Patch Group Mine and 4 rock grab samples
were taken from those dumps. Assay results are presented in the table below.




SAMPLE                                     Ag    Au    Cu    Sb    Zn    Pb 
                                          g/t   g/t     %     %     %     % 
       quartz stockwork in brecciated                                       
57767  limestone                        4,350   0.9  0.54  0.54  0.19  1.65 
       quartz stockwork in brecciated                                       
57766  limestone                        2,530        0.36  0.34  0.83  0.09 
57765  brecciated limestone               2.9                               
57764  quartz in fault, rhyolite          131                    0.21  1.06 



The Ryepatch Property, including the historic Ryepatch Group Mine, is believed
to host the potential to develop large gold-silver bulk mineable mineralization
similar to the adjacent Florida Canyon and Standard open pit / heap leach mines
hosted in carbonate rocks of the Triassic age Grass Valley, Natchez Pass and
Prida Formations. From the Standard Mine to the north, to the Rye Patch Group
Mine is 8.3 kilometers (5.2 miles), and from the Rye Patch Group Mine to the
Coeur Rochester Mine to the south is 17.3 kilometers (10.8 miles).


Discovered about 1860, the Ryepatch Mine is reported by the Nevada Bureau of
Mines and Geology to have produced more than 600,000 ounces of silver by 1870.
In 1954 they reported that 80 tons of high grade tungsten ore was produced and
also that minor high grade antimony was produced during the 1960's.


The Rye Patch property, comprised of 75 unpatented lode claims and one patented
lode claim, covers approximately 1,500 acres and 2.5 miles of prospective strike
length over the productive Humboldt Thrust Fault.


The mineralized gold-silver zone has been traced in outcrop for more than 2.5
miles and occupies a north-south trending structural corridor 400 to 1,000 feet
in width along a major thrust fault. Mineralization on the south end of the
corridor is silver dominated, progressively becoming enriched in gold from the
south to the north where historic surface grab samples range from 1.25 to 3.44
grams per tonne (.04 to .11 ounces per ton) gold in the mineralized zone in the
Prida and Rochester Rhyolite Formations. Antimony-rich veins are frequently
associated with gold mineralization and historic surface grab samples from the
central portion of the main corridor have yielded results to 1.25 grams per
tonne (.041 ounces per ton) gold and 291 grams per tonne (9.3 ounces per ton)
silver.


Extensive mine workings exist to only a depth of 61 meters (200 feet) near the
southern portion of the property in the vicinity of the Rye Patch Group Mine.
Additional small mine workings are present along the entire strike of the
mineralized corridor. Most of the historic workings below surface are accessible
but none have been mapped or sampled. The property has never been drilled.


The due diligence property visit has revealed that mineralization observed at
the historic workings is both high-grade and extensive. In addition, no modern
exploration has occurred on the property since the discovery of the Carlin-type
deposits in the 1960s. Drilling beneath the shallow workings is highly
warranted.


Garry K Smith, P. Geo., who is the Qualified Person as defined by National
Instrument 43- 101 for the Pogonip Ridge Project, and has approved the contents
of this release. All samples reported were securely shipped to ALS Minerals Labs
in Reno, Nevada for assay.


The offered securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any
applicable state securities laws and may not be offered or sold in the United
States or to "U.S. persons", as such term is defined in Regulation S under the
U.S. Securities Act, absent such registration or an applicable exemption from
such registration requirements. This news release shall not constitute an offer
to sell or the solicitation of an offer to buy the offered securities in any
jurisdiction.


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