2.72 oz Au/t, 31.4 oz Ag/t @ GALAHAD's New Kellyn Gold Prospect, Terrace Bay Area, Ontario

OTTAWA, ONTARIO, Jan 22, 2009 (Marketwire via COMTEX) -- Galahad Metals Inc (GAX) announces that it has optioned the Kellyn property (nine claims; 56 claim units) from two local prospectors (the "Optionors") in the Thunder Bay area. The highly prospective Kellyn property is comprised of a gold and base metal vein system that occurs along the contact between ultramafic rocks and a granitoid body. Historic data indicate that up to 2.72 oz/ton gold and 31.4 oz/ton silver were found on the property. One sample collected by Galahad Metals contains 26.8 g/t (0.84 oz/tonne) gold and two contain from 3 to 13 oz/tonne silver. Preliminary sampling (Table 1) confirms the gold-rich content of the vein system.

The data in Table 1 are from widely spaced samples; systematic sampling will follow. Several features are noteworthy based on these data:

- The host rock appears to be alkaline, a common parentage for magmatic gold deposits. It is exceptionally enriched in the rare earth elements, represented by lanthanum (La), and cerium (Ce), and also in other immobile elements (zirconium, (Zr), niobium (Nb) and yttrium (Y)). This indicates that the alkaline system is strongly fractionated, a common feature of some porphyry and epithermal gold deposits.

- Two samples are enriched in tellurium (Te), another indicator of a magmatic origin of the veins. This is similar to the vein systems at Kirkland Lake.

- One sample (C351449) contains elevated molybdenum (Mo) content, also compatible with a magmatic system.

- The combination of gold and silver is typical of an epithermal or porphyry-style of mineralization, in contrast to the gold-only nature of most mesothermal vein systems that are more typical of the Canadian Shield.

------------------------------------...
SAMPLE ...X UTM ...Y UTM ...Note ..................Ag ....Au ....Ce .....Cs
.........NAD83 ...NAD83 .........................g/t ...g/t ...ppm ....ppm
.........Z16 .....Z16
------------------------------------...
C351447 ..504269 ..5410928 Alkaline host .........6 .....0.01 ..550(i) 87(i)
.........................rock
------------------------------------...
C351448 ..504662 ..5411109 Au-Te-Pb-Cu ...........100 ...26.8 ...7 .....3
------------------------------------...
C351449 ..504817 ..5410823 Moly-rich vein ........9 .....0.2 ....42 ....4
------------------------------------...
C351450 ..504794 ..5410808 Ag-Bi-Pb-Se-Te ........431 ...0.67 ...73 ....0
------------------------------------...

------------------------------------...
SAMPLE ...X UTM ...Y UTM ....Cu .....La .......Mo .....Nb
.........NAD83 ...NAD83 ....ppm ....ppm ......ppm ....ppm
.........Z16 .....Z16
------------------------------------...
C351447 ..504269 ..5410928 ..653 ....225(i) ...2 ......168(i)
------------------------------------...
C351448 ..504662 ..5411109 ..17850
.........................(1.79%) 3.4 ......1 ......0.7
------------------------------------...
C351449 ..504817 ..5410823 ..93.5 ...18.8 .....71 .....2.9
------------------------------------...
C351450 ..504794 ..5410808 ..3970 ...34.2 .....2 ......0.5
------------------------------------...

------------------------------------...
SAMPLE ...Ni ....P .....Pb ............Sb ....Sr ....Te ....Y ......Zn ...Zr
.........ppm ...ppm ...ppm .....S % ...ppm ...ppm ...ppm ...ppm ....ppm ..ppm
------------------------------------...
C351447 ..125 ...3710 ..432(i) ..6.43 ..0 .....248 ...2 .....120(i) 368 ..1020(i)
------------------------------------...
C351448 ..154 ...50 ....73000 ...6.79 ..6 .....311 ...83 ....7 ......6670 9
....................(7.3%)
------------------------------------...
C351449 ..55 ....940 ...302 .....2.52 ..0 .....401 ...2 .....12 .....57 ...72
------------------------------------...
C351450 ..23.2 ..340 ...11300 ...1.84 ..0 .....121 ...63 ....9 ......43 ...3
....................(1.13%)
------------------------------------...
Table 1: Data for four samples from the Kellyn property. Sample C351447
represents the granitic host rock. The others are from various vein
systems on the property. All analyses completed by ALS-Chemex using
their ME-MS61 except those noted with an "(i)" which are analyzed by ME-
MS81.
------------------------------------...

In addition the occurrence of many of the veins at the contact between ultramafic and granitoid rocks indicates that the vein system formed in a 1.5 km -long zone of high ductility contrast. This provides a specific target for the Galahad exploration team to follow. Line cutting and geophysical surveys will be completed in February, with drilling to follow.

Under the terms of the agreement, GAX is required to pay to the Optionors, subject to the approval of the TSX-V, $6,000 and 100,000 shares of GAX upon signing and on the first, second and third anniversaries. The property is subject to a 2% NSR payable to the Optionors, of which half can be purchased for $1,000,000.

In addition to the new Kellyn Project Galahad has two active gold projects; the Montrose gold property near Matachewan, Ontario, where the Company is currently concluding an IP survey, and the very prospective Bottle Creek gold-silver project in Nevada.

Dr. J. M. Franklin, P. Geo, FRSC, is a Qualified Person as defined by National Instrument 43-101.

"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."

SOURCE: Galahad Metals Inc.

Robin Dow
President, C.E.O
1-888-864-7708
robin@dowgroup.ca
BAY STREET CONNECT:
Gus Garisto
1-416-607-6023
gus@baystreetconnect.com
www.galahadmetals.com