OTTAWA, ONTARIO, Nov. 18, 2010 (Marketwire) -- Galahad Metals Inc (TSX VENTURE:GAX) announces that the Company is amending the terms of the private placement announced November 10, 2010. The Company plans to issue a maximum aggregate of 3,700,000 (the "Units") consisting of an aggregate of common shares and warrants and flow-through common shares and warrants of the Issuer for gross proceeds of $402,000.

Each Regular Unit is priced at $0.09 per unit with each unit comprised of one common share and one common share purchase warrant, each whole warrant is exercisable at a price of $0.15 per common share from the date of issue up to and including November 30, 2012. The proceeds from Regular Units will be used for working capital.

Each Flow-through unit is priced at $0.11 per unit and consists of one flow-through common share and one Warrant. Each Warrant shall entitle the subscriber to subscribe for and purchase one additional Share at a price of $0.15 per Share from the date of issue up to and including November 30, 2012.

The proceeds obtained from the issuance of the Flow-Through Units shall be used for a diamond-drilling and down-hole geophysics exploration programme at Galahad's Regcourt Property near Val d'Or QC.

The Company will pay a Finder's Fee payable in a combination of cash and the issuance of securities of the Issuer equal to 4% of the cash and such number of Regular Units equal to 6% of the proceeds in connection with proceeds received by the Corporation from the sale of either Regular or Flow-Through Units to subscribers.

"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."

Robin Dow, C.E.O robin@dowgroup.ca www.galahadmetals.com In Vancouver: 1-604-569-2509 wayne@dowgroup.ca