Galahad Completes Phase 1 Drilling at Regcourt Assays Pending

OTTAWA, ONTARIO--(Marketwire - March 21, 2012) - Galahad Metals Inc. (TSX VENTURE:GAX.V - News) ("Galahad") is pleased to announce the completion of 2012 Phase 1 exploration at the Regcourt Property, 30 km east of Val-d'Or, Quebec. The exploration programme consisted of four diamond drill holes totaling 1572 metres. Assays are expected to be released within the next month.

MRB & Associates (MRB) of Val-d'Or, QC, are managing the operations of the Regcourt Project, and have designed the 2012 drill programme using a Gemcom 3-D model of the Project. The mineralization model has been updated with results from Galahad's previous drill programmes.

The current exploration programme is being supervised by John Langton (P.Geo) of MRB, a Qualified Person as defined by National Instrument 43-101 for the Regcourt Project, who has approved the contents of this release.

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.

Contacts

1-905-483-1155
Mike Zamora, President
Email: mike@dowgroup.ca

Wayne Meredith
In Vancouver:
1-604-569-2509
wayne@dowgroup.ca

Sean Kingsley
Investor relations