Galahad Metals Inc.'s-Red Ore Gold Launches IPO

OTTAWA, ONTARIO, Jul 12, 2011 (MARKETWIRE via COMTEX News Network) --
Red Ore Gold Inc. ("RXX"), a subsidiary of Galahad Metals Inc. (TSX VENTURE:GAX) announced today that RXX has received a Receipt from the BC Securities Commission (plus the OSC and ASC) for its preliminary prospectus, which was filed on Friday, July 8, 2011.

Terms of the RXX IPO issue:

OFFERING PRICE: $0. 30 per Unit.

OFFERING SIZE: A maximum of $3,000,000.

OFFERING TYPE: The Company is offering up to a maximum of 10,000,000 Units, through an Initial Public Offering by way of a Prospectus Offering. Each Unit consists of one Common Share and one transferable Warrant. Each Warrant is exercisable to acquire one Share for a period of 2 years from the Listing Date at a price of $0.40.

JURISDICTIONS: The qualifying jurisdictions for this offering will be the provinces of British Columbia; Alberta and Ontario; and such other jurisdictions as mutually agreed; and in the United States by way of Rule 144A.

ELIGIBILITY: The Units shall be eligible for RRSP's; RRIF's; RDSP's; RESP's; TFSA's and DPSD's.

Completion of the initial public offering is subject to and conditional upon the receipt of all necessary approvals, including regulatory approvals. Copies of the preliminary prospectus will be available on the website www.sedar.com.

EXPECTED CLOSING DATE: Late July, 2011.

AGENT: PI Financial Corp. Syndication: Erica Williamson ([email protected]) (604) 664-3637.

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

"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. 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 release."

Contacts: Robin Dow Chairman & C.E.O 1-888-834-7708 [email protected] In Vancouver: Wayne Meredith 1-604-569-2509 [email protected] www.redoregold.com,

SOURCE: Galahad Metals Inc. and Red Ore Gold Inc.

mailto:[email protected] mailto:[email protected] http://www.redoregold.com

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