N※N

Galahad Metals Inc.: Galahad Metals Inc.: Warrant Extension and Re-Pricing

OTTAWA, ONTARIO--(Marketwire - Jan. 2, 2009) - Galahad Metals Inc. (TSX VENTURE:GAX) announced today that it has applied to the TSX-V to have certain warrants extended and re-priced (as per the new TSX-V guidelines published December 15, 2008) as follows:

-----------------------------------------------------------------------
Expiry date: Wt price: Warrants: New Expiry New Wt
 date: price:
-----------------------------------------------------------------------
Oct. 1, 2009 $1.00 524,000 Oct. 1, 2012 0.10 cents
-----------------------------------------------------------------------
Mar 1, 2010 $1.50 86,500 Mar 1, 2013 0.15 cents
-----------------------------------------------------------------------
Mar 1, 2009 $2.00 254,000 Mar 1, 2012 0.20 cents
-----------------------------------------------------------------------
Dec 21, 2009 $2.00 1,000,000 Dec 21, 2012 0.20 cents
-----------------------------------------------------------------------
Mar 9, 2010 $2.00 500,000 Mar 9, 2013 0.20 cents
-----------------------------------------------------------------------

"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."