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International Molybdenum plc

RNS Number:3660E
Galahad Gold Plc
22 October 2004
               Galahad Gold plc ("Galahad" or "the Company")
                      Placing to raise #5 million
Galahad is pleased to announce that it has raised #5 million by way of a placing
of 50,000,000 new ordinary shares in  the Company (the "Placing Shares") with
funds managed by RAB Capital plc at 10p per share ("the Galahad Placing").
In addition, those subscribing for the Placing Shares will receive one warrant
to subscribe for one ordinary share in  Galahad for every two shares subscribed
for in the Galahad Placing.  These warrants will have an exercise price of 11p 
per share and will be exerciseable until the second anniversary of the date of
admission of the Placing Shares to  trading on AIM. This will bring the holding
by funds managed by RAB Capital plc and associated parties on a fully  diluted
basis to 11.8% of the enlarged issued share capital of the Company.
The net proceeds will be used for general corporate purposes and strategic
developments.
Commenting on the Galahad Placing, Ian Watson, Chairman of Galahad, said:
"I am delighted to see funds managed by RAB Capital plc subscribing for further
shares in Galahad.  This additional  investment of #5,000,000 will allow Galahad
to take advantage of future opportunities as they arise.
RAB Capital plc has a stated policy of looking for strategic investments in
assets of global significance. Galahad's  projects are excellent examples."
Galahad will today make application for admission to trading on AIM of
50,0000,000 new ordinary shares and admission to  AIM is expected to take place
on 27 October 2004.
Enquiries to:
Galahad Gold PLC
Ian Watson/Alastair King                                     Tel: 020 7408 2002
Seymour Pierce
Mark Percy/Jeremy Porter                                     Tel: 020 7107 8000
Notes to Editors:
Galahad Gold plc is an international mining development company quoted on the
AIM market of the London Stock Exchange under the symbol GLA.
Galahad currently has three projects:
      * Northern Dynasty: A 35.81% shareholding (34.65% on a fully diluted
        basis) in Northern Dynasty Minerals Limited (a company quoted on the TSX
        Venture Exchange, Toronto under the symbol NDM) which has the right to
        acquire 100% of the Pebble project in Alaska, USA. The Pebble project is
        a major copper-gold-molybdenum-silver porphyry deposit. Galahad's pro
        rata share of the metals contained in the Inferred Mineral Resources at
        Pebble is 9.22m ounces of gold; 5.74bn pounds of copper and 313m pounds
        of molybdenum.
      * Skaergaard: A 100% shareholding in Skaergaard Minerals Corporation
        which owns the Skaergaard project in Eastern Greenland. Skaergaard is a
        large gold-palladium-platinum project with Inferred Mineral Resources of
        10.9m ounces of gold, 35.1m ounces of palladium and 3.0m ounces of
        platinum, in addition to substantial quantities of accessory metals and
        minerals (including copper, titanium dioxide, gallium and vanadium).
      * Malmbjerg: A 100% interest in an exclusive exploration licence for
        the Malmbjerg molybdenum deposit, located at the Werner Bjerge in
        Eastern Greenland. This deposit has been identified through previous
        exploration activities as a world class molybdenum deposit with an
        unclassified mineral resource estimate of 150m tonnes containing 0.23%
        MoS2 (at a 0.16% cut off). The Climax-type mineralization was classified
        in previous exploration activities as a proven reserve under the
        regulations in-force at the time. At this stage, Galahad regards the
        deposit as an unclassified mineral resource pending a complete review of
        all the previous exploration data.
Further information on Galahad may be found at www.galahadgold.com
                      This information is provided by RNS
            The company news service from the London Stock Exchange
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