http://www.galahadgold.com/
http://www.northerndynastyminerals.com/ndm/Home.asp

Extracts From Chairmans statement in last finals of 10th FEB 04
---------------------------------------------------------------
The Group was formed on completion of a transaction in which the assets of
Shambhala Gold Limited and shares in Skaergaard Minerals Corporation were
acquired by Galahad Capital plc, a company quoted on the AIM market of the
London Stock Exchange. This transaction was announced on 29 October 2003 and
completed on 23 December 2003. The name was changed to Galahad Gold plc on
completion.

Galahad is now a sizeable mining and development company which has the potential
to benefit from opportunities in the precious metals resource sector. It remains
Galahad's aim to own properties with resources containing a total of at least
50m ounces of precious metals gold equivalent. To date Galahad has acquired two
mining projects:

•A 21.9% shareholding (33.25% on a fully diluted basis) in Northern
Dynasty Minerals Limited which has the right to acquire 100% of the Pebble
project in Alaska USA; and

•A 100% shareholding in Skaergaard Minerals Corporation, which owns the
Skaergaard project in Greenland.

Your board believes that the Skaergaard project provides a highly-leveraged
exposure to any increase in the price of gold, platinum and palladium and the
Pebble project provides similar exposure to any increase in the price of gold
and copper.

FINANCIAL YEAR HIGHLIGHTS

•The acquisition of Shambhala Gold Limited and shares in Skaergaard
Minerals Corporation was successfully completed.

•As part of this acquisition, Galahad Gold plc acquired a 21.9%
shareholding (33.25% fully diluted) in Northern Dynasty Minerals Limited, a
Canadian quoted company with an option over 100% of the Pebble project in
Alaska.

•Northern Dynasty Minerals Limited recently announced that the Pebble
project contained 26.5m ounces of gold and 16.5 billion pounds of copper,
making it the largest gold deposit in North America in terms of contained
gold and the second largest copper deposit in North America in terms of
contained copper.

•The successful 2003 development programme at the 100%-owned Skaergaard
deposit in Greenland.

http://www.galahadgold.com/ggp/projects/srk/SRKConsultingReport.pdf

Further highlights since 31 DEC 03 year end.

22 Jan 04 http://www.galahadgold.com/ggp/media/releases/2004-01-22/

29 Jan 04 GALAHAD GOLD PLC Skaergaard - results of 2003 drilling and plans for 2004

30 Jan 04 http://www.galahadgold.com/ggp/media/releases/2004-30-01/

09 Feb 04 http://www.galahadgold.com/ggp/media/releases/2004-02-18/

10 Feb 04 http://www.galahadgold.com/ggp/media/releases/2004-02-23/

11 Feb 04 GALAHAD GOLD PLC Placing by Northern Dynasty Minerals Limited

07 Apr 04 DYOR TODAY DIRECTORS BUY IN!!

Galahad Gold Plc
07 April 2004


Galahad Gold plc
('Galahad Gold' or the 'Company')

Director Shareholdings

The Company has been informed that certain Directors have acquired new ordinary
shares in the Company as part of the recent placing of new ordinary shares at
12p per share. Details of their placing participations and new shareholdings in
Galahad Gold are set out below:

Director No. of shares acquired in New Percentage of issued
the Placing shareholding share capital

Ian Watson 794,633 220,877,573 39.28%

Jim Slater 468,383 63,507,133 11.29%

Mark Slater 345,491 38,611,491 6.87%

Lord Wolfson
of Sunningdale 345,491 3,661,991 0.65%

http://www.axisto.com/bbcnbc/index.aspx?config=data/galahadgold/260204/config.xml

RNS out today on Galahad's Malmbjerg/InterMoly Project - it appears that the delay has been reversed and an alternative found to the issue of the Pre Feasibility Study.

RNS:

International Molybdenum plans to evaluate open-pit method on Malmbjerg deposit
LONDON (AFX) - International Molybdenum PLC said it plans to evaluate a
potentially lower-cost open-pit method of developing the Malmbjerg molybdenum
project in eastern Greenland.

To evaluate the potential for open-pit mining, the group will undertaking a
comprehensive Pre Feasibility Study (PFS) which it intends to complete by the
fourth quarter of this year at a budgeted cost of 2 mln usd. The 2 mln usd will
be financed by existing resources and by drawing as needed on a 2 mln stg loan
provided by its majority shareholder Galahad Gold PLC.

On Feb 6, it announced a deferral of the original feasibility study for
underground development of the project.

The company hopes an open-pit development will result in a larger-scale
production, better recovery of the resource, an improved grade control, and
lower capital and operating costs.

'The open-pit concept with no need for a 10km underground tunnel and
potentially lower capital and operating costs bodes well for the future
development of Malmbjerg,' said chief executive Graham Mascall.

'Molybdenum's price outlook remains strong given the sustained demand from
rising global production of stainless steel,' he added.

Molybdenum is mainly used as an alloy in stainless steels and in alloy steels.


newsdesk@afxnews.com jc

And a heads-up for the near future, taken from RNS of 28 October 2005.

The company hopes soon to be announcing results of a scoping study at one of its major projects.

>> Galahad Gold Plc - Skaergaard Resource Estimate
RNS Number:2836T
Galahad Gold Plc

NEXT STEPS

Galahad is now proceeding to complete a scoping study for the project on the
basis of a 35,000 tones per day year-round underground mining operation that
would produce precious metals, magnetite and titanium concentrates, initially
from the from the Palladium Zone and subsequently from the Combined Zone.
Mining of the large widths available within the Combined Zone is expected to
result in low mining costs, comparable to those that would be achieved with open
pit mining. The concentrates produced at the site will be shipped to Iceland
for further processing. It is expected that the scoping study will be completed
by 31 March 2006. <<


My comments: The Skaergaard project is one of three major projects being assessed by Galahad.

Independent resource estimates are for 1.5 billion tonnes of resource material, with a value based on long-term prices of USD 52.94/tonne. That equates to some 45 billion of resources. GLA owns 100% of Skaergaard.

The InterMoly project at Malmbjerg estimates some 950 million lbs of Molybdenum to be in place. At price estimates of $6/lb, that works out to around 2.5 billion for GLA's 78% stake.

Finally, the Pebble projects in Alaska could be worth anywhere between 5 billion to 16 billion for GLA's 21% interest, depending upon prices and how much of the Pebble site is developed.

All of this suggests that GLA is currently very much undervalued. I shall be watching closely.

As always, PDYOR, IMO, etc.

Bought this morning at 10.05p. Looking forward to results of the Skaergaard scoping study, hopefully on or by 31st March as predicted.

Excitement!! Up 0.25p today, for no apparent reason, on turnover of 2.1 million shares.

SOUL TRADER: Alot of speculation around the AIM flotation of UraMin, in which GLA has approx 17% stake!!!!!! Speculation that this was near, but quite wierd, coz you would expect that to be formally released!

Nevertheless the flotation of UraMin looks to be eagerly awaited by the big boyz in City, if so it will have a natural positive impact on GLA. Im in GLA just recerntly happy to see some movement on Friday........ I think the dip in sp was a result of InterMoly and its re-pricing......

Equity REsearch conducted by GLA suggests sp value at 35-40p!!!!!!! So lets see!

Thanks Jameel - great detective work!! Found this article on Growth Company Investor, dated October 2005:


http://www.smallcompanies.co.uk/aim/news/21943/uranium-float-seeks-40m.thtml

>> Uranium float seeks 40m
10/10/2005

Uramin, the uranium prospector backed by Galahad Gold, is likely to seek some 40 million when it targets AIM shortly.

Galahad, chaired by Canadian financier Ian Watson, has 16 per cent of Uramin, which was initially called Uranco but has changed its name to avoid confusion with another group, Urenco, in the uranium and nuclear power field. Uramin, co-founded and run by two experienced mining figures Adrian Lungan and George Roach, has rights to deposits of an estimated 100 million-to-260 million lbs of uranium in Beaufort West and Springbok Flats in South Africa and Trekkopje in Namibia -- at higher grades than Rio Tinto's long-standing Rossing uranium operation in Namibia.

Uramin has already raised 16.5 million privately in the USA from hedge funds and others at the equivalent of 41.5p. It is expected that the AIM float, with Matrix likely to be nominated adviser, will be priced at between 80p and 110p and will seek to raise about 40 million scaled back from an original target of 70 million. <<


IMHO the stake in UraMin retained by Galahad makes other uranium prospects like Vane Minerals look tiny - yet GLA's market valuation continues to lag. Can't wait for GLA to start finally catching up, as this is one of several mining stocks that seems to me to be overlooked. DYOR though.

Another little boost today - up 0.25p.

Soul trader...alot of selling acitivty with no sp moves! sp sells at 10.25!!!!! Very wierd! They could be off loading for the uramin float! MAY BE!!!!! I think i'm reading too much into it! I bought in some more and increased holding by a little...... lets see!!!!

Jameel - weird indeed; I wonder if the MMs are letting stock come into their hands, anticipating demand in the near future. I would have thought that the Uramin float would be good news for GLA, as despite the implied dilution that floating new shares brings there should be a re-rating of the Uramin SP, which would mean that GLA's stake in Uramin would hold its value. (See my earlier post #28, in which an SP is suggested for Uramin between 80 and 100p, compared with the 41.5p implied value of the stock in the private placing).

Who knows? Until Uramin publish a floatation prospectus, we're all in the dark. I haven't checked Uramin's website though - maybe there's some info out there somewhere already. Might have a gander later in the week.

hey soul trader!!!!!!!!! Good day!!!

Good day to you too, Jameel :o)


In fact, it's been a good day for all of my miners, with TMC and RDG as well as GLA all adding a few bob.

Just had a quick look at the Commodities pricings for yesterday on FT.com - nickel is now at $18,500 per tonne (or $8.39/lb), which is up 20% from when I last looked a few weeks ago. Copper is at $6630/t and April gold $620/oz. With just about everything pushing new highs on an almost daily basis, it's small wonder that the SPs are moving up too.

interestin stuff! Its extremely good news for GLA. As if sp are increasing generally then we're in the right market. And UraNim would give it some added boost! when it floats!!!!!!!!!!!!!

So GLA is definately a BUY BUY BUY! Interestingly there is nothing at all stoppping GLA to break the 15p barrier at the UraNim Launch!!!!!!!!! Any news about trading behaviour! Buys and Sells for today!! Are we still selling at 10.50p?

http://www.londonstockexchange.com/en-gb/pricesnews/prices/newissues.htm

Some info on Uramin...float is imminent"

SOULTRADER!!! Interestin article today in Mining Weekly:

Newcomer to take advantage of uranium boom
--------------------------------------------------------------------------------

After two decades of stagnation, the uranium market is once again in an upcycle, largely owing to the increasing demand for energy on a global scale.

This boom is spawning a host of newcomers to the uranium market who are eager to take advantage of the present positive market fundamentals. Similarly, owing to the fact that there is a wealth of projects and deposits investigated more than 30 years ago but left undeveloped because of the slump in the uranium market, there are many opportunities for newcomers to establish themselves in this mineral commodity sector.

One of the more notable examples of this trend is UK-based UraMin, which was established in February 2005 by a group of well-respected individuals, including John Stalker and Sam Jonah, to take advantage of this upcycle in the uranium market. Essentially, UraMin was created for the purpose of acquiring and developing mineral deposits throughout Africa, Australia and North America in order to exploit the uranium price that is rising on, what is predicted to be, a sustained basis. The company is headquartered in London but operates through its subsidiary in Johannesburg owing to the fact that UraMin has its most advanced project in Namibia and a significant number of pending prospecting licences in South Africa.

Southern African operations
Although UraMin was unable to give official comment, Mining Weekly understands that the companys operational strategy in Southern Africa has been dictated by the present fundamentals in the uranium market in that the company intends to take advant-age of the upcycle as soon as possible. It is understood that the com-pany has adopted a strategy to undertake brownfields oper- ations, rather than embarking on new exploration projects, as this will allow UraMin to get a project on line while the market is still in an upcycle.

This seems to be the philosophy behind the companys involvement with the Trekkopje uranium project in Namibia. The Trekkopje project is located in west-central Namibia, about 65 km north-east of Swakopmund and is UraMins most advanced project worldwide. The project area consists of two deposits, Trekkopje and Klein Trekkopje/Arandis, which have an estimated resource of 120,9-mil- lion/lb of uranium at an average grade of 0,013%.

The project area has been extensively explored in the past with primary drilling in mineralised areas at about 100-m to 200-m intervals along lines 400 m apart, with more closely-spaced infill drilling covering areas of better grades. Mining Weekly believes that UraMin plans to complete a feasibility study on the Trekkopje project over the next 18 months, which will be followed by construction, assuming that the results of the feasibility study are favourable. Initial capital costs for the development of the project are estimated at $181-million.

The Trekkopje feasibility study reportedly is on track for completion by the fourth quarter of 2007.

With regard to the companys activities in South Africa, Mining Weekly is aware that UraMin operates through its South African subsidiary, which is based on the joint-venture agreement between black-empowered Mago Resources and UraMin.

UraMin has a 70% shareholding in the company, while the remaining 30% is held by previously-disadvantaged individuals, making the company compliant with the BEE requirements of the mining charter. Through its 70% holding in Mago Resources, UraMin is attempting to consolidate mineral rights in the Karoo, Sutherland and the Springbok Flats regions of South Africa and, consequently, the company has applied for between 60 and 100 prospecting licences in these three areas.

Many of these applications cover known uranium deposits, which amount to a resource estimate of about 200-million/lbs.

The first of these applications went in during the second quarter of last year and are fully supported in terms of the department of Minerals and Energy (DME) requirements. It is believed that UraMin has complied with all the legal requirements in most cases, both with regard to the old- and new-order rights and, as such, there is no reason why it should not get the licences. Although, in some instances, the company is second or third in the line for these applications, it seems to remain confident that it will be granted the majority of these licences within the next few months. Although UraMin is putting a significant amount of time and energy into this application pro-cess, Mining Weekly understands that the priority of the company over the next few weeks is the imminent listing of UraMin on Londons Alternative Invest- ment Market (AIM), which will ultimately benefit the companys long-term future in the investment community.

Future Outlook
UraMin is currently undergoing a compliance listing on AIM, which is expected to be completed by the end of this month. It is understood that this listing is not a mechanism for the company to raise capital but is a means to get tradability of its equity for investors. UraMin is not listing for the purpose of raising capital at this point as the company is still using the $40-million start-up capital that was raised early last year to fund its current projects.

It is apparent that the company has all of its requirements in place for the imminent listing in that the competent persons reports (CPRs) have been done in the final form, brokers and nomads have been nominated, and all shareholders are aware that the company is doing the private placement now.

It is believed that the listing will give UraMin an opportunity to become one of the material players in the uranium industry.

However, once the listing has been completed, the priority of the company will be to prove up as much of the resource that is held by UraMin in as little time as possible. Once it has proved up reserves in the various operations, UraMin can start producing in places where the company can get maximum returns, which, at this point, is most likely to be Southern Africa.

Easy tiger!!! Hey this sp is doing nice..SoulTRader...just a flavour of things to com

Great article, Jameel. I'm looking forward to seeing what effect the UraMin float will have on GLA. My modest holding is now up 13% since I bought just over three weeks ago, so no complaints there :o)

wat u mean? 13% of ur portfolio? For me its much higher around 50%.....not sensible but once my return hits a threshold I will reduce by 1/3

fantasia!!! increased to 12p!! Any news from Level2...?????

I hope this is nothing to do with ramp mania people might be upto! It seems that UraMin float is imminent and the BIG FAT UGLY CATS of the City are all too aware. A mate of mine was saying that on Level 2 alot of sellsssss....Market makers are selling to buy up a huge load later!!! Any views welcomed????

No, 13% profit. I don't have L2, but on my online broker's website there is mostly purchase activity - most of the sales are smaller and some of the larger "sales" may be that old chestnut of larger purchases at bargain prices getting reported late and being called sales by the computer system.

Just a typical cynical caveat ...... shares like GLA are fine while on the upbeat, but if any selling gets a grip then you won't be able to shift enough or fast enough ..... watch out and don't get too greedy .... remember GLA only holds 17% of Uramin, which itself would seem to be something of an unknown quantity.

GLA have also probably moved upwards purely on sentiment - i.e. on the back of the rise in gold .... but whereas that was $525 at London close yesterday and $540 at opening today, it is now back to just below $520.