Mr. David Russell reports

GALLEON GOLD ANNOUNCES CLOSING OF PRIVATE PLACEMENT

Galleon Gold Corp. has closed a non-brokered private placement for aggregate gross proceeds of $275,000 through the issuance of 1,833,333 flow-through units at a price of 15 cents per FT unit.

Each FT unit consists of one common share of the company and one-half of one common share purchase warrant, each issued as a flow-through share within the meaning of the Income Tax Act (Canada). Each warrant entitles the holder to acquire an additional common share at a price of 20 cents for a period of 24 months expiring on Dec. 29, 2025.

The company intends to use the proceeds raised from the offering for the exploration and advancement of the company's West Cache gold project in Timmins, Ont. Proceeds from the sale of the FT units will be used to incur Canadian exploration expenses as defined in Subsection 66.1 (6) of the act and flow-through mining expenditures as defined in Subsection 127 (9) of the act. Such proceeds will be renounced to the subscribers with an effective date not later than Dec. 31, 2023, in the aggregate amount of not less than the total amount of gross proceeds raised from the issuance of FT units.

The securities comprising FT units issued with respect to the offering will be subject to a hold period of four months and one day in accordance with applicable securities laws. The offering is subject to the final acceptance of the TSX Venture Exchange.

About Galleon Gold Corp.

Galleon Gold is an advanced exploration and development company focused on the West Cache gold project in Timmins, Ont. The West Cache gold project is located seven kilometres northeast of Pan American Silver's Timmins West mine and 14 km southwest of Newmont's Hollinger mine. A 2022 preliminary economic assessment (PEA) for the project demonstrates strong economics, accordingly the company is permitting for an 86,500-tonne underground bulk sample.

We seek Safe Harbor.