Mr. Eric Sprott, a shareholder, reports

ERIC SPROTT ANNOUNCES CHANGES TO HIS HOLDINGS IN GALLEON GOLD CORP.

2176423 Ontario Ltd., a corporation beneficially owned by Eric Sprott, has acquired five million units of Galleon Gold Corp. through a private placement, at 60 cents per unit, for aggregate consideration of $3-million. Each unit consists of one common share and one-half of one share purchase warrant, with each whole warrant entitling the holder to acquire one share at an exercise price of 75 cents until Dec. 4, 2026.

Prior to this acquisition, Mr. Sprott beneficially owned 13,958,510 shares, $2-million principal amount of convertible debentures and 3.03 million warrants, representing approximately 18.0 per cent of the outstanding shares on an undiluted basis and approximately 29.2 per cent of the outstanding shares on a partially diluted basis assuming exercise of such warrants and conversion of all such debentures (for 9,230,138 shares). As a result of this acquisition, Mr. Sprott now beneficially owns 18,958,510 shares, $2-million principal amount of convertible debentures and 5.53 million warrants, representing approximately 14.9 per cent of the outstanding shares on an undiluted basis and approximately 23.7 per cent of the outstanding shares on a partially diluted basis assuming exercise of such warrants and conversion of all such debentures. This acquisition of units, combined with prior and concurrent additional share issuances by the corporation, resulted in a decrease in holdings of approximately 6.7 per cent of the outstanding shares on a partially diluted basis since the date of the last early warning report.

The securities are held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

A copy of the early warning report with respect to the foregoing will appear on Galleon Gold's profile on SEDAR+ and may also be obtained by calling Mr. Sprott's office at 416-945-3294 (2176423 Ontario, 7 King St. East, Suite 1106, Toronto, Ont., M5C 3C5).