Galantas Gold Corporation (the Company), which has a 100% interest in Ireland�s only producing gold mine at Omagh, today announced results for 11 holes (1455 metres) from its ongoing core drilling program. To date 42 holes have been completed, with total drilling of 4,413 metres. Two drills rigs are currently drilling down dip as well as infill holes on the Kearney Vein System.

*The angle between the vein and the drill hole is greater than 70 degrees therefore drilled width approximates true width.

The new results confirm that the Elkin Vein is a multiple vein system, containing two shallow-dipping (15 to 20 degrees) veins as well as a third dipping at 60 degrees. Hole 29 is proof that the Elkin Vein System is capable of very high grades, such as the 101.76 gram per tonne gold intersection over 0.15 metres.

The eight holes reported for the 850 metre long Kearney Vein are from a 225-metre segment at its southern end and undercutting the initial open pit. Of particular significance is the recognition of a hanging wall vein disclosed in progressive step out drilling designed to intercept the main vein at greater depths. To date, 12 holes in the current drilling program have intercepted both Main and Hanging Wall veins including holes 19, 28 and 31 above. Each have two intercepts, the shallower ones being from the hanging wall vein, extending it southwards by 400 metres, where it appears to converge with the Main Kearney Vein.

This hanging wall vein had previously been identified in the central and northern areas of the Kearney Vein from earlier drilling, including holes released as far back as September 22^nd, 2006. Drill Hole OM-DD-06-05 had a distinct upper intercept of 12.16 g/t gold over 37 cm, representing the Hanging Wall Vein, and a deeper broad area of mineralization constituting the Main Kearney Zone, including a 68 cm intersection assaying 41.92 g/t gold. Hole OM-DD-06-06 overshot the hanging wall vein, but had an intercept of 10.05 g/t gold over 6.55 metres within the main Kearney zone.

The implications of the recognition of this two vein system are that it seems historical drilling in the 225 metre northernmost section of Kearney had been directed to what is now known to be the parallel hanging wall vein, leaving the main zone relatively untouched.

While the current program consists of both down dip and infill drill holes, the Company intends to further investigate this critical northern area with a 5-hole program, where strong sulphide mineralization, consistent with the interpretation of a multiple vein system, has been intersected in drill holes. The realization that the Kearney is a two-vein system has created the opportunity for near surface resource expansion within the area of the planned open pit.

The samples were taken by geological staff under the supervision of L.. J. Gunter P. Eng, the Qualified Person for the program. Sampling methodology, security & verification followed standard procedures previously detailed on April 5th 2006 and the samples were analysed (gold by fire assay and other metals by ICP-ORE) at OMAC Laboratory Ltd (an independent, certified CCRMP & ISO 17025 laboratory) in Galway, Ireland.

Galantas Gold Corporation Issued and Outstanding Shares total 168,035,855.         

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This press release includes certain �Forward-Looking Statements� within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements such as those referring (but not limited) to specific production or construction activity are �Forward-Looking Statements� that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these �Forward-Looking Statements�.