Galantas Gold Corporation (the Company) announces that it has produced the first production trial flotation concentrate at its gold mine near Omagh, County Tyrone. Galantas has a 100% interest in Ireland’s only gold mine.

Highlights

• First Trial Gold Flotation Concentrate
• Lining to Paste Cell Complete
• Lining to polishing pond complete

Mine Construction Progress
The first trial run of production of flotation concentrate was on 22nd December, just prior to the Christmas shutdown. Minor adjustments have been made as a result of the trial and the Company is pleased to report that first concentrate has been produced.
Some works remain to be completed in the plant and some parts remain to be fully tested. At least the first three months of operation are expected to be irregular and slow as unforeseen difficulties are resolved.
The lining contractor has completed lining of the first paste cell and the polishing pond. Final pipe-work is being placed.

Trading Update
The Company will not have sales of concentrate (the primary anticipated source of revenue for the mine) in the financial year ending 2006. Concentrate sales are anticipated in the first quarter of 2007.

Video of the first concentrate trials will be uploaded to the Company’s website at www.galantas.com .

Roland Phelps, President & Chief Executive Officer said, “I congratulate the whole team at Omagh for achieving the first trial production gold flotation concentrate. There is still more to do and I have confidence that the team will continue to solve the difficulties ahead as they have done during the build. This is a considerable achievement for a modestly capitalised company and is a milestone for what I hope will be an important business for Ireland.”

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release. 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 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”.

Galantas Gold Corporation
Jack Gunter P.Eng – Executive Chairman
Roland Phelps C.Eng – President & CEO
Moe Lavigne P.Geo – Vice President
Email: info@galantas.com
Website: www.galantas.com
Telephone:  +44 (0) 2882 241100

ARM Corporate Finance Limited                          
Nick Harriss
Telephone: +44 (0) 20 7512 0191    

Lewis Charles Securities Limited.       
David Scott
Telephone: +44 (0) 20 7065 1150