Galantas President and CEO, Roland Phelps, notified the company today of the exercise of 1,771,019 warrants, with payment of $265,652.85. Mr Phelps obtained the warrants by participation in a private placing in April 2005. The warrants were due to expire on April 4th 2006 and had a strike price of 15c. Mr. Phelps' exercise is in addition to the exercise of warrants having the same terms, by other warrantholders of a further 345,250 warrants for $51,787.50.

Galantas Gold Corporation is building Ireland’s first gold mine on its 189 sq km exclusive Prospecting Licence. The corporate aim is to increase the resource base on the property through
exploration and mine development, to expand mine production in stages, and to add value to the Company’s production by marketing and selling certified Galántas ™ Irish gold jewellery.

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

Bishopsgate Communications Ltd. 
Dominic Barretto
Nick Rome
Website: www.bishopsgatecommunications.com
Telephone: +44 (0) 207 430 1600