Galantas Gold Corporation

Allied Irish Banks plc, trading as First Trust Bank of Omagh, Co. Tyrone, is arranging to provide a £250,000 loan facility, repayable over 3 years at an interest rate of 7.25%, to Omagh Minerals Ltd., a wholly owned subsidiary of Galantas Gold Corporation.

Galantas Gold Corporation also announces that as set out below the Company was notified on February 12th, 2007 that options that were granted and awarded as part of the Employee Incentive Scheme to the named Directors and Officers were exercised on February 12th, 2007.

Name	Title	Number of Options Exercised	Price Per Share Cdn. $	Total Proceeds Cdn. $	Total Shares Owned Directly and Indirectly After Exercise of Options	Percentage of Shares to the Issued and Outstanding
L. Jack Gunter	Director and Exec Chairman	500,000 600,000	0.12 0.15	150,000	16,965,441	10.46%
Roland Phelps	Director, President and CEO	500,000 600,000	0.12 0.15	150,000	31,038,980	19.13%
Maurice Lavigne	Director and Vice –President	1,500,000	0.10	150,000	1,716,667	1.06%
James Golla	Director	100,000	0.12	12,000	100,000	0.06%
James Clancy	Director	100,000	0.12	12,000	184,232	0.11%
Ronald Alexander	Director	100,000	0.12	12,000	708,052	0.44%
George Duguay	Secretary	200,000	0.12	24,000	200,000	0.12%

Additionally a consultant has exercised options on 200,000 shares at $0.15 for $30,000.

An application has been made for the newly issued common shares to be admitted to trading on AIM, as from 19th February 2007. At this time none of the individuals exercising options have effected related sales.

Investors are reminded that Directors’ holdings and details of transactions in Galantas shares continue to be recorded and available on www.sedi.ca in accordance with Canadian regulatory requirements.

The cash provided by the loan facility and the exercise of options will be used for general working capital purposes during the early stages of production from the Omagh Mine.

Issued and Outstanding Shares total 162,251,855 after giving effect to the exercise of options reported in this release.

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”.

Enquiries
Galantas Gold Corporation                           Telephone: +44 (0) 2882 241100
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

ARM Corporate Finance Limited                             Telephone: +44 (0)20 7512 0191
Nick Harriss
Lewis Charles Securities Limited.                            Telephone: +44 (0) 20 7065 1150
David Scott