Oversubscribed Private Placing raises $3.5m to expand exploration and development

Galantas Gold Corporation (“Galantas” or “the Company”), invites interested parties to meet with management at the Toronto Resource Investment conference on September 24th and 25th at the Toronto Convention Centre. Galantas´ gold mine will soon be commissioned for production with first cash flow expected in Autumn 2006.

The Company has just hosted a group of business and technical journalists at its mine site in County Tyrone where the open pit and processing plant are in an advanced stage of construction and where diamond drilling is underway to support future expansion of the operation.

In advance of the Toronto show, Galantas will be featured on "CEO CLIPS", the Canadian business programme which produces corporate profiles of active public companies. The clip may be seen on the link below :

http://www.ceoclips.com/media/ceo_galanta_300.asx  

To view recent photographs, click on the Company’s website at www.galantas.com.

Galantas is unique in that it owns Ireland’s only gold mine.  Its high grade open pit and processing plant is designed to produce up to 30,000 ounces of gold per year in sulphide flotation concentrate for sale to commercial smelters.  Accessory silver and by-product lead are also produced. Some free gold in the ore will be recovered in a small gravity section in the plant for down-streaming into the Company’s Galantas™ jewellery business. Market trials of jewellery made from certified Irish gold extracted from bulk samples of ore from the Omagh mine have produced over CDN$645,000 in jewellery sales.

The Company recently acquired additional, strategically located, surface rights and raised CDN$3.5m via a private placing.

Further details are available in Technical Reports, Management Discussion and Analysis and Material Disclosures filed on www.sedar.com

This press release, required by applicable Canadian securities law, is not for distribution to U.S. news services or for dissemination in the United States, and does not constitute an offer of the securities described herein. These securities have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.
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”. All dollar amounts are Canadian dollars unless otherwise noted.

The TSX Venture Exchange Inc. has neither approved nor disapproved the information herein contained.

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

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

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