November 27th, 2008 - Galantas Gold Corporation (‘Galantas’ or the ‘Company’) (GAL – TSXV, GAL-AIM), which has a 100% interest in Ireland’s only gold mine, reports unaudited quarterly results for the period ending 30th September 2008 (Q3).

Highlights of the Q3 results, which are expressed in Canadian Dollars, are :

The detailed results and Management Discussion and Analysis (MD&A) are available on www.sedar.com and www.galantas.com and the highlights in this release should be read in conjunction with the detailed results and MD&A. The MD&A provides an analysis of comparisons with previous quarters, trends affecting the business and risk factors.

The President and Chief Executive Officer of the Company, Roland Phelps, has agreed to lend up to a total amount of $943,400 (500,000 GBP) to the Company for a period of 6 months from November 4th 2008. The loan facility is secured by the Company’s inventory with cross guarantees provided by the Company’s subsidiaries. The loan bears interest at a rate of 4.5% per annum over the base rate of Barclays Bank plc, such interest to be calculated monthly and compounded until repaid. With the exception of the related party, who stood aside from the decision, the Directors of the Company have consulted with the Nominated Adviser and consider the terms of the loan to be fair and reasonable in so far as shareholders are concerned. The loan is for working capital purposes and capital expenditure aimed at increases in operational efficiency.
Galantas’s operational open pit mine is situated near Omagh, County Tyrone, Northern Ireland. The mine produces a flotation concentrate containing gold, silver and lead, which is exported and sold to a Canadian smelter. Some gold from the mine is down-streamed into certified Irish gold jewellery which is sold on-line at www.galantas.com and via leading UK & Irish retailers.

Galantas Gold Corporation Issued and Outstanding Shares total 175,675,855.

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

Enquiries

Galantas Gold Corporation
Jack Gunter P.Eng – Chairman
Roland Phelps C.Eng – President & CEO

Email: info@galantas.com
Website: www.galantas.com
Telephone:  +44 (0) 2882 241100

Blomfield Corporate Finance Ltd                          
Nick Harriss
Telephone: +44 (0) 207 489 4500    

Lewis Charles Securities Limited.       
Kealan Doyle 
Telephone: +44 (0) 207 456 9100