Galantas Gold Corporation (the Company), which has a 100% interest in Ireland’s only gold mine, has completed a placing of 11,290,000 units. Each unit is priced at UK Sterling £0.025 (approximately CDN$0.045) and is comprised of one common share and one warrant. Each warrant entitles the holder to purchase one common share within 12 months from closing at a price of UK Sterling £0.05 (approximately CDN$0.09). The gross amount raised by the placing is £282,250. The placing is comprised of brokered and un-brokered parts. The brokered part, which raised £162,250, was subject to an arrangement fee of 5% payable to Lewis Charles Securities, the Company’s London broker. The Company has also arranged with a creditor supplying drilling services, subject to TSX Venture Exchange approval, the exchange  of £78,355 of debt, on the same terms as the placement, for  3,134,200 units. The creditor is not an insider of the Company.

The placing shares (and shares exchanged for debt) are subject to a four month hold period in Ontario, Canada, which will expire April 30th, 2009. An application will be made to admit shares issued under the placing to trading on London’s AIM on the same day that they become free trading on the TSX Venture Exchange.

Amongst the placees is JP Morgan Fleming Global Natural Resources Fund (JPM). The Company has been advised that, following the placing, JPM will hold 18,174,501 shares in the Company, which is approximately 9.56% of the total shares issued and outstanding following the placement and completion of the debt for share  exchange.

Mr. Roland Phelps (President and Chief Executive of the Company) has subscribed for 3,200,000 units in the placing. This increases the number of shares owned by him, directly or indirectly, in the Company to 35,538,980 shares, which is approximately 18.695% of the total shares issued and outstanding following the placing and completion of the debt for share exchange. Further details of his holdings are available on www.sedi.ca.

The Company intends to use the funds from the placing to purchase capital equipment and for general working capital purposes.

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

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