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More Strong Gold Assays from Joshua Channel Sampling

4th October 2011

GALANTAS GOLD CORPORATION

TSXV & AIM : Symbol GAL

 

GALANTAS REPORTS MORE STRONG GOLD ASSAYS FROM CHANNEL SAMPLING ON JOSHUA VEIN AT OMAGH PROPERTY

 

DATE: 4th October 2011

 

Galantas Gold Corporation, (the ‘Company’) the gold mine producer and explorer in Northern Ireland, reports today that its 100% operating subsidiary, Omagh Minerals Ltd (OML) has received new assay test data from channel sampling on the Joshua Vein at its Omagh, County Tyrone property, as detailed below :-

 

Joshua Vein : Channel Sample Assays

Channel number

Easting

Northing

Vein

Width

Gold / Au

Silver / Ag

Lead / Pb

35

239636.7

370913.6

2.0 m

5.4 g/t

13 g/t

1 %

36

239636.6

370914.6

1.0 m

36.34 g/t

102 g/t

2.6 %

37

239636.4

370915.6

1.0 m

22.12 g/t

42  g/t

1.5 %

38

239636.4

370916.6

1.0 m

13.54 g/t

43 g/t

1.6%

39

239636.2

370917.7

0.9m

6.7 g/t

17 g/t

1.2 %

The channel sampling was carried out on a northern section of the Joshua vein not previously channel sampled, on land owned by OML. The channels were cut across the surface of the exposed vein, one metre apart and sampled in 10 centimetre sections. Overburden was approximately 2.5 metres deep and was comprised of glacial till overlain by peat. The surveyed locations reported mark the western end of each channel cut. Additional channel samples are under-going analysis, the results of which the Company expects to announce shortly.

The north / south trending Joshua vein has, so far, been traced by drilling and / or trenching over approximately 678 metres of strike length.

The samples were taken by geological staff under the supervision of R.Phelps C.Eng MIOM3 (President & CEO, Galantas Gold Corporation), the Qualified Person for the program. Sampling methodology, security and verification followed standard procedures previously detailed on April 5th 2006 and the samples were analysed (gold by fire assay and other metals by ICP-ORE) at OMAC Laboratory Ltd (an independent, ISO 17025 laboratory) of Galway, Ireland.

Commenting on the results, Mr. Phelps said, “The Joshua vein is yielding some excellent results and we have been following up with additional channel sampling and drilling. Drilling on Kearney and Kerr veins has also been carried out and results are awaited. ”

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws, including channel sample intersections and analyses, for the Omagh Gold project. Forward-looking statements are based on estimates and assumptions made by Galantas in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that Galantas believes are appropriate in the circumstances. Many factors could cause Galantas’ actual results,  the performance or achievements to differ materially from those expressed or implied by the forward looking statements or strategy, including: gold price volatility; discrepancies between actual and estimated production,  actual and estimated metal grades and geologically interpreted widths, actual and estimated metallurgical recoveries; mining operational risk; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign involvement; speculative nature of gold exploration; dilution; competition; loss of key employees; additional funding requirements; planning and other permitting issues; and defective title to mineral claims or property. These factors and others that could affect Galantas’s forward-looking statements are discussed in greater detail in the section entitled “Risk Factors” in Galantas’ Management Discussion & Analysis of the financial statements of Galantas and elsewhere in documents filed from time to time with the Canadian provincial securities regulators and other regulatory authorities. These factors should be considered carefully, and persons reviewing this press release should not place undue reliance on forward-looking statements. Galantas has no intention and undertakes no obligation to update or revise any forward-looking statements in this press release, except as required by law.

Galantas Gold Corporation Issued and Outstanding Shares total 235,650,055.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Enquiries

Galantas Gold Corporation                                                                                                                                                          
Jack Gunter P.Eng – Chairman                                                                           Investor Relations Consultant
Roland Phelps C.Eng – President & CEO                                                          Courtenay Heading (Maclir Consulting Ltd)
Email: info@galantas.com                                                              Email : c.heading@Galantas.com                             
Website: www.galantas.com                                                                              Telephone : (UK) +44 (0) 7624 424 455   
Telephone:  +44 (0) 2882 241100

Religare Capital Markets (AIM Nominated Advisor)                         
Telephone: +44 (0) 20 7444 0800                  Philip Davies / James Pinner / Ben Jeynes

Beaufort International Associates Ltd
Telephone: +44 (0) 20 7930 8222                  Barry Gibb/Saif Janjua (Corporate Finance)

                                                                              Niall Carrig (Corporate Broking)

Share Price

TSX-V (CDN $): 0.09

AIM (£ p): 4.875

Gold Price (oz)

USD : 1,272.50

GBP : 960.99

The figures presented here are for informational purposes of current trends only and should not be considered an exact count

This page and other parts of the website contain statements relating to the intentions of the management to develop mine production and jewellery production. Such statements are forward looking and readers are cautioned that these statements are subject to risk and uncertainties as further detailed in quarterly Management Discussion and Analysis published on www.sedar.com

Approved for website uploading : R.Phelps