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Galantas Announces Crew as COO and Q4 Trading Update

7th February 2012

GALANTAS GOLD CORPORATION

TSXV and AIM:  Stock Symbol – ’GAL’

GALANTAS ANNOUNCES RICHARD CREW AS CHIEF OPERATING OFFICER AND Q4 TRADING UPDATE

Date : 7th February 2012.  Galantas Gold Corporation (the ‘Company’), the AIM and TSXV quoted producer/developer/explorer with a 100% interest in Ireland’s only operating gold mine, is pleased to announce the appointment of Richard Crew (47) as Chief Operating Officer. Mr Crew was General Manager at the Company’s Omagh Minerals Ltd subsidiary (OML) since June 2010 and has overseen the expansion in production and development of the Omagh gold mine.

The Company also announces provisional production figures for the last quarter of 2011 (Q4).

Concentrate production in the last quarter of 2011 saw a 255% increase compared to 2010. At 740.2 wet tonnes, the increase is due to improvements in the processing plant and to milder winter conditions than the unusually adverse conditions experienced in 2010. During the whole of 2011, concentrate production was up by 55% compared to 2010, even though the early part of the first quarter of 2011 was affected by the same adverse winter conditions as noted in Q4 2010.

The metal contents of shipped concentrate are estimated as follows,

Q4 2011 production       

Gold      47,251grams       1,519oz

Silver     148,135grams    4,763oz

Lead      80,765KGs

Gold Equivalent                1,711oz

 

2011 production for the year

Gold      201,515grams    6,479oz

Silver     531,296grams    17,081.57oz

Lead      280,943KGs

Gold Equivalent 7,307.50oz

 

The production, metal and sales figures are provisional and subject to averaging or umpiring provisions under the concentrate off-take contract with Xstrata Corporation, detailed in a press release dated 3rd October 2007. Detailed audited financial results for the quarter and year are expected in the usual timeframe, by the end of April 2012.

The Company is pursuing an aggressive exploration program on its Omagh property and is pleased to announce the addition of a sixth core-drilling rig that is being mobilised to the site.

 

This disclosure has been reviewed by Roland Phelps (President and CEO), who is qualified under the meaning of N.I 43-101 and who has also reviewed this release for the purposes of AIM requirements. The information is based upon operating data prepared under his supervision.

 

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.

 

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 revenues and cost estimates, 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,  the commercial viability of processing lower grade material, 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.

 

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 Adviser)
Telephone: +44 (0) 20 7444 0800 Phil Davies

 

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

Kenneth Pio D'Mello (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