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Galantas Closes Placement

GALANTAS GOLD CORPORATION

TSXV and AIM:  Stock Symbol – ’GAL’

GALANTAS CLOSES PRIVATE PLACEMENT

Date : 16th February 2015.  Galantas Gold Corporation (the ‘Company’), the AIM and TSXV quoted gold producer and explorer with a 100% interest in Ireland’s only gold mine, is pleased to announce the closing of a private placement of shares.

The private placement is for 10,599,999 new shares (“Placing Shares”) at a price of UK£0.03  per share (the “Placing”) raising gross proceeds of UK£316,677. A minimum four month hold period will apply to the Placing Shares, expiring on 17th June 2015.  The Placing Shares will rank parri passu with the existing issued shares and an application has been made for the Placing Shares to trading on AIM and admission of the Placing Shares to trading on AIM is expected on 19th  February 2015.

Commission payable to the placing agent is 6% of the proceeds of the Placing and the issue of 636,000 warrants over shares. Each warrant can be exercised for one share at an exercise price of UK£0.045 and warrants are valid for 3 years. A four month hold period applies from date of issue of the warrant, expiring 17th June 2015.

The net proceeds raised by the Placing are intended to be used for working capital purposes and to finance the Company’s continued commitments in regard to its underground planning application.

As announced on 9th January 2015, determination of the planning application is expected in the first quarter of 2015. The Company's expectations regarding timelines are not in its own control, as the planning process is being managed by the Department of the Environment (Northern Ireland) Planning.

Roland Phelps, President & CEO Galantas Gold Corporation, said, “I am delighted by the excellent response from investors to the placing. This enables the Company to move forward into a very exciting phase and prepare work in advance of obtaining planning consent for the underground gold mine at Omagh.”

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.

Galantas Gold Corporation’s Issued and Outstanding Shares following the placement total 87,297,155.

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

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

Charles Stanley Securities (AIM Nominated Adviser) :

Mark Taylor : Telephone +44 (0)20 7149 6000

Whitman Howard Limited (Equity Advisor)

Ranald McGregor-Smith / Neil Pidgeon:  Telephone + 44 (0) 20 7659 1234

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