Additional Exploration Licenses

RNS Number : 3375A

Galantas Gold Corporation

29 March 2012

 



GALANTAS GOLD CORPORATION

TSXV and AIM:  Stock Symbol - 'GAL'

GALANTAS ANNOUNCES ADDITIONAL EXPLORATION LICENSES

Date: 29^th March 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, has been granted, through its wholly owned subsidiary, Omagh Minerals Limited (OML), four exploration licenses in the Republic Of Ireland. The licenses adjoin a license area already held by OML in Northern Ireland. The new licenses total an area of approximately 160.7sq.kms.

Roland Phelps (President and CEO, Galantas Gold Corporation) commented, "The new exploration licenses adjoin one of our existing licenses, OM4. Data accumulated to date suggests a broad, multi-element, geochemical trend  within OM4  which appears to intensify towards the south-west of the license and towards the border with the Republic of Ireland. A specific geochemical anomaly has been identified close to the border that may extend into the Republic. Soil sampling (44 samples) has recently been completed with very encouraging results. Anomalous mineralised float samples (mineralised rock that has become separated from bedrock and whose source is not determined) have been discovered that assayed in a range from negligible up to 9.88 g/t gold. The mineralised samples are found in close proximity to magnetic highs indicated in geophysical data, though the data so far is insufficient to prove a causal relationship. The exploration is at an early stage and float samples may not be characteristic of the mineralisation on the property.  The location remains confidential at the moment. We intend to carry out additional field work this summer (alongside other exploration on OM4) to further assess the significance of the discovery and this work will be in addition to the intensive drilling program currently progressing at the Omagh mine."

This disclosure has been authorised by R.Phelps C.Eng MIOM3, (President & CEO, Galantas Gold Corporation), the Qualified Person for the exploration program under NI 43-101 and who is also a "Qualified Person" as defined in the Note for Mining Oil & Gas Companies, June 2009, of the London Stock Exchange. The samples were taken by geological contractors under his direction. Security & 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.

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

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 future exploration assessment. Forward-looking statements are based on estimates and assumptions made by Galantas in light of its experience and perception of past results, some of which may have been provided by third parties and be of reduced reliability, 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, achievements or significance to differ materially from those expressed or implied by the forward looking statements , including: gold price volatility; actual and estimated metal contents, geological interpretations and exploration uncertainties, 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.

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: [e-mail]                                                           Email : [e-mail]
Website: www.galantas.com                                                     Telephone : (UK) [phone]
Telephone: [phone]

Charles Stanley Securities (Nominated Adviser)

Mark Taylor / Luke Webster

Telephone [phone]

 

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