Galantas reports drilling results on Omagh Gold...

GALANTAS GOLD CORPORATION
                            TSX Venture Exchange: GAL
                         London Stock Exchange AIM: GAL
12th December 2006

             Galantas reports drilling results on Omagh Gold Project

Galantas Gold Corporation (the Company), which is developing Ireland's only gold
mine at Omagh, Co.Tyrone, announces results of core drilling at the Elkin vein.
A 422 m, 6 hole program has been completed, and assay results for the first four
holes have been received. Assays are pending on the last 2 holes. Drilling at
the Elkin vein has been halted until all assays have been returned. The drill
rig is currently drilling on the Kearney vein.

Highlights
  ·    Two near surface veins defined by multiple intercepts
  ·    17.64 gram / tonne gold over 0.8 metres
  ·    New vein discovered

Core drilling has extended the Elkin vein southwards by 55m from previous
drilling, has defined two mineralized structures and discovered a third. These
veins have sub-parallel strike to the Kearney vein, though at differing dips of
approximately 20° and 60°. The lower angle structure is characterized by twin
high-grade (up to 17.64 g/t recorded in hole 10) quartz-sulphide veins
surrounded by a low-grade halo. The steeper vein is observed as a single, 0.3m -
1.59m wide, high-grade quartz sulphide vein (up to 11.2 g/t recorded in hole
11). Also present are broad areas of lower grade mineralization grading 1.27 g/t
over 5.4m. A third and previously unknown vein has also been intercepted in the
most southerly hole (11) and does not appear present in holes 8, 9 and 10. It
assayed 10.72 g/t Au over 0.35 metres.
It is thought that these mineralized structures relate to regional thrust faults
activated by north-south compression and could therefore indicate the
possibility of un-recognized low-angle structures within the Kearney vein
system.

        ELKIN VEIN - CORE DRILLING RESULTS, December, 2006

                    From         To       Width*        Grade
  Hole ID           (m)         (m)        (m)        (g/t gold)

OM-DD-06-08         28.91      29.21       0.30          1.25

OM-DD-06-09         22.83      24.42       1.59          3.36
  Including         22.83      22.90       0.07          8.92
        and         43.50      44.14       0.64          1.15

OM-DD-06-10         19.35       19.9       0.55         11.00
        and          21.9       23.5       1.60         10.33
  Including          21.9       22.7       0.80         17.64

OM-DD-06-11          19.5       19.8       0.30         11.20
        and          27.3       32.7       5.40          1.27
  Including          31.2       32.7       1.50          3.07
        and         44.45       47.6       3.15          2.54
  Including         45.95       46.3       0.35         10.72

*The angle between the vein and the drill hole is greater than 75degrees
therefore drilled width approximates true width.

The first drill holes were positioned on the coincidence of a soil geochemical
anomaly with the northern extremity of a one kilometre long induced polarisation
(IP) anomaly.

The samples were taken by geological staff under the supervision of M.J. Lavigne
P.Geo, (Vice President, Galantas Gold Corp), the Qualified Person for the
program. Sampling methodology, 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, certified CCRMP & ISO 17025 laboratory) in Galway, Ireland.

Mr. Lavigne said, "The drill holes on Elkin are very encouraging since the one
kilometre IP anomaly appears to trace a vein swarm. The Elkin vein is in the
vicinity of the Kearney gold vein under development at Omagh. More work is
required before the Elkin vein can be considered commercial but I am pleased
with the results so far".

Issued and Outstanding Shares total 157,851,855

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the  adequacy  or  accuracy  of the contents of this news  release.  This  press
release includes certain "Forward-Looking Statements" within the meaning of  the
US  Private  Securities Reform Act of 1995. Other than statements of  historical
fact,  all statements are "Forward-Looking Statements" that involve such various
known  and  unknown  risks, uncertainties and other factors.  There  can  be  no
assurance  that such statements will prove accurate. Results and  future  events
could  differ materially from those anticipated in such statements.  Readers  of
this  press release are cautioned not to place undue reliance on these "Forward-
Looking Statements".

Enquiries
Galantas Gold Corporation                  Telephone:  [phone]
Jack Gunter P.Eng - Executive Chairman
Roland Phelps C.Eng - President & CEO
Moe Lavigne P.Geo - Vice President
Email: [e-mail]
Website: www.galantas.com

Bishopsgate Communications Ltd.             Telephone: [phone]
Dominic Barretto
Nick Rome
Website: www.bishopsgatecommunications.com

ARM Corporate Finance Limited               Telephone: [phone]
Nick Harriss

Lewis Charles Securities Limited.           Telephone: [phone]
David Scott