Trading Statement

GALANTAS GOLD CORPORATION
                                     TSX Venture Exchange: GAL
                                   London Stock Exchange AIM: GAL

                                    GALANTAS OPERATIONAL UPDATE
31 March 2008

Galantas Gold Corporation (the Company) has announced that progress at the Omagh Gold Mine and Processing Plant
continues to improve. Concentrate production during February 2008 (which includes concentrate held in stock) totaled
approximately 150.57 dry tonnes, compared to January 2008 with 128.92 dry tonnes. The production improvement was due to
the increased availability of ore from the Omagh open pit.

The pit is now enlarged to make more ore available and the program of stripping of country rock continues.  Concentrate
production is expected to increase as a consequence of the increased amount of ore available. Pit production is subject
to variability in grade, ore width and weather conditions.

Average mill head-grade has been back-calculated from in-house, process control data since November 2007 and is
estimated at 6.32*  grammes  per tonne (g/t) gold. This is an improvement against the estimated average since May 2007
of 6.07*g/t gold but is lower than the grade range anticipated previously by selective mining. The estimated average for
the year is 6.24*g/t gold. Part of the reason for the lower grade is considered to be the lack of availability of enough
higher grade ore due to the smaller than planned exposed strike length of the open pit, forcing the mill to accept lower
grade material. Despite adverse weather conditions since November 2007, a revised grade control scheme has produced some
improvement. This method incorporates control sampling by geological staff with the previous visual selection method. A
change to the ore-mining method is planned but can only be implemented on completion of the program of excavation of
country rock. The side stripping of country rock alongside the ore vein before extraction of ore has previously
demonstrated that it allows ore to be removed as larger pieces with less dilution. When tested, the blocky nature of the
feed produced was problematic at the plant. This has been remedied by the purchase of a used semi-mobile crusher of
large gape which is undergoing refurbishment on site.

The major components of the regrind circuit have been installed within the processing plant. It still requires some
additional work which is continuing and expected to be complete within 2 weeks. This circuit, coupled with crusher
improvements, has led to an increased power requirement from the site based, diesel powered, electrical generators. The
site generating capacity has been enhanced with the addition of a 1000 KVA generator. Although used, the unit is of low
hours (160).

As an average for the whole of 2007, including the period from January to the end of June in which commissioning took
place, the processing plant achieved a recovery of 89% for gold. The recovery has improved during the year such that
since May 2007 the average recovery was 90% for gold and the average since November 2007 was 92% for gold. A graph of
2007 plant recoveries for gold and sulphides will be posted on the Company website, www.galantas.com .

G&F Phelps Ltd. a company controlled by a director, has agreed to expand the existing loan arrangement by £75,000 to
permit the purchase of the larger generator and semi-mobile crusher and to include both in its existing equipment
security.

The Company has arranged short term debt finance, up to the sum of £250,000 and on the same interest terms as that
already arranged with First Trust Bank (2% over Bank Base Rate). The loan, which is to be used for working capital
purposes, is repayable on demand and is from a Director of the Company, who stood aside from the decision to accept the
loan.

The anticipated independent report on Reserves and Resources on the Omagh License, commissioned from ACA Howe, is
undergoing final review by Howe. The report is commissioned to Canadian National Instrument 43-101 standard, with
Reserve and Resources calculated to the CIM code.

The Company welcomes Chris Attwood B. Eng Mining Engineering, HND Minerals Engineering as Production Manager. Chris (37)
is an experienced mining professional with 4 years experience of  gold open pit operation. He has subsequently held
senior positions in the minerals industry where production led targets are paramount.

The Company is formalizing arrangements with Compagnie Tifnoute Tiranimine (CTT) of Morocco to enable gravity and
flotation concentrates to be separately processed from other ores, with the return of certified Irish gold. CTT have
agreed to assist in the design of an enhanced gravity section within an expanded Omagh processing plant, which is
intended to supply concentrate for the arrangement. The certified Irish gold returned by the arrangement is intended to
serve as feedstock to the Galantas Irish gold jewellery business.

Deliveries of Galantas Irish Gold jewellery have taken place to Aurum Holdings Ltd, for selected Goldsmiths stores.

Brent Routledge CA, Chief Financial Officer, is the `Qualified Person' who has verified the technical information
regarding concentrates in this disclosure.

Nicholas Hardie C.Eng FIMMM, General Manager, is the "Qualified Person" who has prepared the remaining technical
information within the disclosure and that information has been verified by reference to shift reports, in-house
monitoring and measurements carried out in an in-house laboratory.

*The laboratory used for process and grade control is not independent. The Fire Assay procedures in place have been
shown to demonstrate results of a high standard. The laboratory has participated in the Society of Mineral Analysts
sample round robin (where a common sample is analysed by each of the participating labs). For the three samples in the
last round, analysed by 26 participants, the on-site laboratory achieved absolute difference from the mean of 0.002,
0.002 and 0.057 for standard deviations of 0.0406, 0.076 and 0.1543 respectively. Further details about how the round
robin functions are available on http://www.sma-online.org/committee/roundrobin.htm . Additional verification is
periodically carried out by comparison of in-house results with independent laboratories.

The TSX Venture Exchange has not reviewed and does not accept responsibility for 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, such as but not
limited to weights or other measurements, anticipated availability of ore, grades, recoveries, capacities etc 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".

The Company has 175,675,855 common shares issued and outstanding.

The TSX Venture Stock Exchange has not commented upon and accepts no responsibility for the content of this press
release.

Enquiries

Galantas Gold Corporation                                   Telephone: [phone]
Roland Phelps, President and CEO                            E-mail:  [e-mail]
Jack Gunter, Chairman                                       Website:  www.galantas.com

Blomfield Corporate Finance Ltd.                            Telephone:  [phone]
Nick Harriss

Lewis Charles Securities Limited                            Telephone: [phone]
Kealan Doyle