Trading Statement

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

                                                                                          23rd May 2007

                             GALANTAS GOLD CORPORATION : COMMISSIONING UPDATE

Galantas Gold Corporation announces marked improvement in plant performance during commissioning at its wholly owned
gold mine near Omagh, County Tyrone, Northern Ireland.

A number of modifications to equipment and operating practices in the processing plant have been implemented and these
have resulted in a marked increase in throughput in the comminution section. Design capacity of 6 tonnes per hour has
been achieved.  Further changes are being progressed and emphasis is currently on optimizing the flotation circuit. GBM
Minerals Engineering Consultants Limited has been providing consultancy advice.

Since the last trading update on April 20th 2007, two containers containing a total of approximately 44.6 wet tonnes
have been shipped, Belfast Port delivery, to Falconbridge Ltd., New Brunswick, Canada. An additional two containers of
approximately 22.6 tonnes and 23.1 wet tonnes of concentrate have been shipped for separate specialist processing and
return of certified Irish gold for the Galantas jewellery business.

Nicholas Hardie C.Eng FIMMM, FIMQS, 49, has been appointed Omagh Plant Manager. Mr. Hardie is an engineer with 28 years
operating and management experience in the mining industry and has been closely involved with the recent improvement in
performance.

Mr. Roland Phelps, President & CEO, said, "I am encouraged by the recent improvements in performance. Equipment and
operating problems are being resolved and further improvements are in progress. We welcome Nick Hardie to the project
team."

Mr. Andrew Warburton has left the company to pursue personal career and mineral related business interests in Australia.
Mr. Phelps said, "We thank him for his past effort and contribution to plant build and development. We wish him every
success in his new business activities and he will remain a consultant to the company."

Galantas Gold Corporation Issued and Outstanding Shares total 167,535,855.

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 those referring (but not limited) to
specific production or construction activity 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

Email: [e-mail]
Website: www.galantas.com

ARM Corporate Finance Limited                  Telephone:  [phone]
Nick Harriss

Lewis Charles Securities Limited.              Telephone:  [phone]
Kealan Doyle