Trading Update

GALANTAS GOLD CORPORATION

                            TSX Venture Exchange: GAL

                         London Stock Exchange AIM: GAL

                                TRADING UPDATE :

       GALANTAS FURTHER UPGRADES MINING EQUIPMENT AND INCREASES PRODUCTION

21st May 2009 : Galantas Gold Corporation (the Company) has received provisional
results for the first quarter of 2009 from its wholly owned subsidiary Omagh
Minerals Limited (OML). OML operates the only gold mine in Ireland and produces
a concentrate containing gold, silver and lead.

The first quarter of 2009 (ending March 31st) saw production of an estimated 511
wet tonnes (481 dry tonnes) of concentrate. Metals content of the quarter's
shipments are expected to total approximately 1511 ounces of gold (47 kgs),
4786 ounces of silver (148.9 kgs) and 42.2 tonnes of lead.

Production for the first quarter of 2009, when compared with the first quarter
of 2008, saw an increase of 37.4% in terms of (dry) concentrate output, a 48.3%
increase in gold output, 119% increase in silver output and a 22.3% increase in
lead output. When compared with the last quarter of 2008, gold output increased
by 10%, silver output increased by 29.5% and lead output decreased  by 15.8%.

Mill output for the first half of April was stopped by the breakdown of a ball
mill gearbox. Although acquired new and specified for the task, the gearbox
required to be completely rebuilt and there were delays in obtaining parts from
continental Europe over the Easter holiday. Measures to obtain a spare of this
critical single line component are underway. Production was increasing before
the breakdown and this trend has continued after with 250 wet tonnes of
concentrate being produced in the four week period operated since the breakdown.

The production figures and metal contents are provisional and subject to
averaging or umpiring provisions under the concentrate off-take contract with
Xstrata Corporation detailed in a press release dated 3rd October 2007.

Galantas announced in a Trading Update on 12th March 2009 that it was looking to
enhance mining output by up-rating and adding equipment. With that intent, an
additional, high capacity, Hitachi EX800H excavator and two, Volvo A40,
articulated dump-trucks have been made available, on a commercial rental /
purchase arrangement, by G&F Phelps Ltd, a company controlled by Roland Phelps,
President & CEO of Galantas, and have been delivered to the Omagh site. This
allows the stripping of overburden covering the Kerr Vein to commence following
an overhaul of OML's Volvo EC 460 excavator. A time frame of two months has been
budgeted for the Kerr stripping operation. The Hitachi EX850 excavator
previously reported (12th March 2009) remains on long term hire. With the
exception of the related party, who stood aside from the decision, the Directors
of the Company have consulted with the Nominated Adviser and consider the terms
of the rental / purchase arrangement to be fair and reasonable in so far as
shareholders are concerned.

Power line removal works by Northern Ireland Electricity (NIE) have been
completed. Over 100 extra trees have been planted to cover lines of sight opened
up by safety coppicing work carried out by NIE. These are in addition to
approximately 12,000 trees already planted within landscaping near land
ownership boundaries.

In early May, the Company was grateful for the opportunity to meet with the
Minister of the Environment for Northern Ireland (Mr. Sammy Wilson) and senior
members of the planning service. The Minister was briefed on the work of the
company to date and was advised that the Company  will rely on new planning
permissions and revisions to existing planning permissions in order to safeguard
and develop operations and to utilise the prospecting work undertaken by the
Geological Survey of Northern Ireland.

This disclosure has been reviewed by Nicholas Hardie C.Eng FIMMM, (General
Manager), a qualified person under the meaning of N.I 43-101, who is responsible
for the technical information in this disclosure.  The information is based upon
local production and financial data prepared by management under his
supervision.

Galantas Gold Corporation Issued and Outstanding Shares total 190,100,055.

Neither the 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 news release.

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 cost and production estimates, for the Omagh Gold project.
Forward-looking statements are based on estimates and assumptions made by
Galantas in light of its experience and perception of historical trends, 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, performance or achievements to differ materially from
those expressed or implied by the forward looking statements, including: gold
price volatility; discrepancies between actual and estimated production, between
actual and estimated reserves, and between 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; 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.

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

Blomfield Corporate Finance Limited
Nick Harriss
Telephone : [phone]

Lewis Charles Securities Limited
Kealan Doyle & Nicholas Nicolaides
Telephone : [phone]


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