Company Update

23 AUGUST 2006

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

Galantas Gold to exhibit at Toronto Resource Show

Galantas Gold Corporation ("Galantas" or "the Company"), invites interested parties to meet with management at the
Toronto Resource Investment conference on September 24th and 25th at the Toronto Convention Centre. Galantas' gold mine
will soon be commissioned for production with first cash flow expected in Autumn 2006.

The Company has just hosted a group of business and technical journalists at its mine site in County Tyrone where the
open pit and processing plant are in an advanced stage of construction and where diamond drilling is underway to support
future expansion of the operation.

In advance of the Toronto show, Galantas will be featured on "CEO CLIPS", the Canadian business programme which produces
corporate profiles of active public companies. The clip may be seen on the link below :
http://www.ceoclips.com/media/ceo_galanta_300.asx

To view recent photographs, click on the Company's website at www.galantas.com.

Galantas is unique in that it owns Ireland's only gold mine.  Its high grade open pit and processing plant is designed
to produce up to 30,000 ounces of gold per year in sulphide flotation concentrate for sale to commercial smelters.
Accessory silver and by-product lead are also produced. Some free gold in the ore will be recovered in a small gravity
section in the plant for down-streaming into the Company's Galantas™ jewellery business. Market trials of jewellery
made from certified Irish gold extracted from bulk samples of ore from the Omagh mine have produced over CDN$645,000 in
jewellery sales.

The Company recently acquired additional, strategically located, surface rights and raised CDN$3.5m via a private
placing.

Further details are available in Technical Reports, Management Discussion and Analysis and Material Disclosures filed on
www.sedar.com .
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 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