Drilling Report

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

17 October 2007

                GALANTAS REPORTS 3.6M OF 22.29 G/T GOLD AT OMAGH

Galantas  Gold  Corporation (the Company) reports results from 10 diamond  drill
holes  from ongoing exploration on its wholly owned Omagh gold mine in  Northern
Ireland.  Nine of the holes were infill holes in parts of the Kearney Deposit to
achieve  approximate  25-metre spacing in advance  of  resource  re-calculation.
One  of  the  holes,  07-41, tested the steeply dipping deposit  at  200  metres
vertical depth.  All of the holes intersected gold mineralisation.

Hole  07-41 disclosed 11 well mineralised veins within an approximate  109-metre
wide (approximate true width) zone. Three notable veins included:  22.29 grammes
gold per tonne ("gAu/t") over 3.6 metres estimated true width (including a 0.50-
metre  section  containing 68.16 gAu/t); 7.90 gAu/t over 2.52  metres  estimated
true width; and 8.66 gAu/t over 0.94 metres estimated true width. Details of all
the drill holes are in the following table:

                KEARNEY VEIN - CORE DRILLING ASSAY RESULTS

               Collar
               Location
                                               Core                 True
Hole           Dip at         From      To     Length    Vertical   Width   Gold    Silver   Lead
Number         Collar         (m)      (m)     (m)       Depth      (m)    (g/t)    (g/t)    (%)

               371325N
OM-DD-07-33    240120E         38.5     39.6    1.1        27       0.78    4.73     6.41   0.21

                          including
                -44.8         38.85     39.6   0.75                 0.53    5.56       <5    0.1

               370873N
OM-DD-07-34    240175E        65.45     65.6   0.15        51       0.11   26.88        6   0.05
                 -49.2    and 91.25    91.85    0.6        73       0.42    3.47    13.38   0.03
                          and 98.40     98.5    0.1        79       0.07     5.6      2.5   0.05
                         and 113.25    113.4   0.15        91       0.11    7.92        7   0.05

OM-DD-07-35    371212N
               240170E        130.2    130.4    0.2       107       0.14    1.56      2.5   0.05
                 -53.9

OM-DD-07-36    370897N
               240170E         85.7    86.15   0.45        71       0.32    1.27      2.5   0.05
                 -48.8     and 89.8    90.39   0.59        74       0.42    6.32     15.2   0.25
                          including
                               89.9       90    0.1                 0.07   13.28    23.67   0.09
                         and 107.95   108.65    0.7        90       0.49   23.65    10.71   0.05
                          including
                             108.35   108.45    0.1                 0.07  165.12    59.91   <.01
                          and 110.6    110.9    0.3        93       0.21    5.56     7.83   0.04

OM-DD-07-37   370924N
              240172E          62.6    62.75   0.15        51       0.11    3.01      2.5   0.05
                  -50      and 68.8     71.5    2.7        57       1.91    3.72     5.07   0.22
                          including
                               69.2     69.3    0.1                 0.07   37.12    28.72   0.82
                             and 73     73.3    0.3        60       0.21    7.09       16   1.11
                          and 93.15     93.6   0.45        77       0.32   15.28    20.11   2.26
                          including
                               93.4     93.5    0.1                 0.07   26.88    30.22   1.72
                          and 111.1    111.4    0.3        93       0.21    7.99      2.5   0.05

              370922N
OM-DD-07-38   240117E         51.85       52   0.15        38       0.11    4.95      2.5   0.05
                  -45      and 86.4    87.35   0.95        66       0.67     2.5        0   0.05
                           and 98.1     98.8    0.7        75       0.49    1.59      2.5   0.05

              371145N
OM-DD-07-39   240113E         29.15     29.4   0.25        21       0.18    7.76       18   1.63
                -45.2        and 42       44      2        31       1.41    1.89      2.5   0.02
                           and 94.4    94.75   0.35        68       0.25    2.27      2.5   0.05

              370975N
OM-DD-07-40   240175E         81.95     82.3   0.35        60       0.25    2.31      2.5   0.89
                  -45      and 84.9       89    4.1        64        2.9   18.88    41.56   0.74
                          including
                               85.2    85.45   0.25                 0.18    89.6   66.82    0.01
                           and 95.4     96.9    1.5        71       1.06    3.21    4.97    0.03

              371125N
OM-DD-07-41   240225E        125.35   125.45    0.1       100       0.07    3.34     2.5    0.05
                -50.1    and 150.00   151.33   1.33       120       0.94    8.66    7.67    0.08
                         and 176.00    176.5    0.5       141       0.35    3.48     2.5    0.05
                          and 180.6   180.75   0.15       145       0.11     4.1     2.5    0.05
                         and  185.3    185.9    0.6       150       0.42    8.16     2.5    0.05
                         and 217.25    220.8   3.55       177       2.51     7.9   29.97    1.04
                          including
                             218.85   218.45    0.4                 0.28   22.08   17.98    0.34
                          and 224.4   229.49   5.09       184        3.6   22.29  158.23     2.3
                          including
                              224.4    224.9    0.5                 0.35   68.16   458.8    4.06
                         and 237.15   237.32   0.17       182       0.12    2.79     2.5    0.05
                         and 248.55    248.7   0.15       201       0.11    18.2      14    2.07
                         and 251.05    251.8   0.75       204       0.53    5.82    16.6    0.36
                         and 280.95   281.05    0.1       230       0.07    4.04     2.5    0.05

              370950N
OM-DD-07-42   240140E          26.8    29.05   2.25        25       1.59    3.09    7.02    0.95
                -45.1      and 34.1       35    0.9        25       0.64    2.07       6    0.94


Exploration  of the Kearney Deposit has shown that gold and associated  minerals
occur  in  multiple  mineralised quartz veins, interpreted  to  be  structurally
controlled within a zone of strong north-south shearing. Generally veins  strike
northerly  and dip to the east at between 70 and 90 degrees.  Up to 3  principal
veins  make  up  the  Kearney  Zone where vein  thicknesses  range  between  0.1
metres  and  3.2  metres (true width) and are characterized by gold-silver-lead-
pyrite  mineralisation.  In  addition, sub-parallel proximal  hanging  wall  and
footwall veins have been delineated in recent drilling and although narrow (<1.0
metres),  can  exhibit high grade gold mineralisation noted for the  absence  of
associated silver and lead.

The program is ongoing and interpretation of the data is yet to be completed. It
is  apparent  that,  while  variable in thickness and  complex  in  detail,  the
mineralized shear structure has been shown to be continuous along at  least  850
metres of strike and to at least 200 metres vertically. The deepest intersection
to  date  in  the  program,  that of hole 07-41, has  intersected  the  downward
extension   of  the  Kearney  deposit  over  substantial  widths   with   robust
mineralisation. Additional deep holes in the immediate vicinity are underway  to
further investigate these positive results.

The  drill  program including sampling was under the control  of  the  Company's
geological  staff under the supervision of L. J. Gunter, P.Eng.,  the  qualified
person  for  the programme. Sampling methodology, security and data verification
followed  standard procedures as previously detailed on April 5, 2006,  and  the
samples  were analysed (gold by fire assay and other metals by ICP-ORE) at  OMAC
Laboratories  Ltd,  an  independent certified CCRMP & ISO  17025  laboratory  in
Galway, Ireland.

Galantas Gold Corporation Issued and Outstanding Shares total 175,675,855.

The TSX Venture Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of the contents of this news release.

Enquiries

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

ARM Corporate Finance Limited             Telephone:  [phone]
Nick Harriss

Lewis Charles Securities Limited          Telephone:  [phone]
Kealan Doyle