Drilling Report

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

30th January, 2007

      Galantas drills 27.42g/t gold at Kearney and 16.36g/t gold at Elkins.

Galantas Gold Corporation (the Company), which is developing Ireland's only gold
mine at Omagh, Co.Tyrone, announces additional results of core drilling at the
Elkin and Kearney veins. A 422 m, 6 hole program on Elkin has been completed,
and assay results for the first four holes were reported December 12th, 2006.
The drill rig is currently drilling on the Kearney vein.

Highlights

  ·     14.36 g/t gold / 0.37 metres and 16.36 g/t gold / 0.6 metres on Elkin A,
        and B veins
  ·     7.87 g/t gold / 4.3 metres on Kearney vein, including 27.42g/t gold / 1
        metre

Data  generated by drilling the Kearney vein will be used to update the reserve-
resource model which is being prepared by ACA Howe for release during the  third
quarter.  In  addition to in-fill and down-dip drilling, previously unrecognized
on strike extensions of the Kearney multiple vein set are being investigated.

A  plan  for  further  drilling  is  being prepared  for  the  Elkin  Zone.  The
combination  of  shallow  dipping mineralization  and  topography,  as  well  as
multiple veins favours building near surface resources.

                  ELKIN ZONE - CORE DRILLING RESULTS, January,2007

                     From      To      Width    Grade        Grade      Grade
        Hole ID      (m)      (m)      (m)    (g/t gold) (g/t silver) (% Lead)

      OM-DD-06-12    38.90    39.27    0.37     14.36       29.15       2.53
              and    42.90    43.50    0.60     16.36       49.11       1.99

      OM-DD-06-13    49.60    49.80    0.20      4.18        6.10       0.14


                 KEARNEY VEIN - CORE DRILLING RESULTS, January, 2007

                     From      To     Width     Grade      Grade       Grade
        Hole ID      (m)      (m)     (m)    (g/t gold) (g/t silver) (% Lead)

      OM-DD-06-14   110.00   114.30    4.30      7.87       46.95       2.03
        including   113.30   114.30    1.00     27.42      170.84       6.52


    *The angle between the vein and the drill hole is greater than 75 degrees
     therefore drilled width approximates true width.

The samples were taken by geological staff under the supervision of M.J. Lavigne
P.Geo, (Vice President, Galantas Gold Corp), the Qualified Person for the
program. Sampling methodology, security & verification followed standard
procedures previously detailed on April 5th 2006 and the samples were analysed
(gold by fire assay and other metals by ICP-ORE) at OMAC Laboratory Ltd (an
independent, certified CCRMP & ISO 17025 laboratory) in Galway, Ireland.

Mr. Lavigne said, "It is rewarding to see poorly understood gold occurrences
such as the Elkin blossom into something substantial".

Issued and Outstanding Shares total 157,851,855

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 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

ARM Corporate Finance Limited            Telephone: [phone]
Nick Harriss

Lewis Charles Securities Limited         Telephone: [phone]
David Scott