Drilling Report

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

1 May 2007

              GALANTAS INTERSECTS 2.5m GRADING 22.53g/t GOLD AT OMAGH

Galantas  Gold Corporation (the Company), which has a 100% interest in Ireland's
only  gold mine at Omagh, today announced results from its ongoing core drilling
program.

Drill  holes OM-DD-07-15 and OM-DD-07-16, located on the same cross  section  in
the central portion of the 850m long Kearney deposit, intersected mineralization
at  depths  of approximately 60m and 100m respectively. A 0.65m intersection  in
hole  15  assayed 11.38g/t gold. A 2.5m intersection in hole 16 assayed 22.53g/t
gold.

              Drill Hole 15       Sample length       Assay grade
              From - To            Metre*             Gold g/t

              68.75 - 69.00           0.25               16.0
              69.00 - 69.26           0.26              10.88
              69.26 - 69.40           0.14               4.04

                                      Total          Weighted Average
                                      0.65m             11.38 g/t


              Drill Hole 16       Sample length       Assay grade
              From - To            Metre*             Gold g/t

              100.3 - 101.1           0.80               8.85
              101.1 - 102.0           0.90              13.97
              102.0 - 102.2           0.20             103.94
              102.2 - 102.8           0.60              26.47

                                      Total          Weighted Average
                                      2.50m             22.53 g/t

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

At  a  greater  depth in this same cross section, a 1989 Rio  Tinto  drill  hole
intersected  several mineralized zones at a depth of approx  150m  below  datum,
including  13.07  g/t gold over 0.82m and 59.22 g/t gold over 0.13m.  (For  data
verification details see Report 851a by ACA Howe - Ewert, Armstrong &  Langlands
July  21st  2003  filed October 30th 2003 on www.sedar.com  ).  The  company  is
awaiting assay results for hole 17 which was drilled in between holes 16 and the
Rio Tinto hole.

The samples were taken by geological staff under the supervision of M.J. Lavigne
P.Geo, (Vice President, Galantas Gold Corporation), 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.

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.

Enquiries

Galantas Gold Corporation                  Telephone:  [phone]
Jack Gunter P.Eng - Executive Chairman
Roland Phelps C.Eng - President & CEO
Maurice 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]
Kealan Doyle