GALANTAS ANNOUNCES £750,000 PLACING WITH G...

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

March 2nd 2007

                GALANTAS ANNOUNCES £750,000 PLACING WITH GARTMORE IRISH FUND

Galantas Gold Corporation (the Company), which has a 100% interest in Ireland's only gold mine, today announced a
placing of 5,284,000 units with Gartmore Irish Growth Fund plc. Each unit is priced at CDN$ 0.325 and is comprised of
one common share and one warrant. Each warrant entitles the holder to purchase one common share within 18 months from
closing at a price of CDN$0.45. The gross funds raised by the placing are C$1,717,300. An arrangement fee of 5% is
payable to Lewis Charles Securities, the Company's London broker.

The placing shares are subject to a 4 month hold period in Ontario, Canada, which will expire July 3rd 2007. An
application will be made to admit shares issued under the placing to trading on AIM on the same day that they become
free trading on the TSX Venture Exchange.

The Company will utilize the funds for working capital purposes, to accelerate its active drilling program and for
investment in its jewellery business.

The Gartmore Irish Growth Fund specializes in Irish smaller companies or smaller companies with most of their operations
in Ireland or Northern Ireland. The net asset value performance for the fund to 31st January 2007 is reported as :
5 years:    273.4%
10 years:   543.9%
Since inception:  865.1%
(Inception of the Gartmore Irish Growth Fund: 7th June 1995)

Galantas Gold Corporation Issued and Outstanding Shares following the placing 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
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]