Galantas Arranges Loan Finance with Allied Iris...

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

13 February 2007

    GALANTAS ARRANGES LOAN FINANCE WITH ALLIED IRISH BANKS PLC & DIRECTORS &
                            OFFICERS EXERCISE OPTIONS

Allied  Irish  Banks plc, trading as First Trust Bank of Omagh, Co.  Tyrone,  is
arranging  to  provide a £250,000 loan facility, repayable over 3  years  at  an
interest  rate  of 5.25%, to Omagh Minerals Ltd., a wholly owned  subsidiary  of
Galantas Gold Corporation.

Galantas  Gold Corporation also announces that as set out below the Company  was
notified  on February 12th, 2007 that options that were granted and  awarded  as
part  of the Employee Incentive Scheme to the named Directors and Officers  were
exercised on February 12th, 2007.


Name         Title      Number      Price    Total      Total Shares Owned          Percentage of
                        of          Per      Proceeds   Directly and Indirectly     Shares to the
                        Options     Share    Cdn.$      After Exercise of Options   Issued and
                        Exercised   Cdn.$                                           Outstanding


L. Jack      Director     500,000     0.12     150,000         16,965,441             10.46%
Gunter       and Exec     600,000     0.15
             Chairman


Roland       Director,    500,000     0.12     150,000         31,038,980             19.13%
Phelps       President    600,000     0.15
             and CEO

Maurice      Director   1,500,000     0.10     150,000          1,716,667              1.06%
Lavigne      and Vice
             President


James        Director     100,000     0.12      12,000            100,000              0.06%
Golla

James        Director     100,000     0.12      12,000            184,232              0.11%
Clancy

Ronald       Director     100,000     0.12      12,000            708,052              0.44%
Alexander

George       Secretary    200,000     0.12      24,000            200,000              0.12%
Duguay


Additionally a consultant has exercised options on 200,000 shares at  $0.15  for
$30,000.

An  application has been made for the newly issued common shares to be  admitted
to  trading  on  AIM,  as from 19th February 2007.  At this  time  none  of  the
individuals exercising options have effected related sales.

Investors  are reminded that Directors' holdings and details of transactions  in
Galantas  shares  continue  to  be  recorded and  available  on  www.sedi.ca  in
accordance with Canadian regulatory requirements.

The  cash provided by the loan facility and the exercise of options will be used
for  general working capital purposes during the early stages of production from
the Omagh Mine.

Issued  and  Outstanding Shares total 162,251,855 after  giving  effect  to  the
exercise of options reported in this release.

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