Galantas Details Falconbridge Payments and Gold...

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

3 October 2007

         Galantas Details Falconbridge Payments and Goldsmiths Order

Galantas  Gold Corporation (the Company), which has a 100% interest in Ireland's
only gold mine, has today given further detail of its contract with Falconbridge
Ltd, a subsidiary of Xstrata plc (Falconbridge).

The  contract provides for payments by Falconbridge of a provisional sum, at 80%
of   estimated   shipment  contractual  value,  for  containers   of   flotation
concentrate,  15  days after the containers are loaded onboard ship  at  Belfast
port.  The  remaining 20 % of the contractual value falls due and is payable  15
days after the "Quotational Period". The "Quotational Period" is the third month
after delivery and it is the average metal price in that month which is used  to
fix the contractual value of the shipment. The contract includes fixed treatment
charges that are payable to Falconbridge on a tonnage basis, charges related  to
the  amount of metals (gold, silver and lead) present,  fixed transport  charges
and deductions for any deleterious elements. Revenues are payable to the Company
at  the  rate  of  95  % of the gold, silver and lead values  present  less  the
Falconbridge fixed and variable charges.

Following  analysis  of  samples taken by an independent  sampler,  there  is  a
written  protocol  which  averages samples or  allows  for  umpire  analysis  as
necessary.

There  have been 28 containers shipped to Falconbridge up to September 27,  2007
containing  640.4  wet tonnes. The amount received in interim payments  (80%  of
estimated contractual value) as of 28th September 2007 is $522,605 in US  Funds.
The  estimated gross value of shipments to date of the press release is $835,466
USD with individual container value averaging $30,430 USD. This includes amounts
related  to containers 1-4, 6, & 8-30.  Since the end of the second quarter,  18
containers have been shipped (up to September 26, 2007). The revenue from  these
containers  is estimated at $500,046 USD, of which $400,037 USD is  due  as  the
interim  payment with $254,269 USD already been received.  None of these figures
include  value for 3 containers sent for separate gold processing  as  feedstock
for  the  jewellery business. The approximate value of the flotation and gravity
concentrate within the 3 containers, were they to have been sold to Falconbridge
instead  of  being  processed,  is estimated at  $54,625  USD.  It  is  strongly
emphasised  that  all  the estimated values contained  in  this  disclosure  are
approximate only and are subject to change or confirmation by the protocol.  The
revenues from concentrate sale will partially offset development costs.

Concentrate  grades  achieved  to  date  are  less  than  those  anticipated  by
laboratory  test-work.  Increased  operator  experience  and  additional   plant
modifications  are  expected  to  make  improvements.  Lower  concentrate  grade
adversely  affects concentrate revenue because of the fixed treatment costs  and
shipping charges noted above.

Plant  operation has continued to improve in terms of productivity.  Since  June
26th,  2007, the date of the last Trading Update, until September 26th 2007,  20
containers  have  been shipped, containing approximately  466.2  wet  tonnes  of
flotation concentrate. The total number of containers shipped to date  total  31
containing  approximately 710.0 wet tonnes of concentrate. A graph demonstrating
the  productivity  of  the  mill  on  a  weekly  basis  will  be  published   on
www.galantas.com.

The  processing  of 45.7 tonnes (2 containers) of concentrate  by  a  specialist
laboratory  has  been  completed and a total of 4.45kgs unrefined  gold  bullion
(dore) has been received. The shipment has been transferred to refiners for  the
production  of  certified  Irish  gold  suitable  for  the  jewellery  business.
Approximately  half of the refining is complete and that portion  is  undergoing
manufacture by Galantas' jewellery contractors.

Advance  orders have been received from Goldsmiths Group plc and UK  and  Irish-
based  independent retailers in excess of £150,000 (CDN$303,000). This was above
expectation and "free" gold production (that small percentage of the mine's gold
output  that can be produced as dore on site) is being up-rated. Goldsmiths  are
expected  to launch selected items from the Galantas product range in 15  United
Kingdom  shops  in November. Included are stores in Brent Cross - North  London,
the  Metro Centre - Gateshead, Leeds, Cambridge, Cardiff, Liverpool, Glasgow and
Birmingham.

The total number of retailers is expected to number between 25 and 30 by the end
of 2007.

Galantas  Gold Corporation Issued and Outstanding Shares following  the  placing
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.  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, such as but not limited to the number  of  retailers  or
locations of retailers or estimated values of concentrates, 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".

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

ARM Corporate Finance Limited
Nick Harriss
Telephone: [phone]

Lewis Charles Securities Limited
Kealan Doyle
Telephone:  [phone]