Galantas Develops Omagh Gold Mine & Drills ...

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

22nd September 2006

Galantas Develops Omagh Gold Mine &  Drills 10.05g/t Gold over 6.55m

Galantas Gold Corporation, which is developing Ireland's only gold mine at
Omagh, Co.Tyrone, announces progress in building its processing plant and
associated infrastructure. It also releases additional exploration results.

Highlights

  ·    Management expects commissioning to commence within one month.
  ·    Cash  flow from the sale of flotation concentrate is expected in  fourth
       quarter.
  ·    A weighted average grade of 16.25 g/t gold has been calculated over the
       150m segment channel sampled in this programme on the 850m long Kearney vein.
  ·    Drill hole 06-6 carried an intercept of 10.05g/t gold over 6.55m

Mine Construction Progress

The process plant building is complete with internal floors and partitions.
Flotation cells and tank superstructure have been installed. Process water &
fresh water storage tanks are in place. Protective bunds for the concentrate
thickener and diesel tank have been built and the concentrate thickener
assembled and installed. The concentrate handling arrangement, with Perrin
filter press, is complete. The tailings thickener, with skid-mounted steel bund,
is fabricated and ready to be towed into place adjacent to the first paste cell.
Fabrication works associated with the crushing circuit are expected to be
completed in the next week. One generator is set up with work continuing on a
second. The electrical wiring and plumbing of the plant is also well underway.

The recirculation (polishing) pond for final process water treatment and phase 1
paste cells for storage of thickened tailings have been excavated and berm walls
are being constructed with materials screened on site. A fresh water storage
pond, a channel for diverting a stream (Kerr Burn) away from the site and the
main haulage road from mine to mill are completed.

Management expects that commissioning will commence within 1 month but cautions
that unforeseen commissioning delays could occur. Cash flow from the sale of
flotation concentrate is expected during the fourth quarter (Autumn).

Results of Exploration

The core drilling program already announced is continuing, the tenth hole in
progress. Results of the first three holes were reported on 11th July 2006.
Assays have been received for holes  06-4, 06-5 and 06-6 which were on the
Kearney vein. Hole 06-4 missed the target, likely due to fault displacement.

Hole 06-5 had three significant intercepts at down hole depths of 23.37m, 64.28m
and 86.0m producing the following results; 12.16 grams per tonne (g/t) gold over
37 cm, 20.00 g/t gold over 35cm and 41.92 g/t gold over 68cm.

Hole 06-6 carried an intercept of 10.05 g/t gold over 6.55 m (interpreted as
6.3m true width), including 39.04 g/t gold over 1m at a down-hole depth of
65.48m (interpreted as a 45m vertical depth). Assays for holes 06-7, 06-8 and 06-
9 are pending.

Channel sampling has been carried out on part of the recently stripped southern
portion of the Kearney ore-body that was not historically exposed. The channel
sampling was also extended into areas previously historically sampled by Rio
Tinto, to enhance mining grade control procedures. Some of this channel sampling
has been carried out over parts of the Kearney Vein that were previously
assigned indicated resource status and the work will permit this to be converted
to reserve status in due course.  The sampling includes channels cut under the
supervision of ACA Howe and M.J. Lavigne. The channels were cut at intervals
from 1 - 3m along the strike of the vein. Calculations used a cut-off grade of 3
g/t gold and a minimum mining width of 0.3m. Where grade exceeded 3 g/t at less
than 0.3m width, grade was diluted to 0.3m.

A weighted average grade of 16.25 g/t gold has been calculated over the 150m
segment sampled in this program on the 850m long Kearney vein.  A more detailed
sampling report is being prepared by ACA Howe.

The samples were taken and the drilling carried out 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
at OMAC Laboratory Ltd (an independent, certified CCRMP laboratory) in Galway,
Ireland. Readers are referred to the ACA Howe Report (July 21,2003), filed
October 30,2003 for general exploration, background, previous work and other
information.

President & CEO Roland Phelps said, "The team is close to achieving gold
production at Omagh. With a continued exploration program to build resources, we
expect to show that Ireland, with its secure licensing regime, is host to a
significant gold camp. "

Visitors to the Resource Investment Conference on September 24th and 25th at the
Toronto Convention Centre are invited to hear the Galantas presentation in
Workshop2 at noon on the 24th or meet management at booth 905.

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

Bishopsgate Communications Ltd.              Telephone: [phone]
Dominic Barretto
Nick Rome
Website: www.bishopsgatecommunications.com

ARM Corporate Finance Limited                 Telephone: [phone]
Nick Harriss

Lewis Charles Securities Limited.             Telephone: [phone]
David Scott