Galantas reports component commissioning at Oma...

GALANTAS GOLD CORPORATION
                            TSX Venture Exchange: GAL
                         London Stock Exchange AIM: GAL
6th December 2006

         Galantas reports component commissioning at Omagh Gold Project

Galantas Gold Corporation (the Company), 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

  ·    Liner being installed on first paste cell.
  ·    Plant components being commissioned.
  ·    First flotation concentrate trials expected in December.
  ·    Weighted  average 17.49 g/t gold calculated for a 262 m segment  channel
       sampled on the 850m long Kearney vein.
  ·    Jewellery negotiations with a UK retail chain underway.

Mine Construction Progress

In addition to the items previously reported as complete (22nd September 2006),
berm walls have been finished for the recirculation - polishing pond and the
first paste cell. Liner and drainage mat have arrived on site. Two 3-4 days
periods of dry weather are required to fit the lining to both of the structures.
Delays occurred due to the insolvency of a previous lining contractor and
failure to ship on time from the Spanish factory. Lining of the first paste cell
commenced Monday 27th November 2006, continues and is subject to weather
conditions. When complete, the paste cell will also temporarily act as a water
storage and recirculation facility, permitting limited testing of the process
plant, until the recirculation - polishing pond is lined.

Production generators and emergency generator are operational. Commissioning of
individual items of equipment has commenced with primary crusher, conveyors,
flotation cells and ball mill having been dry tested. The secondary crusher is
being re-installed following modifications.

Management is focused on initial flotation plant trials (and the resulting sales
of concentrate) during December but cautions that further delays due to start-up
difficulties are possible.

Efforts to foresee start-up problems and ameliorate them have been made and an
internal metallurgical audit assisted by independent professionals (GBM Minerals
Engineering Consultants Ltd.) has been carried out in advance of commissioning
and production. The study concluded that, "The process selected is in accordance
with the results of test work and would be expected to produce satisfactory
results technically but there are mechanical and electrical concerns regarding
the capability of the facility to maintain a high degree of operating time".
This is primarily due to lack of spare capacity, particularly of pumps.
Management notes the concerns and considers that this situation is manageable
with the addition of extra standby units and a budget is under development.

Results of Exploration

Further to a progress report released on September 22nd, detailed channel
sampling at the southern end of the 850 metre long Kearney vein continued. The
purpose is to obtain an estimate in that area which will be mined first, of the
mill head grade that can be sustained in keeping with the selective mining
method that will be practised.

A further 119 channel samples were taken at intervals along a 149 metre strike
length. This segment is separated by 83 metres from a 30 metre channel sampled
southern extension of the vein, results reported on April 5th and July 11th.
Both sets of results were combined and, using a grade cut-off of 3.0 grammes
gold per tonne and a width cut-off of 0.3 metres, a weighted average gold
content, undiluted, calculated at 17.49 g/t plus silver at 51.53 g/t.  The
approximately 83 metre gap referred to represents the area of the mining trial
carried out in 2000/2001 when 101.4 tonnes selectively mined returned 53.41 g/t
gold and 50.53 g/t silver. (Mining Trial Reference : ACA Howe Report 851a filed
October 30th 2003 on www.sedar.com ).

The samples were taken by independent geologists 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
(gold by fire assay and other metals by ICP-ORE) at OMAC Laboratory Ltd (an
independent, certified CCRMP & ISO 17025 laboratory) in Galway, Ireland.

Analytical results and their compilation remain pending for the diamond drill
cores sampling the Elkin Vein and mining areas of the Kearney. The programme
continues with one drill operating.

Jewellery Negotiations :
Negotiations have been held and are continuing with a major premium retail
jewellery chain in the UK. The existing jewellery range has been freshened with
new designs in anticipation of availability of new supplies of certified Irish
gold in the early part of 2007.

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