GALANTAS REPORTS ESTIMATED PAYBACK 2.7 YEARS

GALANTAS GOLD CORPORATION
                            TSX Venture Exchange: GAL
                         London Stock Exchange AIM: GAL
                                                                  18th July 2008
                  GALANTAS REPORTS ESTIMATED PAYBACK 2.7 YEARS

Galantas Gold Corporation (Galantas), which has a 100% interest in Ireland's
only gold mine, today filed a report by independent consultants ACA Howe
International Ltd.(Howe). The report, entitled "Technical Report on the Omagh
Gold Project", is dated 28th May 2008 and will be published on www.sedar.com and
www.galantas.com . Authors are G. White FGS MAusIMM, J. Bennett C.Eng MIMMM and
N. Holloway C.Eng MIMMM.

The operational open pit mine is situated near Omagh, County Tyrone, Northern
Ireland and is engaged in increasing mine ore production to a target of 1400
tonnes per week. The mine produces a flotation concentrate containing gold,
silver and lead, which is exported and sold to a Canadian smelter.

Resource calculations as press released on 12th June 2008 are detailed by the
report. Additional data on production economics are also included. The report
contains the following mine budget details for 2008, which are expressed in UK£
sterling  :- "

Howe has reviewed the Galantas Gold budget for 2008.  The Galantas budget is
summarised in the following table;

Table 1 - Galantas Budget Summary

                                          Q1        Q2        Q3        Q4        Total
Ore production   Tonnes                   4,419     10,641    18,200    23,400    56,660
                 diluted grade(gold) g/t  6.11      7.70      9.54      7.32      8.01

Concentrate
production       Tonnes                   263       657       1,331     1,184     3,436
                 grade (gold) g/t         85        105       120       119       119
                 value £stg               247,548   736,414   1,684,236 1,660,757 4,328,955

Revenues £stg    Revenue from Xstrata     323,198   736,414   1,684,236 1,660,757 4,404,605
                 Other revenues           45,000    45,000    0         0         90,000
                 Total revenues           368,198   781,414   1,684,236 1,660,757 4,494,605

Operating costs
£stg             Salaries                 245,490   253,978   265,673   265,673   1,030,815
                 Cash commitments         524,707                                 524,707
                 Finance charges          147,250   162,918   162,918   162,918   636,005
                 Licences, other fees     16,400    2,400     12,400    28,275    59,475
                 Administration           34,044    38,602    38,602    38,596    149,844
                 Mill operations          170,850   170,850   170,850   170,850   683,400
                 Open pit operations      178,985   52,585    52,585    152,585   436,740
                 Laboratory               1,000     1,000     1,000     1,000     1,000
                 Geology                  9,958     66,086    66,086    66,086    208,216
                 Total direct operating
                 costs £stg               1,328,685 748,419   770,115   885,984   3,733,202

Note:
1. production is stated for February and March 2008 only
2. Revenue and operating costs are for the full quarter in each case
3. Open pit operations include £126,400 for overburden removal by contractor in
   Jan 08 and £100,000 for tailings cell    development in October 08
4. The following prices have been used by Howe to estimate revenue:  gold $900
   per oz, silver $14 per oz, lead $1.18 per lb.  These give similar values to the
   Galantas revenue

ACA Howe notes as follows.
  (a)   The  production of ore is ramped up significantly.  This is due  to  the
     ability of Galantas to remove larger quantities of overburden through their
     arrangement with the contractor as described.  Galantas also plan to commence
     operations in the Kerr vein towards the end of the year.  Howe believe it is
     within the capability of Galantas to produce at these rates, but believe that
     the monthly costs will increase as a result, due to higher wear rates on the
     equipment.

  (b)  Ore grade is higher than the block resource model.  This is attributed by
     Galantas to the higher grade areas that they are planning to mine in the middle
     of 2008.  It is probable therefore that grades mined in the subsequent periods
     will reduce to the overall resource average.  Also, if Galantas mine only the
     higher grade zones, and stockpile the lower grade zones, there will come a time
     when there will be a stockpiled resource of the lower grade material., which may
     or  may  not  be economic to process.  As the tonnage produced in  the  pit
     increases, therefore, the tonnage through the plant will increase.  Additional
     processing plant is being acquired to allow this increase in plant throughput,
     but Howe note that operating costs per quarter do not change commensurately.

  (c)  Galantas state that the concentrate grade will improve as a result of plant
     improvements.  These improvements will need significant management to achieve.

  (d)  Other revenues include VAT refunds
  (e)  The  increase  in  geology costs later in the year is  as  a  result  of
     additional drilling."

Howe's comments regarding pay-back are as follows :-

"The current assets figure, as of 31st March 2008, is reported by Galantas as
C$16.997M.  The sterling equivalent of this, using a June 2008 midpoint rate of
C$2.02 = £1, is £8.404M.

Once in full production, the annualised sales, based on the final quarter of
2008, are expected to be £6.643M.  The annualised costs, on the same basis, are
expected to be £3.544M.  This indicates an annual surplus of £3.099M.  On this
basis, the pay-back period is estimated as 2.7 years. "

This disclosure has been authorised by G.White FGS MAusIMM, (Senior Geologist -
Resources) of ACA Howe International Ltd, who is a Qualified Person for this
purpose. Verification detail is as previously disclosed on 12th June 2008.

Galantas Gold Corporation Issued and Outstanding Shares 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.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains
forward-looking statements within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and applicable Canadian securities
laws, including: statements relating to the estimated reserves and resources at
the Omagh Gold project; anticipated results of drilling programs, feasibility
studies or other analyses; and cost and production estimates, for the Omagh Gold
project. Forward-looking statements are based on estimates and assumptions made
by Galantas in light of its experience and perception of historical trends,
current conditions and expected future developments, as well as other factors
that Galantas believes are appropriate in the circumstances. Many factors could
cause Galantas' actual results, performance or achievements to differ materially
from those expressed or implied by the forward looking statements, including:
gold price volatility; impact of any hedging activities, including margin limits
and margin calls; discrepancies between actual and estimated production, between
actual and estimated reserves, and between actual and estimated metallurgical
recoveries; mining operational risk; regulatory restrictions, including
environmental regulatory restrictions and liability; risks of sovereign
involvement; speculative nature of gold exploration; dilution; competition; loss
of key employees; additional funding requirements; and defective title to
mineral claims or property. These factors and others that could affect
Galantas's forward-looking statements are discussed in greater detail in the
section entitled "Risk Factors" in Galantas' Management Discussion & Analysis of
the financial statements of Galantas for the year ended December 31, 2007 and
elsewhere in documents filed from time to time with the Canadian provincial
securities regulators and other regulatory authorities. These factors should be
considered carefully, and persons reviewing this press release should not place
undue reliance on forward-looking statements. Galantas has no intention and
undertakes no obligation to update or revise any forward-looking statements in
this press release, except as required by law.

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

Blomfield Corporate Finance Limited
Nick Harriss
Telephone : [phone]

Lewis Charles Securities Limited
Kealan Doyle & Nicholas Nicolaides
Telephone : [phone]