Issue of Equity

GALANTAS GOLD CORPORATION
                             TSXV & AIM: Symbol GAL

        GALANTAS RAISES CDN$1,050,000 FOR DRILLING AND WORKING CAPITAL

8 June 2010

Galantas Gold Corporation (the "Company")(TSX Venture - GAL) (AIM - GAL), which
has a 100% interest in Ireland's only gold mine, has completed the
first tranche of the private placement announced on June 3, 2010. The Company
issued 21,000,000 units pursuant to the first tranche, subject to receipt of
final regulatory approvals. The placing is part of a larger offering of up to
50,000,000 units ("Offering"). Each unit is priced at CDN$0.05 and is comprised
of one common share and one warrant. Each warrant entitles the holder to
purchase one common share within 24 months from closing at a price of CDN$0.10.
The gross amount raised by the first tranche of the placing is CDN$1,050,000. A
cash fee of 1% is payable to EF Malet de Carteret MCSI, an independent agent.

The securities issued under the private placement are subject to a hold period
in Canada from the date of issuance until October 9th, 2010 in accordance with
applicable securities laws and TSX Venture Exchange policies.  An application
will be made to admit shares issued under the placing to trading on the AIM
market of the London Stock Exchange on the same day that they become free
trading on the TSX Venture Exchange.

Kenglo One Ltd of Jersey, Channel Islands ("Kenglo") which holds approximately
9.95% of the total issued and outstanding shares of the Company following the
first tranche has expressed willingness to participate in the second tranche of
the Offering. The Company has been advised that the issuance of securities to
Kenglo pursuant to the second tranche may result in Kenglo's holdings exceeding
20% of the total issued and outstanding shares of the Company (assuming exercise
of warrants issuable to Kenglo pursuant to the second tranche). Shareholder
approval may be required in connection with the second tranche, in addition to
the TSX Venture Exchange acceptance. The Company intends to circulate a Notice
of Special Meeting to consider a resolution, which carries the directors'
recommendation, to allow the second tranche to proceed, on the same terms as the
first tranche.

The Company intends to use the funds from the placing for an expanded drilling
program, mobile and fixed plant improvements and working capital. The expanded
drilling program will concentrate initially on targets close to the operating
mine site that have already been reported upon by consultants ACA Howe (Press
Release 12th June 2008) and will commence summer 2010.


Enquiries

Galantas Gold Corporation
Jack Gunter P.Eng - Chairman
Roland Phelps C.Eng - President & CEO

Email: [e-mail]
Website: www.galantas.com
Telephone:   [phone]

Religare Capital Markets
Telephone:  [phone]  Nick Harriss

Beaufort International Associates Ltd
Telephone:  [phone]  Kealan Doyle


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.

This press release, required by applicable Canadian securities law, is not for
distribution to U.S. news services or for dissemination in the United States,
and does not constitute an offer of the securities described herein. These
securities have not been registered under the United States Securities Act of
1933, as amended, or any state securities laws, and may not be offered or sold
in the United States or to U.S. persons unless registered or exempt therefrom.

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".