Issue of Equity

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

         Galantas Raises £764,000 (CDN$1.64m) in London Private Placing

4 September 2007

Galantas Gold Corporation (the Company), which has a 100% interest in Ireland's
only gold mine, has completed a placing of 7,640,000 units. Each unit is priced
at UK Sterling £0.10 (approximately CDN$ 0.21) and is comprised of one common
share and one half warrant. Each full warrant entitles the holder to purchase
one common share within 12 months from closing at a price of UK Sterling £0.15
(approximately CDN$0.32). The gross funds raised by the placing are £764,000. An
arrangement fee of 5% is payable to Lewis Charles Securities, the Company's
London broker. The fee is abated to 1% in respect of 1.3m shares placed with the
President of the Company.

The placing shares are subject to a 4 month hold period in Ontario, Canada,
which will expire January 4th, 2008. An application will be made to admit shares
issued under the placing to trading on AIM on the same day that they become free
trading on the TSX Venture Exchange.

The Company intends to use the funds to further expand its jewellery business,
for general working capital and for continuing exploration and development of
the Omagh Gold Project.

Amongst the placees is JP Morgan Fleming Global Natural Resources Fund (JPM).
The Company has been advised that this subscription increases JPM's ownership to
approximately 9.985 % of the total shares issued and outstanding.

Mr. Roland Phelps (President and Chief Executive of the Company) has subscribed
for 1.3 million units in the placing. This increases the total number of shares
owned directly and indirectly by him to 32,338,980, which is approximately 18.4%
of the current total shares issued and outstanding following the placement.
Further detail of  his holdings in the Company are listed on www.sedi.ca .

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.

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]