Issue of Equity

GALANTAS GOLD CORPORATION
TSX Venture Exchange : GAL
London Stock Exchange AIM : GAL
14th July 2006

GALANTAS GOLD CORPORATION ANNOUNCES
PRIVATE PLACEMENT

The board of Galantas Gold Corporation ("Galantas") is pleased to announce a private placement pursuant to which
Galantas shall issue up to 12,800,000 Units of Galantas at $0.25 per Unit (the "Offering"), with an over-allotment of up
to an additional 1,200,000 Units at $0.25 per Unit (the "Over-Allotment Option").   The issue of up to 12,800,000 Units
of Galantas includes up to 2,000,000 Units for subscribers specifically identified by Galantas (the "President's List").
 Each Unit will consist of one common share and one common share purchase warrant of Galantas.  Each share purchase
warrant will entitle the purchaser to purchase one common share of Galantas at a price of $0.32 per share for a period
of twenty-four months from the date of the closing of the private placement. The shares will carry a 4 month minimum
hold period.

Under an engagement letter dated June 27, 2006, as amended, Union Securities Ltd. of  Ontario, Canada ("Union"), agreed
to act as agent for the private placement pursuant to which Union shall receive 8% in cash commission based on Units
sold under the Offering and the Over-Allotment Option (excluding Units sold pursuant to the President's List) and 4% in
cash for Units sold pursuant to the President's List payable at closing.  In addition, Galantas will issue to Union, at
closing, compensation options (the "Agent's Compensation Options") equal to 10% of all Units sold pursuant to the
Offering and the Over-Allotment Option (excluding Units sold pursuant to the President's List) and 5% of all Units sold
pursuant to the President's List.  Each Agent's Compensation Option entitles the Agent to purchase one Unit of the
Company at $0.25 per Unit at any time prior to the date that is 24 months from the Closing Date.

The private placement is subject to the completion of final documentation and the approval of the TSX Venture Exchange.
It is anticipated that the date of the closing of the private placement will be on or about July 25, 2006.  Galantas
will use the gross proceeds of the private placement to expand exploration and development of the Omagh Gold Project in
Northern Ireland. An application will be made to admit any new shares issued under the placing to trading on AIM on the
same day that they become eligible for trading on the TSX Venture Exchange

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". All dollar amounts
are Canadian dollars unless otherwise noted.

The TSX Venture Exchange Inc. has neither approved nor disapproved the information herein contained.

Galantas Gold Corporation
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
Telephone:  [phone]

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

ARM Corporate Finance Limited
Nick Harriss  Telephone: [phone]

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