Issue of Equity

GALANTAS GOLD CORPORATION
                           TSX Venture Exchange : GAL
                         London Stock Exchange AIM : GAL
                                  July 28, 2006

                      SUCCESSFUL COMPLETION OF FUNDRAISING

                   Oversubscribed Private Placing raises $3.5m
                      to expand exploration and development

The Directors of Galantas Gold Corporation ("Galantas"), a company with a gold
mine in development near Omagh, County Tyrone, Northern Ireland, are pleased to
announce the closing of a private placement (the "Offering") for gross proceeds
of C$3,500,000.  Galantas will use the net proceeds of the private placement to
expand exploration and development of the Omagh Gold Project.

Pursuant to this offering, Galantas issued 14,000,000 units of Galantas (each a
"Unit") at the price of C$0.25 per Unit (including an over-allotment of
1,200,000 Units (the "Over-Allotment") and 2,000,000 Units for subscribers
specifically identified by Galantas (the "President's List")).  Each Unit
consists of one common share of Galantas (each a "Common Share") and one common
share purchase warrant of Galantas (each a "Warrant").  Each Warrant entitles
the purchaser to purchase one Common Share at a price of C$0.32 per share at any
time until July 26, 2008.  The shares will carry a 4-month minimum hold period.
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.

Union Securities Ltd., acting as agent (the "Agent") was paid a cash fee of
C$260,000.00 representing 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.  In addition, Galantas issued to the Agent 1,300,000 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
Galantas at C$0.25 per Unit at any time prior to July 26, 2008.

Galantas  President  and CEO, Roland Phelps, says: "We  are  delighted  to  have
successfully raised the new monies. They will enable us to accelerate  parts  of
our  development  program, including diamond drilling, aimed  at  expanding  the
Galantas gold operation. We are making good progress with site construction  and
fitting out the mill."

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]