Re Agreement

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

14 February 2007

             GALANTAS SIGNS FALCONBRIDGE OFFTAKE AGREEMENT FOR OMAGH

Galantas Gold Corporation, which has a 100% interest in Ireland's only gold
mine, today announced an off-take agreement with Falconbridge Ltd (a subsidiary
of Xstrata plc) for flotation concentrate for the life of the Omagh Mine. The
agreement contains a mutual cancellation clause after 2010. Whilst the agreement
includes all flotation concentrate from the mine, Galantas is able under the
agreement to divert up to 10% of the flotation concentrate for treatment
elsewhere and intends to use this gold, with gold produced from gravity methods,
as feed-stock for its Galantas certified Irish gold jewellery business.

Mr. R.Phelps C.Eng., President & CEO Galantas Gold Corporation is the qualified
person who has reviewed the technical information contained in this release on
behalf of the Company.

Issued and Outstanding Shares total 162,251,855.

The TSX Venture Exchange has not reviewed and does not accept responsibility for
the  adequacy  or  accuracy  of the contents of this news  release.  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".

Enquiries

Galantas Gold Corporation                      Telephone:  [phone]
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

ARM Corporate Finance Limited                  Telephone:  [phone]
Nick Harriss

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