RE: Drilling Programme Initiated

16th May 2006

                            Galantas Gold Corporation
                              (AIM - London : GAL)
                          (TSX Venture Exchange : GAL)


                           Drilling Program Initiated


Galantas Gold Corporation, a company with a gold mine in development in Northern
Ireland, announces that an exploration drilling program has been initiated and
the drill contractor (Irish Drilling Limited) has mobilized a drill onto site
today. The program will test some high priority targets near the mine-site. The
program will be HQ size with triple tube in order to maximise core recovery.

Galantas Gold Corporation is building Ireland's first gold mine on its 189 sq km
exclusive Prospecting Licence. The corporate aim is to increase the resource
base on the property through exploration and mine development, to expand mine
production in stages, and to add value to the Company's production by marketing
and selling certified Galántas ™ Irish gold jewellery.

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]
Email: [e-mail]
Jack Gunter P.Eng - Executive Chairman
Roland Phelps C.Eng - President & CEO
Moe Lavigne P.Geo - Vice President
Website: www.galantas.com

Bishopsgate Communications Ltd.
Telephone: [phone]
Nick Rome, Dominic Barretto