Trading Statement

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

8th January 2007

             First gold concentrate from Galantas production trial.

Galantas Gold Corporation (the Company) announces that it has produced the first
production trial flotation concentrate at its gold mine near Omagh, County
Tyrone. Galantas has a 100% interest in Ireland's only gold mine.

Highlights

  ·    First Trial Gold Flotation Concentrate
  ·    Lining to Paste Cell Complete
  ·    Lining to polishing pond complete

Mine Construction Progress

The first trial run of production of flotation concentrate was on 22nd December,
just prior to the Christmas shutdown. Minor adjustments have been made as a
result of the trial and the Company is pleased to report that first concentrate
has been produced.
Some works remain to be completed in the plant and some parts remain to be fully
tested. At least the first three months of operation are expected to be
irregular and slow as unforeseen difficulties are resolved.
The lining contractor has completed lining of the first paste cell and the
polishing pond. Final pipe-work is being placed.

Trading Update

The Company will not have sales of concentrate (the primary anticipated source
of revenue for the mine) in the financial year ending 2006. Concentrate sales
are anticipated in the first quarter of 2007.

Video of the first concentrate trials will be uploaded to the Company's website
at www.galantas.com .

Roland Phelps, President & Chief Executive Officer said, "I congratulate the
whole team at Omagh for achieving the first trial production gold flotation
concentrate. There is still more to do and I have confidence that the team will
continue to solve the difficulties ahead as they have done during the build.
This is a considerable achievement for a modestly capitalised company and is a
milestone for what I hope will be an important business for Ireland."

Issued and Outstanding Shares total 157,851,855

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