Trading Statement

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

22nd January 2007

             GALANTAS OMAGH MINE : ORE RESERVE AND RESOURCE ESTIMATE

As  a  result of a review by the Ontario Securities Commission, the  Company  is
issuing  the  following press release to clarify disclosure of the reserves  and
resources on its exploration and mining project at Omagh in Northern Ireland.

The  current position is as articulated in 2005 by independent consultants,  ACA
Howe  International  Ltd., in a report dated December 2005  entitled  "Technical
Report of the Gold Mining and Exploration Interests of The Omagh Gold Project of
Galantas  Gold Corporation in Counties Tyrone and Fermanagh, Northern  Ireland",
(the  Howe Report), authored by qualified persons John Langlands C.Eng FGS FIMMM
and  Julian  Bennett  C.Eng MIMMM, filed on March 1, 2006 as  Appendix  2  of  a
Technical Report entitled "An Update of Mining, Processing Methodology, Tailings
Disposal  and  Costs  of  the  Omagh Gold Project, with  additional  information
relating  to  metal prices, construction progress and an appendix  containing  a
report  by  ACA  Howe (Competent Persons Report)", authored  by  R.Phelps  C.Eng
MIMMM,   Lionel  J.  Gunter  P.Eng  FIMMM  and  Maurice  J.  Lavigne  P.Geo   on
www.sedar.com . The estimate contained in the Howe Report was carried out to the
standards  of  the Joint Committee of the Australasian Institute of  Mining  and
Metallurgy   and  the  Australian  Mining  Industry  Council  code   (JORC).   A
reconciliation to the mineral resource and mineral reserve categories as set out
in National Instrument 43-101 was included with the Howe Report.

On  the  Kearney  Deposit, which is the current focus of mine  development,  the
Company has: (i) proven ore reserves of 181,480 tonnes at a grade of 7.36  grams
per  tonnes of gold plus (ii) probable ore reserves of 185,830 tonnes at a grade
of  7.68  grams per tonne of gold; plus (iii) an indicated resource of 1,183,680
tonnes at a grade of 7.02 grams per tonne of gold, as tabulated below:


               Proven       Grade       Grams
               Ore          (g/t        of Au
               Reserve       Au)
               (Tonnes)

               181,480      7.36      1,336,487

               Probable     Grade       Grams
               Ore          (g/t        of Au
               Reserve       Au)
               (Tonnes)

               185,830      7.68      1,427,249

               Indicated    Grade       Grams
               Resource     (g/t        of Au
               (Tonnes)      Au)

               1,183,680    7.02      8,309,434


All  of  the above reserves and resources have been calculated using  a  cut-off
grade  of 1.0 gram per tonne gold and a cut-off width of 0.5 metres. The  proven
and  probable  reserves are contained within the open pit,  the  "Kearney  Pit",
currently being developed. The indicated resource extends from the bottom of the
Kearney  Pit at 37 metres vertical depth to a vertical depth of 137 metres.  The
deposit remains open below this depth.

Additional to the reserves and resources on the Kearney Deposit, the Howe Report
confirmed  indicated  and  inferred resources in  other  structures  within  the
Company's mining licence, summarized as follows at a cut-off grade of  1.0  gram
per tonne gold and a cut-off width of 0.5 metres:


Indicated     Grade     Grams of       Inferred      Grade        Grams
Resource    (g/t Au)       Au          Resource    (g/t Au)        Au
(Tonnes)                               (Tonnes)

328,820       6.72      2,208,530       135,500      4.68        634,643


These  estimates of mineral reserves and resources were originally made  by  ACA
Howe  Ltd.  in  1995  and  reviewed in the 2005 report  and  Company  management
considers  them  to be current.  Additional studies made in the  period  between
2003 and the present, which utilized different cut-off grades from those used in
the Howe Report, will be incorporated in forthcoming studies. The Company is  in
the midst of exploration and development involving diamond drilling, results  of
which will lead to a new estimate of reserves and resources.  This new estimate,
and  accompanying  NI  43-101 technical report, has  been  commissioned  and  is
expected by the end of the third quarter of 2007.

It  is  pointed  out that the reports entitled "An Update of Mining,  Processing
Methodology,  Tailings  Disposal  and Costs of  the  Omagh  Gold  Project,  with
additional  information relating to metal prices, construction progress  and  an
appendix  containing a report by ACA Howe (Competent Persons  Report)"  and  "An
Update  of  Mining Processing Methodology, Tailings Disposal and  Costs  of  the
Omagh Gold Project" filed on March 29, 2006 and December 28, 2005, respectively,
were  prepared  in  connection with the listing of the Company's  securities  on
London's  AIM  market and may not be compliant with NI 43-101 in  all  respects.
However, the Company believes that the information contained in such reports  is
helpful  additional  disclosure for the Canadian public  and  so  has  made  the
reports available on www.sedar.com.

Mr.  L.J. Gunter (P.Eng - Ontario) Chairman the Company is the qualified  person
who  has reviewed the technical information contained in this release on  behalf
of the Company.

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