Trading Statement

GALANTAS GOLD CORPORATION
(TSX VENTURE EXCHANGE : GAL)
(AIM - LONDON : GAL)

OMAGH GOLD MINE : OPERATIONAL UPDATE
26th June 2006

Galantas Gold Corporation announced today substantial progress in construction of its Omagh Gold Mine.

Flotation & Gravity Gold Processing Plant

o       Mill Building steel frame & cladding is complete.
o       Equipment foundations and floors are concreted.
o       Ball Mill is installed.
o       All flotation cells are installed.
o       Crusher steelwork and conveyors are in final stages of fabrication.
o       Tailings thickener is fabricated.

Infra-structure

o       Rock, till and peat storage areas have been created.
o       Access and haul roads are built.
o       Site Drainage has been installed.
o       Excavation of peat for the first paste tailings cell is complete. Difficulties were encountered  in excavating an
increased depth of peat over that expected. This has extended the period of excavation of the cells. Preparation for
installation of the cell liner is in progress..
o       A second and third cell have been part excavated.
o       Polishing pond is in construction
o       Kearney vein is exposed for mining over approximately 450m.

Remaining work in progress includes completion of the tailings facility, electrical installation and installation of
pumps and tankage.

Core Drilling Status

o       A diamond drill program is underway with an emphasis on targets in or close to the Omagh property.
o       The program includes drill holes within the Kearney vein, Elkins Vein and some sterilisation drilling related to
future facilities.
o       The first holes achieved 100% recovery of the core. Cores have been split and mineralised sections are with OMAC
Laboratories Ltd of Galway, Ireland, a certified CCRMP laboratory, for analysis.
o       Mr. M.J.(Moe) Lavigne, P.Geo, is the qualified person overseeing the drilling program.

Personnel

Karl Martin (B.Sc.Hons) is managing construction work and has been appointed Mine Manager. Andrew Warburton (B.Eng.Hons
ACSM) is managing the Flotation and Gravity Plant installation and has been appointed Mill Superintendent.

Commissioning and Cash Flow

Commissioning is expected in late summer 2006 with first cash flow from the project anticipated in the early Autumn.
Ramp up to full production is expected to be complete in a 3 - 6 month period thereafter.

When complete, the mine will be Ireland's only producing gold mine with production of up to 30,000 ozs of gold annually,
mainly within sulphide concentrate, for shipment and sale to third party smelters. Additional revenues are projected to
derive from associated lead and silver credits. The processing facility is designed to accept a head-grade of 20g/t gold
from an open pit on the Kearney vein, with other nearby deposits to come on stream as developed. Sales of gold produced
from the gravity section of the plant to the in-house jewellery business are also projected.

The Galantas jewellery business sells certified Irish gold jewellery via a network of retailers and direct to the public
over the internet at www.Galantas.com Test marketing of Galantas certified Irish gold jewellery was conducted with gold
produced from bulk samples from the Kearney vein. Marketing will re-commence as gold moves through the jewellery
production chain although principal management focus will remain with the mine until stable production is achieved.

Cash flow from the project will be used to increase the resource base on the property through exploration and mine
development, to expand mine production in stages, and to add value by marketing and selling certified Galantas™ 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                        [phone]
Jack Gunter P.Eng  Executive Chairman
Roland Phelps C.Eng  President & CEO
Moe Lavigne P.Geo  Vice President
Website: www.galantas.com
Email: [e-mail]

Bishopsgate Communications Ltd.          [phone]
Nick Rome
Dominic Barretto

ARM Corporate Finance Limited            [phone]
Nick Harriss

Lewis Charles Securities Limited         [phone]
David Scott