Update on Drilling Programme

GALANTAS GOLD CORPORATION
                           TSX Venture Exchange : GAL
                         London Stock Exchange AIM : GAL
                                 11th July 2006

Galantas Reports High Grade Gold at Omagh Open Pit Gold Mine

Analytical  results of drill core retrieved by diamond drilling and one  channel
sample  from  the  Kearney  vein have been received. The  detailed  results  are
attached.

The  channel sample was collected on the southern extension of the Kearney vein,
from  a  gap  in  between  the recently released results  (April  5,  2006)  and
historical  sampling by Rio Tinto. The weighted average grade of the sample  was
43.94g/t gold over a width of 1.63m calculated at 3g/t cut-off.

Drilling  on  the northern half of the Kearney vein intercepted 4  gold  bearing
zones.  Hole OM-DD-06-02 intersected 11.62g/t gold over 3.16m including 23.14g/t
gold over 0.74m. Hole OM-DD-06-03 intercepted 9.64 g/t gold over 5.66m including
12.52g/t  gold over 3.17m. These weighted average calculations were  made  at  a
3g/t  cut off and where required have been diluted to a minimum mining width  of
0.35m

The  samples  were taken and the drilling carried out under the  supervision  of
M.J.Lavigne  P.Geo, (Vice President, Galantas Gold Corp), the  Qualified  Person
for the program. Sampling methodology, security & verification followed standard
procedures  previously detailed on April 5th 2006 and the samples were  analysed
at  OMAC  Laboratory Ltd (an independent, certified CCRMP laboratory) in Galway,
Ireland.

Mr.Lavigne  said," The drilling program is designed to support the expansion  of
the  Omagh  gold mine currently being constructed. Data collected from  drilling
and  channel  sampling  will be used with information on mining  and  processing
costs  established in the early days of operation to conduct a pit  optimization
analysis. This will establish a revised pit depth and reserves. In general,  the
increase  in  gold price over the last two years has improved the  economics  of
gold  extraction so that open pit mines can operate at greater depths  than  the
planned Kearney pit. In addition to expanding knowledge of the Kearney vein, the
on-going  drilling campaign will be testing other structures  and  carrying  out
some sterilisation drilling."

The company had earlier announced that its production facility was scheduled  to
undergo  commissioning late in the second quarter of 2006, but outlined in  June
that  commissioning is now expected to take place during the  third  quarter  of
2006.  The operation is expected to have a capacity to produce 30,000 ounces  of
gold  per year when brought fully on stream and will be Ireland's only currently
operating gold mine.

 OM-DD-06-02     Kearney
                   Vein
                                                Grade Au
     From m         To m           Width m         g/t

     24.04          24.19            0.15         19.00
     45.65          46.05            0.40         10.36
     46.87          48.07            1.20          7.40
     50.19          50.65            0.46          7.72
     53.66          54.24            0.58         16.44
     54.24          54.41            0.16         46.72




 OM-DD-06-03     Kearney
                   Vein
                                           Grade Au
    From m     To m           Width m         g/t

    32.63      32.75            0.12          9.80
    32.75      33.28            0.53         23.32
    33.28      33.36            0.08          8.24
    33.36      35.03            1.67         10.80
    35.03      35.64            0.61          6.16
    35.64      35.8             0.16         23.16
    37.89      38.28            0.39          3.09
    38.74      39.44            0.7           3.83
    41.65      42.1             0.45          3.74
    42.33      43.05            0.72         12.00



Channnel Sample     South Kearney
       Line 24           Vein
    From m          To m         Width m       Grade Au g/t

     1.23           1.54           0.31            5.40
     1.54           1.87           0.33           39.72
     1.87           2.15           0.28           84.68
     2.15           2.46           0.31           94.38
     2.46           2.86            0.4            9.68


Drill Hole OM-DD-06-01, located a km away from Kearney, and testing a
geophysical target, disclosed highly sheared basic rock barren of sulphide/gold
mineralisation.

A summary of the description of geology, mineral occurrences etc can be found
within Report 851a ACA Howe July 21st 2003, by Ewert, Armstrong & Langlands with
additional information in a Howe letter of 27th September 2004 by
Dr.C.Armstrong, both of which are filed on www.sedar.com . Also see a report
filed on  March 2006 , by Phelps, Gunter, Lavigne and Higgins & Press Release on
April5th 2006, M.Lavigne P.Geo on www.sedar.com .  The number of shares
currently outstanding  total 143,851,855.
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".



Galantas Gold Corporation
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
Telephone:  [phone]

Bishopsgate Communications Ltd.
Dominic Barretto, Nick Rome
Website: www.bishopsgatecommunications.com
Telephone: [phone]

ARM Corporate Finance Limited
Nick Harriss  Telephone: [phone]

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