Galantas Gold Corporation
TSX VENTURE : GAL

Galantas Gold Corporation

May 27, 2005 12:32 ET

Barclays Finances Galantas Open Pit Mining Equipment

OMAGH, NORTHERN IRELAND and TORONTO, ONTARIO--(CCNMatthews - May 27, 2005) - Galantas Gold Corporation (TSX VENTURE:GAL) -

Barclays Bank plc, through its subsidiary, Barclays Mercantile Business Finance Ltd, has provided a loan facility for the purchase of excavators and dump trucks. The total transaction value is Pounds Sterling 308,493 (CDN$ 722,500). The lease purchase payment of Pounds Sterling 5071.26 (CDN$11,877) is payable monthly for 48 months, including a 3.71% flat rate interest payment. Galantas has the right to purchase the machines for a nominal sum at the end of the 4 year term.

The equipment purchased is manufactured by Volvo, a European manufacturer with a well established, Irish service support network. It comprises an EC460BLC heavy hydraulic excavator, a BL71 combined backhoe loader and two A25C 25 tonne articulated dump trucks. The used equipment was purchased in the UK and will be shipped in the first half of June to the site at Omagh, where it will be used in the mining of gold ore.

Barclays Bank plc is a UK-based financial services group, with a very large international presence in Europe, the USA, Africa and Asia. It is engaged primarily in banking, investment banking and investment management. In terms of market capitalisation Barclays is one of the top ten largest banks in the world.

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 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".

Contact Information

  • Galantas Gold Corporation
    Jack Gunter
    President
    +44 (0) 2882 241100
    or
    Galantas Gold Corporation
    Roland Phelps
    CEO
    +44 (0) 2882 241100
    or
    Galantas Gold Corporation
    Moe Lavigne
    V.P. Exploration
    +44 (0) 2882 241100
    info@galantas.com
    http://www.galantas.com