Galantas Agrees Heads of Terms for Gold Jewellery Arrangement

TORONTO, ONTARIO--(Marketwired - Oct. 10, 2013) - Galantas Gold Corporation (TSX VENTURE:GAL)(AIM:GAL) (the Company) is pleased to announce that Heads of Terms have been agreed for the production, marketing and sale of a tightly specified range of jewellery products, using Galantas Irish gold.

The arrangement, with TJH Ltd of Dublin, Ireland (TJH), is subject to preparation of a detailed contract and sees Galantas Irish gold, produced from the Company's Omagh mine, being sold to TJH at a material premium to and above a minimum London Metal Bullion price, with an additional royalty on sales payable on a quarterly basis. TJH is an established jewellery marketer and manufacturer, having developed other brands, including Irish oriented brands, previously.

Galantas has 100% ownership of the only working gold mine in Ireland, which is located near Omagh, County Tyrone.

The disclosure has been reviewed and approved by Roland Phelps (President & CEO), Galantas Gold Corporation.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws, including a potential joint venture jewellery arrangement for gold from the Omagh Gold project. Forward-looking statements are based on estimates and assumptions made by Galantas in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that Galantas believes are appropriate in the circumstances. Many factors could cause Galantas' actual results, the performance or achievements to differ materially from those expressed or implied by the forward looking statements or strategy, including: gold price volatility; discrepancies between actual and estimated production, actual and estimated metallurgical recoveries; mining operational risk; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign involvement; speculative nature of gold exploration; dilution; competition; loss of key employees; additional funding requirements; planning and other permitting issues; and defective title to mineral claims or property. These factors and others that could affect Galantas's forward-looking statements are discussed in greater detail in the section entitled "Risk Factors" in Galantas' Management Discussion & Analysis of the financial statements of Galantas and elsewhere in documents filed from time to time with the Canadian provincial securities regulators and other regulatory authorities. These factors should be considered carefully, and persons reviewing this press release should not place undue reliance on forward-looking statements. Galantas has no intention and undertakes no obligation to update or revise any forward-looking statements in this press release, except as required by law.

Galantas Gold Corporation Issued and Outstanding Shares total 256,210,395.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.