Galantas Gold Corporation

Galantas Gold Corporation

April 29, 2009 11:00 ET

Galantas Announces 2008 Annual Results

TORONTO, ONTARIO--(Marketwire - April 29, 2009) - Galantas Gold Corporation ('Galantas' or the 'Company') (TSX VENTURE:GAL)(AIM:GAL), which has a 100% interest in Ireland's only gold mine, reports audited annual results for the year ending December 31,2008.

Highlights of the 2008 annual results, which are expressed in Canadian
Dollars, are :

2008 2007

Revenue : $ 4,402,965 $ 654,142
Cost of Sales $ 3,909,656 $ 972,022
Amortization $ 1,558,679 $ 736,226
Income (loss) before Other Costs/Income $(1,065,370) $(1,054,106)
Other Costs/(Income) $ 1,386,850 $ 1,766,401
Future income tax recovery $ 491,126 $ 654,851
Net Income (loss) for the year $(1,961,094) $(2,165,656)

The detailed results and Management Discussion and Analysis (MD&A) are available on and and the highlights in this release should be read in conjunction with the detailed results and MD&A. The MD&A provides an analysis of comparisons with previous periods, trends affecting the business and risk factors.

Galantas's operational open pit mine is situated near Omagh, County Tyrone, Northern Ireland. The mine produces a flotation concentrate containing gold, silver and lead, which is exported and sold to a Canadian smelter. Some gold from the mine is down-streamed into certified Irish gold jewellery which is sold on-line at and via leading UK & Irish retailers.

Commenting on the results, Roland Phelps, (President & CEO, Galantas Gold Corporation) said, "The latter half of 2008 saw significant production improvements. Two additional Volvo 40C articulated dump-trucks were delivered this month and are operational. An extra excavator remains to be added with a view to obtaining additional production from a second vein (Kerr) covered by the current planning permission. My thanks go to the whole team for their hard work in what has been a very challenging year."

The financial information within this press release has been reviewed by Mr, L. O'Shaughnessy, Chief Financial Officer of Galantas Gold Corporation, who is a qualified person for the purposes of this disclosure.

Galantas Gold Corporation Issued and Outstanding Shares, at 29th April 2009, total 190,100,055.

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 cost and production estimates, for 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, performance or achievements to differ materially from those expressed or implied by the forward looking statements, including: gold price volatility; discrepancies between actual and estimated production, between actual and estimated reserves, and between 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; 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.

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.

Contact Information

  • Galantas Gold Corporation
    Jack Gunter P.Eng
    +44 (0) 2882 241100
    Galantas Gold Corporation
    Roland Phelps C.Eng
    President & CEO
    +44 (0) 2882 241100
    Blomfield Corporate Finance Ltd
    Nick Harriss
    +44 (0) 207 489 4500
    Lewis Charles Securities Limited
    Kealan Doyle
    +44 (0) 207 456 9100
    Lewis Charles Securities Limited
    Nicholas Nicolaides
    +44 (0) 207 456 9100