Galantas Announces Application to Extend Warrants

TORONTO, ONTARIO--(Marketwire - July 9, 2012) - Galantas Gold Corporation (the 'Company') (TSX VENTURE:GAL)(AIM:GAL), the AIM and TSXV quoted gold producer and explorer with a 100% interest in Ireland's only operating gold mine, announces that it has made application to the TSX Venture Exchange in Toronto to extend 24,550,000 warrants, issued to Kenglo One Limited ('Kenglo'), to purchase common shares of the Company at $0.10 per share, which will otherwise expire on July 22, 2012. The Company has requested that the warrants be extended for a period of one year from their original expiry date. All other terms of the warrants would remain unchanged, subject to the review and acceptance of this application by the TSX Venture Exchange.

Kenglo currently holds 66,110,340 common shares representing 25.8% of the outstanding common shares of the Company. Kenglo is therefore deemed to be a related party of the Company by virtue of being Substantial Shareholder in the Company (as defined in the AIM Rules for Companies). As a consequence, the Directors consider, having consulted with their nominated adviser, Charles Stanley Securities, that the extension of the warrant exercise period by one year is fair and reasonable insofar as shareholders are concerned.

Roland Phelps, President and CEO of the Company stated: "The Company has decided to extend the warrants for one year as that will permit a substantial potential funding opportunity to be maintained in the short term."

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