Galantas Gold Corporation
TSX VENTURE : GAL

Galantas Gold Corporation

June 09, 2005 12:38 ET

Galantas Appoints Executive Team for Omagh Mine Construction

TORONTO, ONTARIO--(CCNMatthews - June 9, 2005) - Galantas Gold Corporation (TSX VENTURE:GAL) (the "Company") is pleased to announce, following its annual general meeting held on June 6, 2005 (the "AGM"), the appointment of Roland Phelps as President and Chief Executive Officer, M. J. (Moe) Lavigne as Vice President, Jack Gunter as Executive Chairman, and George Duguay as Secretary.

Messrs Phelps, Lavigne and Gunter are also appointed as executive directors of the Company and the operating N. Ireland subsidiaries, Omagh Minerals Limited (OML) and Galantas Irish Gold Limited (GIGL). OML holds prospecting and mining rights in County Tyrone where the construction of Ireland's first and only gold mine is set to begin. GIGL operates the Galantas™ jewellery business whose products are manufactured with the exclusive use of gold mined on the County Tyrone property.

The Company has entered into employment contracts with Messrs Phelps and Gunter, the terms of which are subject to the confirmation of the board of directors of the Company and the approval of the TSX Venture Exchange. The employment contracts relate in particular to 2005 and 2006 to coincide with mine construction and commissioning and grant an annual payment of 40,000 British Pounds to each of Messrs Phelps and Gunter. The Company has previously entered into an employment contract with Mr. Lavigne.

At the Company's AGM, the shareholders of the Company elected the executive directors above as well as Messrs Ronald Alexander, Norman Brewster, James Clancy and James Golla as non-executive directors. The shareholders also ratified and confirmed the Company's stock option plan and the re-pricing of stock options previously granted to Mr. Lavigne and appointed Smith Nixon & Co. LLP Chartered Accountants as auditors.

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".

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.

Contact Information

  • Galantas Gold Corporation
    Jack Gunter
    Executive Chairman
    +44 (0) 2882 241100
    or
    Galantas Gold Corporation
    Roland Phelps
    President and CEO
    +44 (0) 2882 241100
    or
    Galantas Gold Corporation
    Moe Lavigne
    Vice President
    +44 (0) 2882 241100
    info@galantas.com
    www.galantas.com