Galantas Gold Corporation
TSX VENTURE : GAL

Galantas Gold Corporation

March 29, 2006 09:17 ET

Galantas Discovers 53 Gold Targets on Irish License

TORONTO, ONTARIO--(CCNMatthews - March 29, 2006) - Galantas Gold Corporation (TSX VENTURE:GAL) announces that it has completed the integration of exploration data on its Crown Prospecting Licence in County Tyrone, N.Ireland. The data included the results of soil and stream sediment geochemistry, geological mapping, induced polarisation, VTEM and magnetic surveys.

An independent report, prepared by ACA Howe International, has been filed today on www.sedar.com as an appendix to a Galantas Technical Report. The Howe report also serves as the "Competent Persons Report" in regard to the upcoming dual listing of Galantas shares on London's AIM market. The report comments on exploration potential. Fifty three gold targets have been identified and priorities assigned.

Howe grouped the targets on a priority of 1-10. Scores have been assigned which reflect technical merit and the likelihood of contributing to resources in the short term. Eight gold-rich veins of the Kearney swarm have been classified as very high priority resource augmentation targets with scores of 9 and 10, for further exploration in the near future. These are: Kearney, Joshua's, Kerr's, Gormley Main, Elkin's, Gormley West 2, Princes and Garry. These contain relatively high grade channel sample and/or drill intercepts and reserves (1995) and resources (1995 and 2004). Eight other veins of the Kearney swarm not yet drilled or drilled with lower grades have target scores of 5 to 8. The remaining targets, of which there are 37, comprise one target scoring 6, 6 scoring 5, four targets scoring 4, eleven targets scoring 2 and seven targets scoring 1.

Howe considers that the targets scoring 3 to 8 present some excellent opportunities for new discoveries on or near known vein structures of the Kearney swarm and elsewhere in the greater part of the licence area. Howe also considers it likely that aggressive exploration will add substantially to the reserves and resources and that it is possible that structures similar to the Kearney vein lie undiscovered in the identified target area. Further, Howe considers that the high gold grades and the widths and continuity of the present reserves and resources indicate that there is potential for underground production in the future, following exploratory drilling.

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 P.Eng
    Executive Chairman
    +44 (0) 2882 241100
    or
    Galantas Gold Corporation
    Roland Phelps C.Eng
    President & CEO
    +44 (0) 2882 241100
    or
    Galantas Gold Corporation
    Moe Lavigne P.Geo
    Vice President
    +44 (0) 2882 241100
    info@galantas.com
    www.galantas.com
    or
    Bishopsgate Communications Ltd.
    Dominic Barretto / Nick Rome
    +44 (0) 207 430 1600