Galantas Gold Corporation
TSX VENTURE : GAL
AIM : GAL

Galantas Gold Corporation

June 11, 2012 08:00 ET

Galantas Drills 4.5 Metres High Grade Gold on Deepest Joshua Vein Core

TORONTO, ONTARIO--(Marketwire - June 11, 2012) - Galantas Gold Corporation (TSX VENTURE:GAL) (AIM:GAL) (the 'Company'), the AIM and TSXV quoted gold producer and explorer with a 100% interest in Ireland's only operating gold mine, has receivedcore drilling results from five holes on its Omagh Gold Property, near Omagh, County Tyrone, Northern Ireland.

The results (tabulated below) will be added to those previously reported, for the purposes of an interim resource report currently being prepared by the Company's independent consultants to revise the estimate of resources for the property.

The results are for the Joshua vein and include an intersection of 4.5 metres true width at a gold grade of 8.4 grammes per tonne. The intersection lies at a depth of approximately 160.6 metres below surface, the deepest yet drilled on Joshua Vein. The known length of Joshua Vein has increased, has so far been traced over 836 metres and remains open horizontally and vertically.

The average grade(width weighted) of the eight intersects within the five holes sampled was 6.4 g/t gold, with 12.2 g/t silver and 0.6% lead. The average true width of the eight intersects measured is 1.2 metres and depths range from 38.5 metres to 160.6 metres.

The samples were taken by geological staff under the supervision of R.Phelps C.EngMIOM3, (President & CEO, Galantas Gold Corporation), the Qualified Person for the program under NI 43-101 and who is also a "Qualified Person" as defined in the Note for Mining Oil & Gas Companies, June 2009, of the London Stock Exchange. Sampling methodology, security & verification followed standard procedures previously detailed on April 5th 2006 and the samples were analysed (gold by fire assay and other metals by ICP-ORE) at OMAC Laboratory Ltd (an independent, ISO 17025 laboratory) of Galway, Ireland. The core drilling methodology was that as described on 15th September 2011.

Mr. Phelps commented, "The drilling results received continue to increase our confidence in the Omagh property.The drilling program has intensified since the start of 2012, with six rigs at work. The first phase of the program, which was targeted at producing an early indicated resource on Joshua vein with deeper drilling on Kearney, is approaching completion. The next phase intensifies work on both those veins and also examines a new and as yet untested geochemical anomaly within the mine site."

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 drilling intersections and analyses, 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, the 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, actual and estimated metal grades and geologically interpreted widths, 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 235,650,055.

RESULTS TABLES

Joshua Vein Drill Core Results

Hole number Easting Northing Azimuth Intersect
Width (m
)
Dip at intersect
Estimated
True
Width (m
) Intersect
Vertical
Depth (m
) Gold / Au
g/t
Silver / Ag
g/t
Lead / Pb % Core loss %
OM-DD-11-100 239598 370790 90 0.9 51 0.6 38.5 1.1 0 0 0
and 90 2.0 54.4 1.2 70.3 4.1 29 1.5 33
OM-DD 11-98 239711 371067 270 0.3 67.8 0.1 92.7 2.0 0 0 0
OM-DD 11- 101A 239673 371154 270 2.3 48.6 1.5 65 7.5 5.1 0 0
and 1.3 48.6 0.9 74.7 5.4 13.4 0.6 0
OM-DD 11-102 239672 371180 270 0.9 49 0.6 60.2 2.2 1.8 0 0
and 0.8 49.5 0.5 86.7 4.8 8.8 1.4 0
OM-DD 11-103 239597 370790 100 26.6 80.3 4.5 160.6 8.4 13.5 0.7 2
including 1.4 14.1

NOTE: all figures have been rounded to one decimal place. Intersect depth is a maximum estimate to the top of the intersect.

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
    Chairman
    +44 (0) 2882 241100
    info@galantas.com

    Galantas Gold Corporation
    Roland Phelps C.Eng
    President & CEO
    +44 (0) 2882 241100
    info@galantas.com
    www.galantas.com

    Maclir Consulting Ltd
    Courtenay Heading
    Head of Investor Relations
    (UK) +44 (0) 7624 424 455
    c.heading@Galantas.com

    Charles Stanley Securities (Nominated Adviser)
    Mark Taylor
    +44 (0)20 7149 6000