Galantas Gold Corporation

Galantas Gold Corporation

August 23, 2005 15:33 ET

Galantas Highlights Irish Gold Project Activities

OMAGH, NORTHERN IRELAND and TORONTO, ONTARIO--(CCNMatthews - Aug. 23, 2005) - Galantas Gold Corporation (TSX VENTURE:GAL) is pleased to provide highlights of development and exploration on its County Tyrone gold project since closing the equity placement for $3,503,333 ($3,279,283 net of financing costs) in April.

1. On May 2nd, construction manager, Mr. Steve Higgins, was
2. Building Control Regulations and IPPC (Industrial Pollution
Prevention and Control) applications were submitted.
3. Detailed engineering of tailings facilities and water management
system was initiated.
4. Paste tailings rheology study was conducted.
5. Plant layout and process mass balance calculation was finalised.
6. Grinding, flotation, pressure filter and thickener equipment was
sourced and ordered.
7. On May 27th, Barclays loan facility for excavators and dump
trucks was put in place.
8. On June 20th, 2 excavators and 2 dump trucks were delivered to
9. On June 10th, an archaeologist was engaged to prepare a dig plan
and oversee initial site excavation, a requirement throughout
10. In July, acoustic and dust monitoring and abatement programmes
were put in place.
11. In August, overburden removal was begun at Kearney Pit. Site
preparation of the tailings facility, water management facility
and plant site are scheduled this month.

In addition to these project development items, a revitalised exploration programme over the Company's Prospecting Licence in County Tyrone was begun. A helicopter-borne VTEM (electromagnetic) survey was completed. Currently, the airborne survey results are being interpreted and integrated with other exploration data.

In advance of designing a follow-up exploration programme, check sampling of glacial till and stream-bed boulders is being carried out. The results of this sampling will assist in the interpretation of the extensive data base mainly developed during Riofinex's ownership of the Licence in the 1980's. It is noted that the sources of many strong geochemical anomalies in this overburden covered area have never been discovered.

Galantas Gold Corporation is building Ireland's only gold mine on its 189 sq km exclusive Prospecting Licence. The corporate aim is to increase the approx 447,000 oz gold resource 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.

This press release may include 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
    Galantas Gold Corporation
    Roland Phelps
    President & CEO
    +44 (0) 2882 241100
    Galantas Gold Corporation
    Moe Lavigne
    Vice President
    +44 (0) 2882 241100