Galantas Gold Corporation
TSX VENTURE : GAL
AIM : GAL

Galantas Gold Corporation

December 12, 2006 10:00 ET

Galantas Reports Drilling Results on Omagh Gold Project

TORONTO, ONTARIO--(CCNMatthews - Dec. 12, 2006) - Galantas Gold Corporation (the Company)(TSX VENTURE:GAL)(AIM:GAL), which is developing Ireland's only gold mine at Omagh, Co.Tyrone, announces results of core drilling at the Elkin vein. A 422 m, 6 hole program has been completed, and assay results for the first four holes have been received. Assays are pending on the last 2 holes. Drilling at the Elkin vein has been halted until all assays have been returned. The drill rig is currently drilling on the Kearney vein.

Highlights

- Two near surface veins defined by multiple intercepts

- 17.64 gram / tonne gold over 0.8 metres

- New vein discovered

Core drilling has extended the Elkin vein southwards by 55m from previous drilling, has defined two mineralized structures and discovered a third. These veins have sub-parallel strike to the Kearney vein, though at differing dips of approximately 20 degrees and 60 degrees. The lower angle structure is characterized by twin high-grade (up to 17.64 g/t recorded in hole 10) quartz-sulphide veins surrounded by a low-grade halo. The steeper vein is observed as a single, 0.3m - 1.59m wide, high-grade quartz sulphide vein (up to 11.2 g/t recorded in hole 11). Also present are broad areas of lower grade mineralization grading 1.27 g/t over 5.4m. A third and previously unknown vein has also been intercepted in the most southerly hole (11) and does not appear present in holes 8, 9 and 10. It assayed 10.72 g/t Au over 0.35 metres.

It is thought that these mineralized structures relate to regional thrust faults activated by north-south compression and could therefore indicate the possibility of un-recognized low-angle structures within the Kearney vein system.



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ELKIN VEIN - CORE DRILLING RESULTS, December, 2006
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From To Width(i) Grade
Hole ID (m) (m) (m) (g/t gold)
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OM-DD-06-08 28.91 29.21 0.30 1.25
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OM-DD-06-09 22.83 24.42 1.59 3.36
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Including 22.83 22.90 0.07 8.92
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and 43.50 44.14 0.64 1.15
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OM-DD-06-10 19.35 19.9 0.55 11.00
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and 21.9 23.5 1.60 10.33
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Including 21.9 22.7 0.80 17.64
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OM-DD-06-11 19.5 19.8 0.30 11.20
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and 27.3 32.7 5.40 1.27
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Including 31.2 32.7 1.50 3.07
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and 44.45 47.6 3.15 2.54
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Including 45.95 46.3 0.35 10.72
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(i)The angle between the vein and the drill hole is greater than 75 degrees therefore drilled width approximates true width.

The first drill holes were positioned on the coincidence of a soil geochemical anomaly with the northern extremity of a one kilometre long induced polarisation (IP) anomaly.

The samples were taken by geological staff under the supervision of M.J. Lavigne P.Geo, (Vice President, Galantas Gold Corp), the Qualified Person for the program. 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, certified CCRMP & ISO 17025 laboratory) in Galway, Ireland.

Mr. Lavigne said, "The drill holes on Elkin are very encouraging since the one kilometre IP anomaly appears to trace a vein swarm. The Elkin vein is in the vicinity of the Kearney gold vein under development at Omagh. More work is required before the Elkin vein can be considered commercial but I am pleased with the results so far".

Issued and Outstanding Shares total 157,851,855

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 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
    Email: info@galantas.com
    Website: www.galantas.com
    or
    Bishopsgate Communications Ltd.
    Dominic Barretto
    +44 (0) 207 562 3350
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    Bishopsgate Communications Ltd.
    Nick Rome
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    Website: www.bishopsgatecommunications.com
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    ARM Corporate Finance Limited
    Nick Harriss
    +44 (0) 20 7512 0191
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    Lewis Charles Securities Limited
    David Scott
    +44 (0) 20 7065 1150