Galantas Recognises Expansion of Kearney Vein S...

GALANTAS GOLD CORPORATION
                            TSX Venture Exchange: GAL
                         London Stock Exchange AIM: GAL

               GALANTAS RECOGNISES EXPANSION OF KEARNEY VEIN SYSTEM

9 August 2007

Galantas Gold Corporation (the Company), which has a 100% interest in Ireland's
only producing gold mine at Omagh, today announced results for 11 holes (1455
metres) from its ongoing core drilling program. To date 42 holes have been
completed, with total drilling of 4,413 metres. Two drills rigs are currently
drilling down dip as well as infill holes on the Kearney Vein System.

           KEARNEY VEIN - CORE DRILLING RESULTS, July, 2007

 Hole ID         From      To      Width    Grade     Grade     Grade
                  (m)     (m)      (m)*     (g/t      (g/t     (% Lead)
                                            gold)     silver)

OM-DD-07-19     100.27   104.82    4.55      1.88     21.78     0.31
  including     100.27   100.43    0.16      9.80     36.69     1.27
        and     117.45   117.88    0.43     13.48        <5     <.01

OM-DD-07-22      62.11    63.00    0.89      4.29     15.19     0.53

OM-DD-07-24      68.33    68.93    0.60      7.27        <5     0.01

OM-DD-07-26      93.40    93.70    0.30     11.28     12.06     0.03
                113.40   114.95    1.55      2.40        <5     0.06

OM-DD-07-28      48.20    49.92    1.72     12.27      8.64     0.74
        and      80.70    84.55    3.85      9.94      3.18     <.01

OM-DD-07-30      82.05    83.25    1.20      6.92      4.73     0.51

OM-DD-07-31     125.75   125.90    0.15     20.16    192.19    19.86
        and     134.60   134.75    0.15     62.96     68.00     3.00

OM-DD-07-32      44.70    47.15    2.45      3.90      5.06     0.42


           ELKIN VEIN - CORE DRILLING RESULTS, July, 2007

 Hole ID         From      To      Width    Grade     Grade     Grade
                 (m)      (m)      (m)*     (g/t      (g/t     (% Lead)
                                            gold)    silver)

OM-DD-07-25      29.50    29.76    0.26     17.60     19.26     2.58
        and      50.90    51.22    0.32      3.23        <5     <.01

OM-DD-07-27      26.62    26.79    0.17      2.61        <5     <.01
        and      39.30    39.70    0.40      4.24        <5     <.01

OM-DD-07-29      52.40    54.10    1.70     11.36      3.13     0.10
  including      54.65    54.80    0.15    101.76     35.58     0.29


*The angle between the vein and the drill hole is greater than 70 degrees
therefore drilled width approximates true width.

The new results confirm that the Elkin Vein is a multiple vein system,
containing two shallow-dipping (15 to 20 degrees) veins as well as a third
dipping at 60 degrees. Hole 29 is proof that the Elkin Vein System is capable of
very high grades, such as the 101.76 gram per tonne gold intersection over 0.15
metres.

The eight holes reported for the 850 metre long Kearney Vein are from a 225-
metre segment at its southern end and undercutting the initial open pit. Of
particular significance is the recognition of a hanging wall vein disclosed in
progressive step out drilling designed to intercept the main vein at greater
depths. To date, 12 holes in the current drilling program have intercepted both
Main and Hanging Wall veins including holes 19, 28 and 31 above. Each have two
intercepts, the shallower ones being from the hanging wall vein, extending it
southwards by 400 metres, where it appears to converge with the Main Kearney
Vein.

This hanging wall vein had previously been identified in the central and
northern areas of the Kearney Vein from earlier drilling, including holes
released as far back as September 22nd, 2006. Drill Hole OM-DD-06-05 had a
distinct upper intercept of 12.16 g/t gold over 37 cm, representing the Hanging
Wall Vein, and a deeper broad area of mineralization constituting the Main
Kearney Zone, including a 68 cm intersection assaying 41.92 g/t gold. Hole OM-DD-
06-06 overshot the hanging wall vein, but had an intercept of 10.05 g/t gold
over 6.55 metres within the main Kearney zone.

The implications of the recognition of this two vein system are that it seems
historical drilling in the 225 metre northernmost section of Kearney had been
directed to what is now known to be the parallel hanging wall vein, leaving the
main zone relatively untouched.

While the current program consists of both down dip and infill drill holes, the
Company intends to further investigate this critical northern area with a 5-hole
program, where strong sulphide mineralization, consistent with the
interpretation of a multiple vein system, has been intersected in drill holes.
The realization that the Kearney is a two-vein system has created the
opportunity for near surface resource expansion within the area of the planned
open pit.

The samples were taken by geological staff under the supervision of L. J. Gunter
P. Eng, 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.

Galantas Gold Corporation Issued and Outstanding Shares total 168,035,855.

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

Galantas Gold Corporation                Telephone:  [phone]
Jack Gunter P.Eng - Executive Chairman
Roland Phelps C.Eng - President & CEO
Email: [e-mail]
Website: www.galantas.com

ARM Corporate Finance Limited            Telephone:  [phone]
Nick Harriss

Lewis Charles Securities Limited.        Telephone:  [phone]
Kealan Doyle

(Kearney Vein Map to view at www.galantas.com)