Galantas Reports Improved Production in Third Q...

GALANTAS GOLD CORPORATION
                                   ("Galantas" or the "Company")
                                     TSX Venture Exchange: GAL
                                   London Stock Exchange AIM: GAL

                     GALANTAS REPORTS IMPROVED PRODUCTION IN THIRD QUARTER 2007
28 November 2007

Galantas today reported un-audited third quarter financial results and management discussion and analysis for the third
quarter of 2007. The results marked a change from development company reporting to using accounting standards applicable
to a production company.

Highlights of the quarterly results are : -

Gold Concentrate sales : Cdn$ 701,868 (up from Cdn$372,051 Quarter 2)
Total Sales including jewellery : Cdn$ 715,080
Cost of concentrate sales : Cdn$ 900,315 (down from $1,140,117 Q2)
Gross Margin Loss (Concentrate) : Cdn$ 198,447 (down from Cdn$ 768,066 Q2)
Net Loss : Cdn$ 788,481
Production : 371.8 wet tonnes (231.6t previous quarter)

The concentrate produced in the quarter is calculated to contain, using provisional assays all of which have not yet
been agreed with the customer (Falconbridge Ltd), approximately 30.19 kgs (971 troy ounces) of gold, 67.76 kgs (2178
troy ounces) of silver and 26.19 tonnes of lead. The metal quantities are provisional and subject to change.

Difficulties have been encountered in increasing pit ore production to the quantities required by a 24 hour, 7 day week
milling operation. This is mainly due to a back-log of pit development required to expose more ore. Accelerated mining
of country rock and surface till has taken place over the last two months but has not yet caught up with that required.
The mining plan has been adjusted to facilitate 24hour / 5 day week operation in the short term (an increase from the
current 24hr / 4 day week). Full 24hr / 7 day week operation is anticipated during the first quarter of 2008. Additional
mining arrangements are being put in place with the objective of achieving an interim production target sufficient for
24hr / 5 day week by the end of December.

Mill Shift Supervisors are trained and available for 24 hour, 7 day week production.

Remaining components required for a regrind circuit in the mill are expected to land (by sea from Canada) in Belfast on
28th November. The regrind circuit is expected to enhance the metal grade of concentrates shipped to Falconbridge Ltd
and improve payability of the concentrate by a reduction of the fixed cost per tonne part of smelting charges. The
components will be assembled as soon as they are on site with the objective of the regrind circuit being commissioned in
January, with circuit optimisation during the following quarter.

The milling capacity has been enhanced by the installation of a larger secondary crusher. Depending on ore type,
capacity has increased between 10% and 40% approximately, compared to the original design parameters. This capacity
increase has partially offset the milling of lower grade ore than originally anticipated. The grade of ore currently
being delivered after mining is variable and calculates to between 5 g/t gold and 10 g/t gold. The lower grade is
attributed at least in part to dilution during mining. The Kearney vein contains areas that are braided and cause
difficulty with selective mining.

The full text of the Management Discussion and Analysis and the Quarterly un-audited Accounts are to be found on
www.sedar.com and www.galantas.com .

Galantas Gold Corporation Issued and Outstanding Shares total 175,675,855.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the
contents of this news release.
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 such as those referring (but not limited) to
production activity or related  timetables and estimates or geological interpretations 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".

Enquiries

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

Blomfield Corporate Finance Ltd                 Telephone:  [phone]
Nick Harriss

Lewis Charles Securities Limited                Telephone:  [phone]
Kealan Doyle