Issue of Equity & Change of Registered Office

GALANTAS GOLD CORPORATION
                     GAL : TSX VENTURE EXCHANGE / LONDON AIM
                   Galantas Completes Share For Debt Exchange

15 January 2009

Galantas Gold Corporation (the Company), which has a 100%
interest in Ireland's only gold mine, has received consent from the TSX Venture
Exchange in regard to the issue of Company shares for debt, on terms previously
disclosed on 30th December 2008. The creditor, who supplied drilling services,
has exchanged £78,355 of debt for 3,134,200 units. Each unit comprises one share
and one warrant, such warrant being exercisable for one year at a price of UK
Sterling £0.05.

The shares exchanged for debt are subject to a four month hold period in
Ontario, Canada, which will expire May 15th, 2009. An application will be made
to admit shares issued under the placing to trading on London's AIM on the same
day that they become free trading on the TSX Venture Exchange.

Galantas Gold Corporation Issued and Outstanding Shares following the shares for
debt exchange total 190,100,055.

Galantas Gold Corporation announces a move of its Toronto Corporate and
Registered Office with immediate effect to :-

50 Richmond Street East, Suite 101, Toronto, Ontario, M5C 1N7 Canada.

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

Enquiries
Galantas Gold Corporation
Jack Gunter P.Eng  Chairman
Roland Phelps  President & Chief Executive Officer
Email : [e-mail]     Website : www.galantas.com      Tel : [phone]

Blomfield Corporate Finance Ltd
Nick Harriss   Telephone : [phone]

Lewis Charles Securities
Kealan Doyle, Nicholas Nicolaides  Telephone : [phone]

-END-