Issue of Equity & Holdings in the Company

GALANTAS GOLD CORPORATION

                     GAL : TSX VENTURE EXCHANGE / LONDON AIM

                 Galantas Completes Private Placing for £282,250

30th December 2008

Galantas Gold Corporation (the Company), which has a 100% interest in
Ireland's only gold mine, has completed a placing of 11,290,000
units. Each unit is priced at UK Sterling £0.025 (approximately CDN$0.045) and
is comprised of one common share and one warrant. Each warrant entitles the
holder to purchase one common share within 12 months from closing at a price of
UK Sterling £0.05 (approximately CDN$0.09). The gross amount raised by the
placing is £282,250. The placing is comprised of brokered and un-brokered parts.
The brokered part, which raised £162,250, was subject to an arrangement fee of
5% payable to Lewis Charles Securities, the Company's London broker. The Company
has also arranged with a creditor supplying drilling services, subject to TSX
Venture Exchange approval, the exchange  of £75,355 of debt, on the same terms
as the placement, for  3,134,200 units. The creditor is not an insider of the
Company.

The placing shares (and shares exchanged for debt) are subject to a four month
hold period in Ontario, Canada, which will expire April 30th, 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.

Amongst the placees is JP Morgan Fleming Global Natural Resources Fund (JPM).
The Company has been advised that, following the placing, JPM will hold
18,174,501 shares in the Company, which is approximately 9.56% of the total
shares issued and outstanding following the placement and completion of the debt
for share  exchange.

Mr. Roland Phelps (President and Chief Executive of the Company) has subscribed
for 3,200,000 units in the placing. This increases the number of shares owned by
him, directly or indirectly, in the Company to 35,538,980 shares, which is
approximately 18.695% of the total shares issued and outstanding following the
placing and completion of the debt for share exchange. Further details of his
holdings are available on www.sedi.ca.

The Company intends to use the funds from the placing to purchase capital
equipment and for general working capital purposes.

Galantas Gold Corporation Issued and Outstanding Shares following the placing
total 186,965,855 and following the shares for debt exchange, which is subject
to TSX Venture Exchange approval 190,100,055.

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]

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