Mineral Resource Review

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

                                                  12th June 2008

GALANTAS OUTLINES RESOURCES REVIEW FOR OMAGH GOLD MINE, NORTHERN IRELAND


Galantas Gold Corporation, which has a 100% interest in Ireland's only gold
mine, reports receipt of a detailed, independent, mineral resource review.

The operational open pit mine is situated near Omagh, County Tyrone, Northern
Ireland and is engaged in increasing mine ore production to a target of 1400
tonnes per week. The mine produces a flotation concentrate containing gold,
silver and lead, which is exported and sold to a Canadian smelter.

The report of the mineral resource review on the Omagh property has been
prepared by independent consultants, ACA Howe International Ltd (Howe). The
report, entitled Technical Report on the Omagh Gold Project is dated 28th May
2008 and will be published on www.sedar.com and www.galantas.com . Authors are
G. White FGS MAusIMM, J. Bennett C.Eng MIMMM and N. Holloway C.Eng MIMMM.

The resource review updates resource estimates for the Kearney deposit and the
other named veins. These are classified in accordance with CIM (Canadian
Institute of Mining, Metallurgy and Petroleum) Definition Standards on Minerals
Resources and Minerals Reserves, adopted by CIM Council on December 11, 2005.
The report was commissioned to be prepared in compliance with Canadian National
Instrument 43-101.

The reporting has been conservatively applied and there are some significant
differences with the JORC (Australian Joint Ore Reserve Committee) code (1995)
previously used to calculate resources. For instance, although the Elkins
mineralised structure has been found to be co-incident with an IP (Induced
Polarisation) geophysical anomaly for the portion of its length that has been
drill tested, the portion of the anomaly that has not been drill tested has been
excluded from resource calculation. The potential Elkins extension is included
within a table of Resource Extension Targets. Previously the extension was
calculated within the JORC resource model.

The CIM / NI.43-101 resources as summarised in the report are as follows :

                  Measured                  Indicated                  Inferred
         Gold(Au)  grade   Tonnage            Grade    Tonnage           Grade    Tonnage
           ozs   g/t gold    (t)       ozs  g/t gold     (t)      ozs   g/t gold    (t)

Kearney   16000     6.35     78000     76000   6.74     350000    218000   9.27     730000
Elkins                                 12000   3.3      113000      3600   3.82      29000
Kerr                                                                7800   4.03      60000
Joshua                                                             20400   3.96     160000
Gormley                                                            24300   6.57     115000
Garry                                                               1600   1.27      40000
Prince's                                                           12500  38.93      10000
Sammy's                                                             4100   4.26      30000
Kearney Nth                                                         3500   1.97      55000

Total ozs 16000                       88000                       295800


Two new vein discoveries are reported upon, named as McCombs vein and Eastern
Lagoon vein, though no estimate of resources have been included for these
discoveries.

The report contains estimates of potential tonnage and grade of some of the
available targets and classifies these by Resource Extension or Exploration. The
potential quantity and grade is conceptual in nature and there has been
insufficient exploration to define mineral resources in these areas. It is
uncertain if further exploration will result in the targets being delineated as
mineral resource. The exploration potential does not represent a mineral
resource, does not have demonstrated economic viability and is disclosed in
accordance with NI 43-101 Rules and Policies, Section 2.3, disclosed as
potential quantity and grade, expressed as ranges, of a potential mineral
deposit that is to be the target of future exploration. The report states,
"However, the disclosed potential quantity and grade has been determined on the
basis of reasonable extrapolation from known and defined resources and/or
favourable geochemical/geophysical signatures and float/surface sampling, the
results of which make these areas highly prospective".


Table of Exploration Potential*

Target Name  Potential Tonnes       Potential Grade Range
             Range (t)              (g/t Gold)
               RESOURCE EXTENSION TARGETS

             Low        high        Low        High
Kearney      400,000    600,000     4.5        9.0
Elkins       200,000    400,000     2.0        4.0
Joshua's     190,000    380,000     2.0        4.0
Kerr         180,000    360,000     2.0        4.0
Gormley      230,000    460,000     3.3        6.5
Sammy's      30,000     60,000      2.1        4.2
Prince's     20,000     40,000      19         38
Garry's      80,000     160,000     0.7        1.3
Total        1,330,000  2,460,000

                      EXPLORATION TARGETS

Peter's             4,000      13,000      4.5        9.0
"63 gram"           33,000     101,000     4.5        9.0
North of Sammy's    135,000    810,000     4.5        9.0
Barn/East Cousins
Cornavarrow         60,000     360,000     4.5        9.0
Burn East
Corlea Burn         60,000     360,000     4.5        9.0
Legphressy          60,000     360,000     4.5        9.0
Cousins             48,000     145,000     4.5        9.0
Total               400,000    2,149,000

TOTAL               1,730,000  4,609,000
EXPLORATION
POTENTIAL *


The report comments upon mining operations as follows :-

"It is the opinion of Howe that Galantas are operating the open pit in a proper
way, with suitably sized equipment. With proper sequencing of waste mining and
the additional capacity afforded by the proposed road contractor, Galantas have
sufficient loading and hauling capacity on site to supply the plant with ore to
meet the mine schedule. Future extensions to the Kearney pit are being planned
in a proper manner to ensure the continuation of mining at the site and Target
ore grades are being achieved at present."

The report notes, "Galantas has recently come to an arrangement with a local
road building contractor for the supply to the contractor of waste rock from the
Omagh mine. The contractor will dig and remove up to 0.5 M bcms of material,
with his own fleet and at his own cost, over the next few years. This additional
capacity will allow the increased rates of waste stripping to be carried out
without any additional fleet acquisitions by Galantas."

The report contains details of the target schedule, which is reported as "200
tonnes per day at the process plant on a 7 day week basis".

The technical information referred to was verified by the author of the report
by a combination of first-hand verification, observations, data collection, from
observations from a total of six site visits to the project undertaken between
July 2006 and September 2007 in order to collect date and review drilling
activities, information and data received from Galantas and third party sources
(listed in the report), which are assumed to be correct but which are not
independently verified although Howe is not aware of any information in those
documents that is incorrect. The author carried out checks during site visits
and confirmed best practise logging and processing, witnessed core cutting and
sampling, verified channel sampling locations and reviewed internal reports
relating to the discovery of new exploration areas.

This disclosure has been authorised by G.White FGS MAusIMM, (Senior Geologist -
Resources) of ACA Howe International Ltd, who is a Qualified Person for this
purpose.

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 estimates of performance or quantities of resources 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". As
this release summarises a detailed technical report, it may not contain all
items that may be relevant to an individual reader and therefore readers are
advised not to rely upon this release as a complete summary of the report and to
read the whole report as filed.

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

Blomfield Corporate Finance Limited
Nick Harriss
Telephone : [phone]

Lewis Charles Securities Limited
Kealan Doyle
Telephone : [phone]

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