Operational Update

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

                           GALANTAS OPERATIONAL UPDATE

4 February 2008

Galantas Gold Corporation (the Company) has announced that the additional mining
equipment for which funding was announced on 28th December 2007, has arrived on
site at Omagh, Co.Tyrone, Northern Ireland. In combination with the existing
quarrying equipment, it is engaged in stripping country rock within an expanded
Kearney open pit so as to access more ore and increase mine production.

In tandem with the mine owned equipment, contractors are completing removal of
over-burden. A balance of 14,000 cubic meters of the tendered contract of
110,000 cubic meters remains to be moved. Additionally contractors have also
been engaged to move an estimated 32,640 cubic meters of hanging-wall rock. The
present Kearney pit is approximately 330 meters long (out of a planned Phase 1
pit length of approximately 450 meters) and is situated at the southern end of
the approximately 850 meters long Kearney ore zone.

The rate of progress of excavation over the last two weeks currently confirms
management's expectation that additional ore will be available to increase gold
production from the processing plant towards the end of the current quarter.

Meanwhile, the processing plant continues on a regular four day week basis, with
a fifth day per week worked on the occasions that enough ore is available.

During December and January, the operating components of a regrind circuit have
been installed within the processing plant. The first froth flotation tests on
the cells within the re-grind circuit were made on 30th January 2008. Remaining
commissioning and circuit optimization are expected to take place over the next
two months. The re-grind circuit is expected to enhance the metal grade of
concentrates shipped to Xstrata Canada Corporation (formerly Falconbridge Ltd)
and improve payability of the concentrate by a reduction of the fixed cost per
tonne part of smelting charges.

The installation and optimization of the regrind circuit has to date received
priority over the installation of a fully operational gravity circuit. A gravity
circuit has the potential to improve plant capacity. Testing and design work are
continuing.

Plant availabilities remained good during the last quarter of 2007 and are
reported at 96.2% in respect of mobile quarrying plant and 87.7% in respect of
the gold processing plant, though the latter figure includes down-time incurred
during installation and commissioning of a larger secondary crusher.

During the fourth quarter of 2007, approximately 376.8 wet tonnes (333.2 dry
tonnes) of concentrates were shipped, compared to approximately 1,110.9 wet
tonnes (976.8 dry tonnes) for the full year. Based upon provisional assays, some
of which are subject to third party referral, the concentrate shipped in the
fourth quarter contained approximately 29.03 kgs (933.2 troy ounces) of gold,
68.5 kgs of silver and 25.6 tonnes of lead. On a similar basis, the concentrate
shipped for the full year of 2007 is provisionally estimated to contain 85.7 kgs
(2,754.2 troy ozs) of gold, 212 kgs of silver and 75.8 tonnes of lead. Financial
results of concentrate sales will be published once audited results for 2007 are
available.

Of the total tonnage of concentrates shipped and reported above, approximately
70.9 wet tonnes (62.7 dry tonnes) was shipped during the last quarter of 2007,
to a third party processor for the production of certified Irish gold metal for
jewellery. This compares to a total weight of 140.5 wet tonnes (123.4 dry
tonnes) for the full year.

Brent Routledge CA, Chief Financial Officer, is the `Qualified Person' who has
verified the technical information regarding concentrates in this disclosure.
The data has been verified by the use of shipping weights and assays carried out
in third party laboratories (Xstrata Canada Corporation and Alex Stewart
Assayers Ltd of Merseyside, United Kingdom). Data must be regarded as
provisional because not all assays within the period have yet been exchanged or
agreed between the Company and Xstrata Canada Corporation. Sampling and security
of samples is independently carried out by Pentland Macdonald Ltd of Co. Down,
Northern Ireland, according to standard protocols agreed by Xstrata Canada
Corporation and the Company.

Nicholas Hardie C.Eng FIMMM, General Manager, is the "Qualified Person" who has
prepared the remaining technical information within the disclosure and that
information has been verified by reference to shift reports, independent
surveyors (for the purpose of contract measurement) and in-house monitoring and
measurements.

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 but not limited to weights or estimated metal
contents of concentrates, availabilitie ,or other measurements 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".

The Company has 175,675,855 common shares issued and outstanding.

The TSX Venture Stock Exchange has not commented upon and accepts no
responsibility for the content of this press release.

Enquiries

Galantas Gold Corporation                 Telephone:   [phone]
Roland Phelps, President and CEO          E-mail:     [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