Proposed Private Placement

GALANTAS GOLD CORPORATION
                             TSXV & AIM: Symbol GAL

                  GALANTAS ANNOUNCES PROPOSED PRIVATE PLACEMENT

3 June 2010

Galantas Gold Corporation (the "Company")(TSX Venture -GAL) (AIM -
GAL), which has a 100% interest in Ireland's only gold mine, is pleased to
announce a proposed private placement of up to 50,000,000 units. Each unit is
priced at CDN$0.05 and is comprised of one common share and one warrant. Each
warrant entitles the holder to purchase one common share within 24 months from
closing at a price of CDN$0.10. A cash fee of 1% will be payable on part of the
placing to an independent agent.

The securities issued under the private placement will be subject to a hold
period in Canada from the date of issuance in accordance with applicable
securities laws and policies of TSX Venture Exchange. The private placement is
subject to regulatory and other necessary approvals, including that of the TSX
Venture Exchange.

The Company intends to use the funds from the placing for an expanded drilling
program, mobile and fixed plant improvements and working capital. The expanded
drilling program will concentrate initially on targets close to the operating
mine site that have already been reported upon by consultants ACA Howe (Press
Release 12th June 2008) and will commence summer 2010.

Enquiries

Galantas Gold Corporation
Jack Gunter P.Eng - Chairman
Roland Phelps C.Eng - President & CEO

Email: [e-mail]
Website: www.galantas.com
Telephone:   [phone]

Religare Capital Markets
Telephone:  [phone]  Nick Harriss

Beaufort International Associates Ltd
Telephone:  [phone]  Tanvier Malik

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.

This press release, required by applicable Canadian securities law, is not for
distribution to U.S. news services or for dissemination in the United States,
and does not constitute an offer of the securities described herein. These
securities have not been registered under the United States Securities Act of
1933, as amended, or any state securities laws, and may not be offered or sold
in the United States or to U.S. persons unless registered or exempt therefrom.

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 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".