Trading Update

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

                                                                8th October 2008

     GALANTAS PLANS TO CONTINUE PRODUCTION INCREASES IN FOURTH QUARTER 2008.

8th October 2008 - Galantas Gold Corporation (TSXV - GAL, AIM - GAL) (The
Company) today received provisional results for the third quarter from its
wholly owned subsidiary Omagh Minerals Ltd (OML). OML operate the only gold mine
in Ireland and produce a concentrate containing gold, silver and lead. Most of
the concentrate is sold to Xstrata Corporation with some sent for separate
processing as feedstock for the Galantas(TM) brand of 18ct certified Irish gold
jewellery.

The third quarter (2008) has shown an increase in output. Total concentrate
production was 536.95 wet tonnes (503.66 dry tonnes). Anticipated metal content
of the quarter's shipments are expected to total 1781 ounces of gold (55.4 kgs),
3401 ounces of silver (105.77kgs) and 42.81 tonnes of lead. September's
production was 230.38 wet tonnes and contained the highest output week (of 4.5
processing days) of 58.5 tonnes. July's production was 195.13 wet tonnes and
August 108.97 wet tonnes. These production figures and metals contents are
provisional and subject to averaging or umpiring provisions under the
concentrate off-take contract detailed in a press release dated 3rd October
2007.

The increase in estimated gold production for the quarter, which is
approximately 83% higher than the same quarter of 2007, has led to an improved
financial position within the main operating subsidiary (OML). This will be
detailed in the consolidated quarterly accounts to be published in the usual
timeframe (end of November 2008).

The removal of surplus country rock by a road contractor, at no cost, has
permitted OML to focus its efforts, during the quarter, on the removal of till
(deposits of glacial origin) to expand the open pit and expose more ore. This
stage of pit development is expected to be completed during the fourth quarter.
The increased length of the exposed ore vein already exposed has created space
for additional equipment to operate. To facilitate a rapid increase in ore
production, a 52 tonne, large capacity excavator and three, 40 tonne,
articulated dump-trucks have been mobilised. The extra equipment is being rented
on a three month trial, with 75% of the rental fees being available as a deposit
to a potential purchase. This arrangement gives the opportunity to trial the use
of Bell trucks, for which other operators report lower fuel consumption.

Management expect that the increase in fleet capacity (of approximately 70%),
coupled with anticipated road fill removal, provides sufficient mining capacity
to meet the ore production requirements as published in a  press release dated
18th July 2008, for the fourth quarter of 2008.

The mill continues to operate satisfactorily, with the best 24 hour period (in
September) producing 19.2 tonnes (wet) of concentrate.

This disclosure has been reviewed by Roland Phelps C.Eng MIMMM, President & CEO
of Galantas Gold Corporation, a qualified person under the meaning of N.I 43-
101, who is responsible for the information in this disclosure.  The information
is based upon local production and financial data prepared by management under
his supervision.

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.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains
forward-looking statements within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and applicable Canadian securities
laws, including cost and production estimates, for the Omagh Gold project.
Forward-looking statements are based on estimates and assumptions made by
Galantas in light of its experience and perception of historical trends, current
conditions and expected future developments, as well as other factors that
Galantas believes are appropriate in the circumstances. Many factors could cause
Galantas' actual results, performance or achievements to differ materially from
those expressed or implied by the forward looking statements, including: gold
price volatility; discrepancies between actual and estimated production, between
actual and estimated reserves, and between actual and estimated metallurgical
recoveries; mining operational risk; regulatory restrictions, including
environmental regulatory restrictions and liability; risks of sovereign
involvement; speculative nature of gold exploration; dilution; competition; loss
of key employees; additional funding requirements; and defective title to
mineral claims or property. These factors and others that could affect
Galantas's forward-looking statements are discussed in greater detail in the
section entitled "Risk Factors" in Galantas' Management Discussion & Analysis of
the financial statements of Galantas for the year ended December 31, 2007 and
elsewhere in documents filed from time to time with the Canadian provincial
securities regulators and other regulatory authorities. These factors should be
considered carefully, and persons reviewing this press release should not place
undue reliance on forward-looking statements. Galantas has no intention and
undertakes no obligation to update or revise any forward-looking statements in
this press release, except as required by law.

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 & Nicholas Nicolaides
Telephone : [phone]