Galantas Gold Corporation (TSX-V:GAL) (AIM: GAL) (OTCQX: GALKF) is pleased to announce results for the second underground hole in its ongoing 4,000-metre drilling program at the Omagh Project in Northern Ireland.

Drilling highlights:

The second hole was drilled from the lowest level in the underground development at the Kearney Vein and returned two intersections:

• 26.7 grams per tonne gold, 88.2 g/t silver and 3.5% lead over 2.9 metres; including 79.5 g/t Au, 281.4 g/t Ag and 10.6% Pb over 0.9 metres (see Table 1 for details). This result demonstrates further continuity to a zone of mineralization running parallel to the main Kearney Vein, which was also intercepted in the first hole FR-DD-21-UG-168 of 17.7 g/t Au, 50.9 g/t Ag and 4.6% Pb over 2.5 metres (see news release on October 11).
• The second, deeper intersect, hit the main Kearney Vein within the inferred resource and returned 5.8 g/t Au, 14.2 g/t Ag and 0.2% Pb over 1.8 metres.

Mario Stifano, CEO of Galantas, commented: “The additional high-grade intercept in a parallel vein with continuity demonstrates the potential to discover additional high-grade mineralization at Omagh and expand the gold resources as the Company advances its plans to commence mining early in the new year. With the deposit remaining open on strike and to depth, Galantas’ Omagh Project provides the rare opportunity to significantly grow high-grade resources while producing gold.”

Table 1: Summary of drill results.

Notes:

1. Drill holes were HQ size and drilled using a triple tube method to maximise core recovery. The samples were analyzed (gold by fire assay and other metals by ICP-ORE) at ALS Laboratory Ltd (ISO 17025) of Galway, Ireland.
2. Intersect vertical depths intervals are from ground surface to the top of the mineralized zone.
3. Data has been rounded to 1 decimal place.
4. The Company has only received assays for the first two underground holes of the drill program.

Figure 1: Kearney long-section view showing part of the resource model, the underground development, some key vein intersections and the first two holes FR-DD-21-UG-168 and 170.

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Figure 2: Drill core from hole FR-DD-21-UG-170.

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Figure 3: Cross-section showing results for recent hole FR-DD-21-UG-170.

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Qualified Person

Scientific or technical disclosures in this press release have been reviewed and approved by Dr Sarah Coulter, who is considered, by virtue of her education, experience and professional association, a Qualified Person under the terms of NI 43-101. Dr Coulter is not considered independent under NI 43-101 as she is the Chief Geologist of Galantas Gold Corporation.

About Galantas Gold Corporation

Galantas Gold Corporation is a Canadian public company that trades on the TSX-Venture Exchange and the London Stock Exchange AIM market, It also trades on the OTCQX Exchange. The Company’s strategy is to create shareholder value by operating and expanding Northern Ireland’s first gold mine.