Company Information for Galantas Gold Corp

TSX.V-GAL; AIM-GAL

www.galantas.com/corporate/s/home.html

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TSX.V; GAL

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Company Statement

Galantas Gold Corporation is a Canadian public company that trades on the TSX-Venture Exchange and the London Stock Exchange AIM market, both under the symbol GAL. The Company's mission is to create shareholder value by bringing Ireland's first gold mine into production and add value to the production by utilizing the rare Irish gold to fashion an exclusive line of high quality 18-carat gold jewellery.

The Company

Galantas Gold Corporation's assets include a 100 percent interest in the Irish subsidiary Omagh Minerals Limited, which has sole rights to a 189-square-kilometre prospecting license and associated mining leases in County Tyrone, Ireland. The Company also owns 100 percent interest of Galantas Irish Gold Ltd., a jewellery design, manufacturing and marketing business that will utilize part of the gold produced from the Omagh Mine.

The management of Galantas Gold Corporation is comprised of seasoned mineral exploration, mining, jewelry and marketing professionals---all sharing a vision of bringing Ireland's first gold mine into production and adding value by creating an exclusive line of certified, 18-carat Irish Gold jewellery.

The Company's strategic plan employs a dual approach that begins with bringing the fully permitted Omagh mining operation into production as soon as possible. A processing plant has been built and is in advanced testing. Once the mine is in full production, it is intended that part of the gold recovered from the mine will be designed into certified, 18-carat Irish Gold jewellery and marketed directly to retail channels under the Galantas brand. The remainder of the gold will be sold via a flotation concentrate off-take agreement already signed with Falconbridge Ltd.

Galantas Gold Corporation is well positioned to take advantage of the gold market through its dual business strategy. This is intended to provide investors with leverage to both the gold prices and the added profits gained through retailing certified Irish Gold jewellery.

Company Diagram

Omagh Minerals Ltd Licence Areas

Current Operations

OMAGH PROJECT OVERVIEW – STRATEGY - DESCRIPTION OF BUSINESS
Galantas Gold Corporation is a producing mineral resource issuer and the first to acquire planning consent to mine gold in Ireland. The Company’s wholly owned Ontario holding company, Cavanacaw Corporation, owns all of the shares of two Northern Ireland companies – Omagh Minerals Limited (OML), owner of prospecting and mining rights, planning consent plus land, buildings and equipment; and Galantas Irish Gold Limited (GIG), a marketing company that sells the Company’s gold production as certified Irish gold jewellery. The Company’s strategy to increase shareholder value is to:

Increase the production of the open pit mine and processing plant on its Kearney deposit,
Continue to explore and develop extensions to the Kearney and nearby known deposits so as to expand minable reserves and increase gold production in stages,
Explore its 653 square kilometre prospecting licences (OM1/03,OM2/07,OM3/07), focus on the more than 50 gold targets identified to date, and
Promote and expand on a commercial basis the Galantas®Irish gold jewellery business now that certified Irish gold from the mine has become available.

Detailed Description of Operation and Environmental Best Practice

Omagh Minerals Ltd owns the freehold title to 182 acres on land upon which the initial open pit mine, processing plant, tailings facility and water clarification ponds are situated.

Environmental protection is an important operating criteria for the mine. Development, health, safety and environment impact are continually controlled to comply with strict regulations. This ensures that the impact on the environment is minimized, monitored and held below fixed parameters. There is routine monitoring of water, dust, and noise.

Omagh Minerals Ltd (OML) is committed to using environmental best practice. Operating methods are selected for maximum cost effectiveness and minimum environmental risk.

The ore, containing gold, silver, lead, iron and sulphur, is mined from steeply dipping veins within a small open pit. The Kearney vein is currently being mined. The ore and barren country rock is mined separately, without the need for blasting, by ripping with powerful hydraulic excavators and bull-dozers.

Planning consent for blasting has been obtained but this is not currently required. The ore is taken to the processing plant, which is close to the open pit, by dump truck. It is crushed by a three stage crushing system (two stage for the smaller pieces) and ground with water in a ball mill to a fine sand (approximately 50% of which is less than 75 micron in size). Some of the ground material is treated by gravity methods but the majority of the material, mixed with water and a small amount of foaming & flotation agents, is passed to froth flotation tanks. Here the mixture is agitated and air pushed into the mixture. The metallic minerals have a preference for air rather than water and attach themselves to bubbles. Rising to a froth, the foam is taken from the top of the cell, cleaned further by a repeat process, the water squeezed out and the resultant concentrate packed into bulk bags for shipment and sale to a smelter. The washed, fine sand that is left behind is very clean and is routinely tested several times a day to ensure process efficiency remains high and that minimal metals are left behind. Independent laboratory tests show that the clean tailings sand produced by the process is environmentally safe for the future.

OML management have identified potential uses for the clean tailings sand. These uses include the protection of pipes and conduit being laid in trenches during construction, a filler for bitumen based products, admixture for plaster based products or for the manufacture of soils in combination with other materials on site.

OML is mandated to backfill the open pit produced after mining is complete. Mining of clean, barren country-rock creates an increase in volume of that material by virtue of the pore spaces created. The amount of increase of volume varies between 30% and 40%. OML considers it has planning consent and is obliged to dispose of the surplus rock from the site under restoration arrangements. OML has entered into an arrangement whereby a local road construction contractor can mine and truck the surplus rock in order to use this for a local road improvement project. The volume of rock subject to the arrangement was up to approximately 0.5 M bcms (see press release dated 12th June 2008), although the amount required has been subsequently reduced to less than half and is now completed (see Press Release 12th March 2009). The contractor has advised OML that the rock has passed official road laboratory testing and consists of shale / siltstone under the relevant BGS definitions. It was an assistance to mine production as OML does not have the cost of mining and disposing of the material. It also ensures that the road fill is locally derived, minimizing trucking distances and reducing road traffic loading by spreading demand over a larger road network. The road contractor is engaged in a program of public road improvements to carry the local traffic load.

The major mobile plant operated by OML at the open pit comprises of a bull-dozer, 46tonne, 29 tonne and 14 tonne hydraulic excavators, two 25 tonne, articulated, dump trucks and three 40 tonne, articulated, dump trucks. Subsidiary plant includes a roller compactor, loader /excavator combination unit, boom lift utility vehicle, pumps and generators. The list excludes hired plant.

Some concentrate is set aside from that sold to the smelter for separate processing in a specialist facility. The certified Irish gold produced by the specialist facility becomes feed-stock for the Galantas Irish gold jewellery business.

Geographical Spread

Northern Ireland

Board of Directors and Key Management

Roland Phelps C.Eng MIMMM	President & CEO
L. Jack Gunter P.Eng	Chairman & Non Executive Director
R. Alexander P.Eng	Non Executive Director
N. Brewster P.Geo	Non Executive Director
James Clancy CPA	Non Executive Director
James I Golla	Non Executive Director

Technical and Operations Team
Nicholas Hardie	General Manager
Leo O’Shaughnessy	Chief Financial Officer

Company Address

56 Botera Upper Road
Cavanacaw
Omagh, Ireland BT78 5LH


Telephone:	+44 (0) 28 8224 1100
Facsimile:	+44 (0) 28 8224 1194
Email:	ir[at]galantas.com
Website:	http://www.galantas.com/corporate/s/home.html

Additional Address/Key Contact

GALANTAS CORPORATE OFFICE
50 Richmond Street East
Suite 101
Toronto, ON
M5C 1N7

Telephone 001 416-848-744
Fax 001 416-848-0790

Annual General Meeting

Toronto

Year End

December 31

Nominated Brokers

Lewis Charles Securities
4-7 Chiswell Street, London EC1Y 4UP
Tel : +44 (0)207 065 1152
www.lewischarles.com

Nominated Advisors

Blomfield Corporate Finance Limited
12 Pepper Street, London E14 9RP
Tel : +44 (0)207 512 0191
Contact : Nick Harriss

Major Shareholders

LJ Gunter	13.5%
RF Phelps	22.3%
RAB Capital	9.1%
JP Morgan Fleming	5.1%

Most Recent Statement

29/05/09 - Management Discussion and Analysis
29/05/09 - Consolidated Financial Statements
21/05/09 - Trading Update
01/05/09 - Final Results
29/04/09 - Management Discussion and Analysis
12/03/09 - GALANTAS REPORTS CONTINUED PROGRESS AT OMAGH GOLD-MINE

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