TORONTO, ONTARIO--(Marketwire - June 3, 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.

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".